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1099 Correction and Reissue question

I received a 1099 in my name and against my social security number.   Instead it should have been issued against a non profit which I am associated with.  I went into the portal and corrected both the name and the tax id.  I then downloaded the corrected 1099.   I assume the original 1099 has already been submitted to the Federal and State IRS.  Will a correction be issued now to relieve me of the tax obligation?  thanks 

 

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Square Community Moderator

Hi @pnjmd48

 

Your edits that you've made might not appear immediately, but they should reflect shortly after you save your changes. 

 

You're free to make changes until the end of March.

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EJ,  Thank you  However my  question is which version will be submitted to the IRS?   The original incorrect one or the second corrected one?   

thank you

Paul 

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Square Community Moderator

Sorry for my confusion @pnjmd48

 

We file to the IRS if you qualify for a physical 1099-K Form. We're required to file by January 31st, so you'll want to give us a call if you meet this criteria. 

 

If you don't meet the criteria, all tax reporting is left up to you, the seller, and the updates to your 1099-K should be reflected when you try to download after saving. 

 

 

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EJ

I do qualify for a form on the state level.  I live in Massachusetts and since it is greater than $600 it is a requirement.  However I am assuming that then the "corrected" 1099 will be sent and not the earlier "incorrect" one.   Can you confirm??  

 

thanks 

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Square Community Moderator

Thanks for clarifying @pnjmd48

 

Call in to our CS Team directly when you get a chance and they can get you in contact with our Tax team. They'll be able to look into this closer for you and make sure the corrected form is what gets reported. 

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