It is important that you know what information you need before you begin preparing Form 1099-MISC. We’ve identified the following 5 key topics that may help you to correctly and timely file your 1099-MISC forms with our Step-by-Step Guide.
Determine Who Must Receive a 1099-MISC Form
The IRS instructs that a 1099-MISC form must be completed for each non-employee who has, in the past year, been paid by your company for rents, royalties, prizes and awards, and substitute payments in lieu of dividends.
Gather Information to Prepare Form 1099-MISC
Before you prepare your 1099-MISC, you will need the tax information for the business or payer and recipient or payee, as well as the amounts paid to the recipient.
Check for Accuracy
In order to avoid potential penalties, it is important that you take the time to review the information you have reported on your 1099-MISC forms for accuracy before printing and distributing to the appropriate parties.
Tools such as TINCorrect can help you verify tax ID numbers for payers and recipients before you file.
File and Distribute 1099-MISC Form
Form 1099-MISC is a multi-part form. Several parties will require copies of the 1099-MISC form, including the IRS, recipient and, if applicable, a state tax department.
Deadlines for 1099-MISC Forms
Most 1099 forms are due to the IRS by February 28, 2018 for paper filing, and April 2, 2018 for electronic filing. The exception is Form 1099-MISC with Box 7 reporting, which is due to the IRS by January 31, 2018.
All 1099s are due to their recipients by January 31, 2018.
Looking for additional information?
Check out our Knowledge Base for answers to our most popular questions. You can also contact us at [email protected].
Other Form 1099 Guides:
- Quick Guide: Prepare, Distribute, File
- Preparing Form 1099-INT
- Preparing Form 1099-DIV
- Information Returns Guides: Part 1 and Part 2.
BoomTax, The Boom Post, and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors prior to engaging in any transaction.