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Future developments. For the latest information about developments related to Form 1099-MISC and its instructions such as legislation enacted after they were published go to www.irs.gov/form1099misc. Copy 2 To be filed with recipient s state income tax return when required. Copy C For Payer To complete Form 1099-MISC use Returns and the 2016 Instructions for Form 1099-MISC. 1 Rents OMB No. 1545-0115 2 Royalties Miscellaneous Income 4 Federal income tax withheld PAYER S federal identification...
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Who fills out a 1099-MISC form?

Among the numerous tax forms, the IRS will be expecting you to fill out a 1099-MISC form in two cases:

  1. you made payments to freelancers or independent contractors for business-related services totaling at least $600 within the year;

  2. or you paid minimum $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.

However, if you made any payments for personal or household services, there is no need to submit a 1099-MISC form.

What is this document for?

The 1099-MISC is a report of the total amount of taxable payments the independent contractor received from a single person or a business. It is aimed to prevent the self-employed from underreporting their miscellaneous income.

Is 1099-MISC form accompanied by other forms?

While completing the fillable document, a business entity must use the name, address and Social Security or tax identification number as indicated in your W-9. The individual contractors must report their miscellaneous earnings (from 1099) on a 1040 tax return as well.

When is the form due?

The deadline for businesses to send the copy to individual contractors is January 31st of the year following the tax year being reported, while the individuals are required to submit the filled out 1099 forms to the IRS by February 28th. However, if you are using electronic filing, the due dates are later - February 28th and March 31st, respectively.

How do I create the 1099-MISC form?

The details provided on the form must include the company’s basic information along with a tax ID number and its address. The contractor on his part is required to indicate his name, identification or social security number and other personal information. To help you out with completing the document there is an instruction from the IRS on Page 5 and Page 7.

Where do I file 1099-MISC form?

1099-MISC is a multi-part document and should be received by different institutions: the IRS, state tax departments, the recipient of the income, etc. Each copy bears a note stating where to send the particular page. Therefore, having completed the form you should read carefully what the destination of all 1099-MISC copies are and make sure that all the recipients get the document on time.

To complete form 1099 miscellaneous report the total amount you paid the contractor during the year in box seven non employee compensation and this is the amount that you will include as a business expense on Schedule C line 11 for contract labor enter the contractors identifying number which is usually their social security number, or it could be an EIN so if they do not want to provide their social security number they can get an EIN for the purpose of providing it even if they're not required to have one just like with your business as explained in the hiring workers section to request this information from a contractor or a business that you need to file the form 1099 miscellaneous you can provide them with form w-9 request for taxpayer identification number and certification for them to complete and give back to you, it is best to provide this form to the contractor before you engage in business with them that way you won't have to deal with trying to get this information after the fact which can be difficult if people were not planning on being taxed on the income your pain also if any information that the contractor provides you is inaccurate it shows that you did your part and trying to get the correct information form 1099 miscellaneous is an informational form which to file with the IRS you must use form 1096 annual summary and transmittal of US informational returns form 1099 miscellaneous has multiple copies, so you attach the copies for all the form 1099 miscellaneous 'as you are required to file to one form 1096 then you file the form 1096 with the attached a copy by February 28th 2015 for the 2014 tax year completing the form 1096 is fairly straightforward the form asks for the filers' information which is your business information your name address contact info in box one enter an EIN if you have one or your social security number in box two if you don't have an EIN but do not enter both in an end a social security number in box 3 to the number of form 1099 miscellaneous copies that are attached to the form 1096 and in box 5 and to the total amount of all the non employee compensation reported on all your form 1099 miscellaneous --is, so you'll just take that amount in box 7 on each form and add it all together in box 6 enter an X in the box for form 1099 misc and then where you file the form depends on what state your business is located in so refer to the 1099 general instructions section where to file information for the correct address to mail the form to
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