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Corrected 1099-NEC for $0
February 13, 2023
Q. We issued a 1099-NEC for $800. The correct amount should have been $200. When issuing the corrected 1099 do we enter the correction for $200 since that is the actual amount or for $0 since they should not have received one for an amount less than $600.
A.
(Answered by IOFM's third-party tax experts)
The "Corrected" Form 1099 reports 0.00 in box 1 of the Form 1099-NEC. This is to completely "zero out" the original 1099 because the tax regulations provide that Form 1099-NEC reporting does not…
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