When Do You Need a 1099 Form and Where Do You Get One?

The 1099 form is a series of documents the Internal Revenue Service (IRS) refers to as “information returns.” There are a number of different 1099 forms that report various types of payments you may receive throughout the year other than what a business might pay you. TABLE OF CONTENTS

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To order these instructions and additional forms, go to www.irs.gov/EmployerForms. Caution: Because paper forms are scanned during processing, you cannot file certain Forms 1096, 1097, 1098, 1099, 3921, or 5498 that you print from the IRS website. Filing and furnishing.

How to Fill Out Forms 1099-NEC | NEW 1099 Form

How and where to get a 1099 form

In order to properly file your taxes, you need to gather all of your relevant forms, including any 1099 forms that you are due. Here is how to acquire the 1099 forms you need to file:

1. Assess your income from the previous year

The various 1099 forms you may require are used to report sources of income that are not provided by an employer. For independent contracting situations, any company that paid you more than $600 is required to send you a 1099 form so that you can properly file your taxes.

During the year you should make note of any sources of income you gain outside of your employer. This ensures you have accurate records to consult when preparing your taxes so that if any entities that owe you a 1099 form fail to send one, you can make contact to ensure your taxes are correct.

2. Receive your forms from payers

Just as you are required to file taxes on any 1099-eligible income, those who pay you must also follow the deadline for when they need to provide a copy of your 1099 to you and a copy to the government. This usually means that you should not have to do anything in order to get your 1099 form. In most cases, the deadline for payers to provide you with a copy of the form is by the end of January.

3. Check your addresses if you do not receive a 1099 form

If you have been completing contract work with a payer who has given you access to a digital account, check to make sure that you have the correct contact information on file with them. If there are any errors with your address, it is possible that they sent your required 1099 information to the wrong location. Update your information and request a new copy.

4. Contact payers about any missing forms

When your records indicate that you should have received a 1099 form that you did not, its time to directly contact the person or business that owes you the form. Contact them in a professional tone through their preferred method of contact to inquire about your form.

If leaving a message and not directly speaking with a representative, keep your interaction short and direct. State that you are preparing your taxes and your records indicate that you have not yet received a form from them, and request that they send you a copy of your 1099 with them.

What is a 1099 form?

A 1099 form is a tax form used to report income paid out in a non-employee setting. In addition to payments received as an independent contractor, 1099 forms exist to cover a range of payment types such as investment gains and prizes. Other 1099 forms include:

What to do with your 1099 form

If you have received a 1099 form from a client, then you are required to include the form when filing your taxes for the year. If you are unsure of how to properly fill out and file a 1099 form, here is what you need to do:

Check that the information is correct

When you receive a 1099 form from a payer, there are many sections on the form that should already be filled out for you. Its important to make sure that all of this information is correct. In addition to checking that all your relevant personal information is accurate, you should also compare the listed payments to your records to ensure that the figures match up.

Over-reporting income will result in you reporting taxable income in excess of what you received, resulting in you paying more taxes than you need to. Paying taxes for a lower amount than you received can result in you then unexpectedly owing money if the mistake is noted and fixed, and it could lead to a penalty if it is determined you knowingly filed your taxes with inaccurate information. This is why its especially important to make sure your payers records match your own.

Consider hiring a professional accountant

If you work as an independent contractor and have many clients that qualify for 1099 forms, you should make sure to keep organized records of your time working for each one. It may be challenging to understand all of your options within the tax code in order to find the maximum number of deductions and savings. One of the best ways to handle this challenge is to work with an accountant.

By hiring an accountant, you simply deliver all of your relevant tax-related forms and documents. Your accountant will then perform an assessment of everything you provide and potentially ask you some follow-up questions to ensure they have all the information you need. Working with an accountant helps ensure that there are no mistakes and no savings are overlooked.

Choose a filing method

If you opt to do your own taxes instead of filing through an accountant, you next need to decide if you will file online or by mail. Filing by mail is still an accepted method of tax filing wherein you need to have your submission postmarked by tax day. However, many people now opt to file their taxes online.

There are many services that offer online tax filing. You may even be eligible for free file, wherein the cost of your online filing with an approved site is fully subsidized. Online filing is a quick and effective way to complete your taxes, and many filing sites will offer you tips and advice as you complete your online form. This makes it an excellent option if you are new to filing as it reduces the chance of error.

When filing by mail, much of your information will already be printed on the form you are submitting, so you merely have to perform any necessary calculations and adjustments. When filing online, the math is often completed automatically, but it is important to double-check your work when entering the information to ensure that your digital form accurately represents the information provided on your 1099.

Fill out the form

After deciding how to file your form, youre ready to begin filling it out. In order to correctly file your 1099 tax form, its important to understand what the different sections of the form mean and what should be in the form when filing. The form includes the following:

Repeat for each 1099 form you received

If you fill out multiple 1099 forms, each of them must be completed individually when you file. Its important to ensure that you received and completed every form that you were owed. Doing so helps ensure you dont face any tax audits or fines.

FAQ

Can I get 1099 forms at the post office?

According to the USPS, post offices do not have tax forms available to customers. However, some other community locations, such as public libraries or government agencies, may have some tax forms you can pick up for free.

Who provides a 1099 form?

Those who need to send out a 1099-MISC can acquire a free fillable form by navigating the website of the IRS, which is located at www.irs.gov.

What is a 1099 form and where do I get it?

Businesses are required to issue a 1099 form to a taxpayer (other than a corporation) who has received at least $600 or more in non-employment income during the tax year. For example, a taxpayer might receive a 1099 form if they received dividends, which are cash payments paid to investors for owning a company’s stock.

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