The corrected 1099-R return data needs to be submitted to the IRS if corrected Forms 1099-R have been provided to recipients after the original 1099-R return data has already been submitted to the IRS. Run the Corrected Federal 1099R Magnetic Report program to process the corrected 1099-R information return data and generate the magnetic data required for submission to the IRS. This process supports both One Transaction and Two Transaction type corrections. For more information on these types of correction transactions, refer to https://www.irs.gov/pub/irs-pdf/p1220.pdf

Run the Corrected 1099R Magnetic Report as a single concurrent request from the Submit Request window.

Prerequisites

• You can run the Corrected Federal 1099R Magnetic Report program only after the 1099R Corrections Pre-Process and the Corrected 1099R Information Return - PDF report have both been run.

  See: Running the 1099R Corrections and Pre-Process and Running the Corrected 1099R Information Return - PDF

   To run the Corrected 1099R Magnetic Report:

1. In the Name field, select Corrected 1099R Magnetic Report.

2. Enter the following parameters:

3. Year: Enter the reporting year for which the corrections process needs to be run. This is a mandatory parameter.

4. Transmitter: Select the Transmitter GRE for which the corrections process needs to be run. This is a mandatory parameter.

5. All Payers: Select Yes or No in this mandatory field.

6. Final Filing: Select Yes or No in this mandatory field.

7. Test Tape: Select Yes or No in this mandatory field.

8. File Type: Select Original File or Replacement File in this mandatory field.

9. Replacement File AlphaCar: Enter the Replacement File AlphaCar, if required.

10. Fold Output: Select Yes if you want to have the output formatted.

11. Click OK and then Submit.