How to void 1099 records?
You discover that some 1099 records should not have been filed.
You want to void those transactions. A void is a 1-step correction.
You recently filed electronically!
When you submit a file to the IRS FIRE System, the initial data is sent to the Enterprise Computing Center in Martinsburg.
It takes about 10-12 days before the data is released to the IRS. You have a 10-12 window to call the IRS at
866-455-7438 and ask them to delete the file you sent. Have your TCC on hand and the file number and they will close the
file by the phone. You can then submit a new original. If the data is past the due date, ask the IRS to make the file BAD and
then you can submit a replacement. You get credit for the original date/time which you submitted.
You filed electronically 10 days ago or more.
You must file a correction if the data has been released to the IRS. Deleting the file is not an option.
Put together an excel file with just the records that you want to void. Make all of the money amounts 0.
Put a 1 in Column B which represents the corrected field. 1 means that this is a 1-step correction. Make
sure you select the file type as '1-step correction' and upload as a correction. This will void those records.