Vendor Income Corrections (VIC2)

Vendor Income Correction (VIC2) facilitates corrections to the Vendor Income (VINC) table. It displays the original amount, calendar year report amount, type of correction, and report indicator, given the type of return/type of income combination of a vendor. .


Calendar Year	Key field. Enter the calendar year to which the reported amounts apply.
Type of Return	Key field. Enter the type of return associated with this vendor income record. Valid values are: 1099-MISC [M] 1099-INT [I] 1099-G [G] 1099-S [S]
Taxpayer ID Number	Key field. Enter the federal taxpayer ID number for the vendor.
TIN Type	Key field. Enter the TIN Type for the record Valid values include: 1 - FEIN 2 - SSN
Vendor ID	Key field. Refer to Vendor Index (VEND) for valid values.
Type of Income	Key field. Enter the type of income associated with this vendor income record. Valid values are: For 1099-MISC Returns Rents [01] Royalties [02] Prizes and Awards [03] Fishing Boat Proceeds [05] Medical & Health Care Payments [06] Non Employee Compensation [07] Substitute Payments in Lieu of Dividends & Interest [08] Direct Sales of Consumer Product for Resale [09] Excess Golden Parachute Payments[13] Gross Proceeds Paid to Attorney [14] For 1099-INT Returns Interest Income [01] Early Withdrawl Penalty 02] Interset on U.S. Saving Bonds and Treasury Obligations [03] Investment Expenses [05] Foreign Tax Paid [06] For 1099-G Returns: Unemployment Compensation [01] State or Local Income Tax Refunds, Credits, or Offsets [02] Qualified State Tuition Program Earnings [05] Taxable Grants [06] Agricultural Payments [07] For 1099-S Returns: Gross Proceeds [02]
Report Indicator	Conditional. Required if a type of correction has been entered and the record has had magnetic media generated. This field indicates the processing status for the vendor income record and is updated during 1099 processing. Valid values are: [blank] 1099 Processing has not been applied on the record. [F] 1099 Processing in Forms mode has been applied on the record. Updated by the 1099 reporting process. [M] Magnetic media has been generated. Updated by the 1099 reporting process. [C] Vendor income record is being corrected after magnetic media has been generated. [D] Duplicate form is required and no corrections have been made. [N] New record is being added when processing a correction transaction. For more information, refer to the User's Guide.
Original Amount	Display only. This field indicates the reportable amount posted to Vendor Income (VINC) for the original record before any corrections have been made. If 0.00, this vendor income record has not yet had 1099 processing applied.
Type of Correction	Conditional. Required if the value entered in the corresponding Report Indicator field is set to Corrected [C] or New [N]. This field indicates that a correction is being made to a record that has already been sent to the IRS. Valid values are: Not applicable [blank] One [1] The correction being made impacts the corresponding Original 1099 Information (TINF) record as an amount change. Two [2] The correction being made impacts the corresponding Original 1099 Information (TINF) record as a Taxpayer ID Number (TIN) change. Three [3] The correction being made impacts the corresponding Original 1099 Information (TINF) record as a Type of Return change. For more information, refer to the User's Guide.
Calendar Year Report Amount	Default is 0.00. Enter the calender year-to-date amount to be reported on this vendor income record.
Total Report Amount	Displayed only. This field indicates the total reportable amount for a Taxpayer ID within a given Calender Year, Type of Return and Type of Income.