What is IRS 1099 MISC Form?

If you paid any sort of Miscellaneous income other than employees’ wages, you need to report the income & taxes withheld to the IRS through Form 1099 misc. This Form is used to report payments for services done by non-employees (such as independent contractors), rents, royalties and other terms involved. Also you need to send the copies of the form to the recipients.

Form W-9

You should not pay to independent contractor until you have received a Form W-9. Form W-9 is used to "Request for Taxpayer Identification Number and Certification" to obtain names, address, and taxpayer identification numbers (SSN or FEIN) from people you will be required to provide Form 1099-MISCs.

Want to get the Form W-9 information from your recipient? Click here to know how to get it done through online.

Who needs to file IRS 1099-MISC Form?

Conditions to File IRS 1099-MISC Form:

  • At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.
  • At least $600 in contractors, rents, prizes and awards, proceeds, other income payments, medical and health care payments, crop insurance cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
  • Any fishing boat proceeds; or Gross proceeds of $600 or more paid to an attorney.
  • In addition, use 1099-MISC Form to report that you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.
  • You must also file Form 1099-MISC for each person from whom you have withheld any federal income tax under the backup withholding rules regardless of the amount of the payment.

Visit https://www.taxbandits.com/1099-forms/file-form-1099-misc-online/ to know more about the filing of IRS 1099-MISC Form.

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IRS 1099 MISC Form Deadlines for 2019 Tax Year

Recipient Copy Deadline

Recipient Copy Deadline:

January 31, 2020

Non-Employee Compensation

E-filing / Paper filing Deadline:

To report for Non-Employee Compensation

January 31, 2020

Paper Filing Deadline

Paper Filing Deadline:

To report other payments made

February 28, 2020

E-filing Deadline

E-filing Deadline:

March 31, 2020

State Filings for 1099 Forms

Your 1099-MISC Filing doesn't end with the Federal Filings alone. You need to report to the respective state agencies as well. Currently our e-filing software helps out 1099 filing for the states which participate in the Combined Federal and State Filing Program (CF/SF). Learn more about Form 1099 State Filing requirements.

Penalties For Late Filing a IRS 1099 MISC Form

It is important to file Form 1099-MISC on time to avoid late filing penalties. If you are beyond the deadline, & cannot show a reasonable cause, you may be subjected to penalties.

You might face penalties on the following criterias:

  • Fail to file on time,
  • If you file on paper when you were required to file electronically.
  • Fail to include all information required to be shown on a return, or you include incorrect information on a return.
  • Report an incorrect TIN or failed to report a TIN.

Download the Form 1099 Mobile App

File Form 1099-MISC On the go!

Download our 1099 app today on your phone. E-file Form 1099-MISC on your mobile with our iOS/Android App. This application is free to download on any iOS or Android device

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