How to File 1099

Need to know how to File 1099-Misc? The form is a required Internal Revenue Service form that must be completed annual for any income earned as a non-employee. This form is used to report such payment to the IRS for those individuals in which an employer had made payment in the calendar year that cannot be classified as employees.

What Are the Form 1099 Types, Filing Requirements, and Due Dates?

As you can imagine from the U.S. federal income tax code, there are quite a few Form 1099 types used for a wide variety of situations. The following is a list of the respective Forms 1099:

  • Form 1099-A is utilized for housing foreclosures and any abandonments of property. This form does not currently have a reporting requirement with a minimum. The date upon which it must be submitted to the taxpayer is January 31 and the date on which it is due to the IRS is February 28

  • Form 1099-B is a form that is generated for any security transactions. The date upon which it must be provided to the taxpayer is February 15 and the date on which it is due to the IRS is February 28

  • Form 1099-C is a form that is utilized for any forgiven debt or any indebtedness discharge. This form does have a minimum requirement for reporting of $600. The date upon which it must be provided to the taxpayer is January 31 and the date on which it is due to the IRS is February 28

  • Form 1099-CAP is a form that is utilized for capital structure changes or any corporate control acquisitions. The form does have a minimum requirement for reporting is any property or stock valued at or greater than $100 million. The date upon which it must be provided to the taxpayer is January 31 and the date on which it is due to the IRS is February 28

  • Form 1099-DIV is a form that utilized for capital gains distributions, liquidations and dividends. The form does have a minimum requirement for reporting, which is $10 or $600 for liquidations. The date upon which the form must be provided to the taxpayer is January 31 and the date on which it is due to the IRS is February 28

  • Form 1099-G is a form that is utilized to report any benefits for unemployment, tax refunds at the state and local levels, grants that are taxable and agricultural payments. The form does have a minimum requirement for reporting of $10. The date upon which the form must be provide to the taxpayer is January 31 and the date on which it is due to the IRS is February 28

  • Form 1099-H is a form that is utilized for health insurance advance payments of premiums that would have been provided under the Health Coverage Tax Credit. There isn’t a minimum reporting requirement. The date upon which the form must be provided to the taxpayer is January 31 and the date on which it is due to the IRS is February 28

  • Form 1099-INT is a form that is utilized for the reporting of interest income. The form does have a minimum requirement of $10 ($600 for income related to a business). The date upon which the form must be provided to the taxpayer is January 31 and the date on which it is due to the IRS is February 28

  • Form 1099-MISC is a form that is utilized for the reporting of compensation for non-employees. The payments include compensation for non-employees, fees for attorneys, royalties, fees for medical service, and court-related punitive damages among many others. The form does have a minimum requirement of $600 for non-employee compensation. The date upon which the form must be provided to the taxpayer is January 31 and the date on which it is due to the IRS is February 28

What Do I Do with My Form 1099?

If you have earned any income in the calendar year that has been reported to you on a Form 1099, you must file an IRS Form 1040 or 1040A to complete your tax return.

How Do I Prepare and File a Form 1099?

In order to be in the best position to file your Form 1099, you should obtain a Form 1099 from the IRS. After obtaining the form you must file copy A with the IRS, copy 1 must be filed with your state tax department, copy b and copy 2 must go to the recipient of the income and copy C is kept for your own recordkeeping.

Can I E-file a 1099 Form?

Even in this day, the Form 1099 must be filed by hand and there exists no option for online filing.

Due Dates for 1099-MISC forms

The due date for contract workers to submit a 1099-MISC is January 31 of the year following the previous calendar year.

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