What are the CORR(G) and CORR(C) indicators and why are they disabled?
The CORR(G) and CORR(C) indicators, displayed only on Information Returns (1099, 1098, 5498, W2G), are used strictly by Account Ability’s CORRECTION returns procedures. Consequently, the selected client’s ‘Corrected Returns Only’ indicator, found on the ‘General’ page of the client’s master record, must be checked in order for these fields to become active. The CORR(G) indicator specifies either a one transaction correction or the IDENTIFYING transaction of a two transaction correction. The CORR(C) indicator specifies the CORRECTING transaction of a two transaction correction. NOTE: The CORRECTION box at the top of Form 1099, 1098, 5498 and W2G applies strictly to CORR(G) returns. For more information on correcting Information Returns, refer to the IRS Publication General Instructions for Forms 1099, 1098, 5498, and W-2G.
