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1099-MISC - Form 1099-MISC

1099-MISC, What is it Used For, How to Complete it, and More

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1099-MISC form is used to record payments made by businesses to independent contractors.  If you make payments over $600 to any one individual - not a corporation - in any one year, you must provide a 1099-MISC to that individual and send a report to the IRS for all 1099-MISC forms for that year.  This article answers your questions about 1099-MISC forms - what they are, how to prepare one, how to report 1099 information to the IRS.  You will also learn the difference between a 1099 and a W-2 (the 1099 is for independent contractors and the W-2 is for employees).

1. What is Form 1099-MISC

A 1099-MISC form is used to record payments made by businesses to independent contractors.  If you make payments over $600 to any one individual - not a corporation - in any one year, you must provide a 1099-MISC to that individual and send a report to the IRS for all 1099-MISC forms for that year.  This article answers your questions about 1099-MISC forms - what they are, how to prepare one,who must receive this form, how to report 1099 information to the IRS. 

2. Before You Prepare Form 1099-MISC

A checklist to review before you prepare and distribute 1099-MISC forms. Be sure you have the right form, make sure you have W-9 forms to substantiate taxpayer ID, and make sure income is recorded in the correct year.

 

3. Preparing 1099-MISC forms for 2013 - FAQ

Answers to frequently asked questions about preparing and distributing 1099-MISC forms for 2013 tax year, including: 2013 changes, who must receive this form, due dates for distribution, where to find 1099-MISC forms, and submitting online.

4. How to Complete Form 1099-MISC

This article takes you step by step through the process of preparing a 1099-MISC form.

 

5. Report all 1099s to the IRS Using Form 1096

Form 1096 is used to report income paid to all independent contractors for the year.  This form is sent, along with all 1099s, to the IRS by the end of February each year.

6. Form 1099-MISC vs. Form W-2 - What's the Difference?

Form 1099-MISC is used to report payments made to independent contractors and other businesses, while Form W-2 is used to report payments to employees.

7. 1099s and Backup Withholding

Before you make payments to a 1099 recipient, you must check to see if you must withhold income taxes from that individual.  First, you must ask for the taxpayer's identification number (Social Security Number, Employer ID Number, or other taxpayer ID).  If one is not provided, you must withholding income taxes from payments made.  Learn more in this article.

8. Common Errors in 1099-MISC Forms

Common errors in preparing and reporting 1099-MISC forms include using the form for the wrong year, not using the correct form, sending the form to the wrong person or company, failing to include all requested information, and other form errors.

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