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IRS Form 1099-Miscellaneous - Form 1099

You as a payer have to issue a 1099-MISC form to any person or independent contractor that you have paid at least $600 in service fees, rent, or any other income payments, including fishing boat proceeds
Take the time to read the instructions so that you don't overlook anything important.
They should have given you a completed W9 form that states the nature of their business and Soc. Sec. or Tax ID number as well as their address. It is avaiable as a W9 form in Spanish. You can send them one in advance and request that they fill it out and return in to you before the deadline. Read about the W9 form here.<

 

Generally, you are not required to report payments to a corporation.

The 1099-MISC form is a multi-layered carbon form therefore you have to be sure that all information on the top copy is transferred clearly through to the other copies.

Once you have filled out the form, you must provide Copy B to the person that you are reporting to the IRS by January 31.

Copy A of the 1099-MISC form goes to the IRS. You have to to file it by February 28 if it going out by mail.
Or file electronically, then you have until March 31 to file the form.

You are going to have to file an additional form if you are filing Copy A of the
1099-MISC by mail.
This is the "Annual Summary and Transmittal of U.S. Information Returns" form. (Form 1096).
The IRS has a website containing information and tax forms but, you can't download and use any 1099 form from any website. There are issues with scanability and they IRS computers can't scan and properly read them so then they will be looking to contact you about it. You also need to have it filled out on multi-layered carbon paper. So, avoid that.

The good news is, that you can go down to a library or post office and get them or go to your local IRS office and pick up the forms (let's hope that they aren't all out of them) or you can order forms from the IRS . Call 1-800-tax-form or order them to be shipped directly to you from of the IRS website. That would be my last choice because it can take more than 2 weeks to get them by mail.

Let me suggest also reading the W9 Form print page.

There is a new 1099 now called the 1099K for situation where you ell something on ebay for exampe and the credit card companies or Paypal has to let the government know how much you made on the sale for tax purposes. The idea is htat people are making money with online sales and not paying tax on the money they get.

Read more about the IRS 1099K form at www.1099Forms.org

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