It is easy to import corrected 1099-S forms. Simply import the form as you would with the original 1099-S. However, you’ll want to keep the versions of the form separate for later recordkeeping. To do this, create a Corrected column within the Excel spreadsheet. Then, place an X in that column for each record that is to be sent as corrected. This will allow you to define that column when importing the file.
While it’s important to correct all misreported forms, take special care to report corrected 1099-s forms. This type of 1099 is used to report certain types of real estate sales and exchanges. There are often several parties involved in these filings – clients, property sellers, banks, and your own business. All of these entities will need the correct information by the appropriate deadline in order to deal with their own tax filings.
This puts a lot of burden on you, the business owner responsible for filling out and distributing the 1099-S. If you’re worried about incorrectly or tardily reporting a 1099-s, consider investing in an AMS software tool. From our W-2/1099 forms filer to AMS Payroll, we have software solutions that can help ensure you always report correctly, on time, and to the right entities.
Find Software for Corrected 1099-S Filings
Real estate transaction reporting is complex. If your business regularly handles these transactions and corrected 1099-s forms, you might be looking for an easier option. Our W/2 1099 Forms filer offers a menu-driven, intuitive platform with a wide range of helpful data management technologies. You can more easily comply with your filing requirements while having a system to allows you to file more quickly and efficiently.
In addition to importing corrected 1099-s forms, the system can help you generate hash totals, print tables and client letters, batch print for multiple payer reports, and create a common payee file to avoid duplicate entry. All of these features are essential for folks working on the financial side of real estate.
If you’re curious about how a software tool from AMS can improve your reporting, download our free demo. If you have any questions, give our Sales and Information team a ring at 800-536-1099. We’d love to hear from you.