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What Information is Required to Efile Form 1099 MISC Online?

  • 1. Payer Details: Name, EIN, and Address
  • 2. Recipient Details: Name, EIN/Social Security, and Address
  • 3. Federal Details: Miscellaneous Incomes and Federal Tax Withheld
  • 4. State Filing Details: State Income, Payer State Number, and State Tax Withheld

E-file 1099 MISC in minutes! You can enter this information manually, or upload it via our bulk-upload template.

How to E-file Form 1099 MISC Online for 2020 with TaxBandits?

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What is the IRS Form 1099-MISC?

Form 1099-MISC is an IRS tax form used to report the miscellaneous payments made to an independent contractor, or other self-employed people during the calendar year.

Form 1099-MISC is also used to report payments made for rent, fishing boat proceeds, medical and health care payments, prizes, awards and more.

The copy of Form 1099-MISC must be furnished to the recipient.

Who Is Required To File Form 1099-MISC?

If you paid an amount with the following conditions to any individuals who are not your employee during the year, file Form 1099-MISC to the IRS.

If you paid more than $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.

If you paid more than $600 in

  • Rents
  • Independent contractors & other businesses you made payments to
  • Prizes and awards
  • Other income payments
  • Medical and health care payments
  • Crop insurance proceeds
  • Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish
  • Payments to an attorney, generally
  • Cash paid from a notional principal contract to an individual, partnership, or estate
  • Any fishing boat proceeds

Also, use Form 1099 MISC to report payments made for direct sales of more than $5,000 of consumer products for resale anywhere other than a permanent retail establishment.

Even if the payment is less than $600 and withheld any federal income tax under a backup withholding, you must report all of that payment through Form 1099-MISC.

Payments That Are Not Reported On Form 1099-MISC include:

  • Payments to corporations.
  • Employee income.
  • Payments to tax-exempt organizations in the United States, the District of Columbia, a U.S. possession or a foreign government.

For more details about Form 1099 MISC, visit irs.gov.

Who Is Required To File Form 1096?

Form 1096, Annual summary and transmittal form of U.S. Information Returns, is used to summarize 1099-MISC forms being sent to the IRS.

Use Form 1096 only if you file 1099 Forms by paper. Form 1096 is not required If you file 1099-MISC Forms electronically.

Filing Form 1099 With The State

Some states require that the payer file Form 1099-MISC and report the state tax withheld from the 1099-MISC payment, including any additional information required by the state. Check your state filing requirements.

When Is The Deadline To File Form 1099-MISC?

January 31, 2020 is the due date to provide copies to the recipient.

The IRS requires you to file Form 1099-MISC on or before January 31, 2020, if you are reporting NEC payments in box 7, and accepts either paper or electronic filings.

For other than NEC reporting, file Form 1099-MISC by February 28, 2020, if you file by paper, or March 31, 2020, if you file electronically.

E-file your Form 1099-MISC Online with the IRS, State and mail recipient copies before the deadline to avoid penalties. Get Started Now

What Are The Requirements For Reporting Form 1099-MISC?

For each 1099-MISC you submit with the IRS, you will need to include the following information:

  • Business Information such as EIN/SSN, Business Name, Address
  • Recipient Information such as EIN/SSN, Business Name, Address
  • Amounts paid to the recipient
  • Federal income tax withheld
  • State and local information such as State number, taxes withheld

If you have the information already available for filing 1099-MISC, get started with TaxBandits and file securely & accurately with the IRS.
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How To Fill Out A 1099-MISC Form?

Form 1099 MISC is comprised of 18 boxes. You have to enter the required information in each box.

Boxes For Entering Payer Information

1. Enter your information like Name, Address, City or Town, State, Postal Code and Phone Number

2. Enter your TIN (EIN/SSN)

Boxes For Entering Recipient Information

1. Enter your recipient TIN

2. Enter your recipient Name

3. Enter your recipient Address

4. Enter your recipient City, State, Country and ZIP code

Check Box For 2nd TIN Notification

You may enter an “X” in this box, if the IRS has notified you twice within 3 calendar years that the payee provided an incorrect TIN.

If you check this box, the IRS will no longer send you further notifications regarding this account.

Check Box For FATCA Filing Requirement

If you check the FATCA filing requirement on 1099-MISC, the payer is reporting on this Form 1099 to satisfy its chapter 4 account reporting requirement.

Continue entering the payments that you made to the recipient and taxes withheld, if any, from the payments made to the recipient.

  • Box 1: Rents

    Enter the amounts you paid for rent (but not to a corporation).

  • Box 2: Royalties

    You must report any payments of at least $10 in royalties from oil, gas or mineral properties, or from intellectual property to any individuals during the year.

  • Box 3: Other Income

    You must enter any payments of $600 or more made from prizes and awards or research studies.

  • Box 4: Federal Income Tax Withholding

    You must report in Box 4 if you withheld any taxes under Backup withholding for not furnishing the correct TINs. The withheld amounts depend on payments required to be reported in boxes 1 and 2.

  • Box 5: Fishing Boat Proceeds

    Enter the amount earned from fishing.

  • Box 6: Medical And Health Care Payments

    Enter payments made to "each physician or other supplier or provider of medical or health care services, medical and health care insurers under health, accident, and sickness insurance programs but not to pharmacies for prescription drugs.”

  • Box 7: Nonemployee Compensation

    You must enter payments of $600 or more to independent contractors, freelancers and other businesses you made payments to.
    Also, enter amount if you made payments to non-employees for parts and materials, prizes, commissions and awards given to any individuals or businesses.

  • Box 8: Substitute Payments In Lieu Of Dividends Or Interest

    Enter aggregate payments of $10 or more that brokers paid for dividends or tax-exempt interest as a loan.

  • Box 9: Payer Made Direct Sales Of $5,000 Or More

    Enter "X" if you’ve made $5,000 or more in sales of consumer products.

  • Box 10: Crop Insurance Proceeds

    Enter amount if an insurance company made any payments of $600 or more to farmers, unless the farmer has informed the insurance company that expenses have been mentioned under section 278, 263A or 447.

  • Box 11: Foreign Tax Paid

    Enter any Foreign tax paid on income listed on the 1099.

  • Box 12: Foreign Country or U.S. Possession

    Enter the name of the country or U.S. Possession you paid foreign tax to in Box 12.

  • Box 13: Excess Golden Parachute Payments

    Enter Excess Golden Parachute Payments amount (In excess of the allowable amount of termination payments, cash bonuses, including severance, stock options, etc).

  • Box 14: Gross Proceeds Paid to an Attorney

    Enter if gross proceeds of $600 or more are paid to an attorney in connection with legal services.

  • Box 15a: Section 409A Deferrals

    Enter the total amount deferred during the year of at least $600 for any nonemployee under all nonqualified plans.

  • Box 15b: Section 409A Income

    Enter all amounts paid to a non-employee under an NQDC (nonqualified deferred compensation) plan that fails to meet Section 409A requirements.

  • Box 16 - 18: State Information

    These boxes should be completed by any payers who participate in CF/SF (Combined Federal/State Filing) Program and/or who are required to file paper copies of this 1099 Forms with a state agency.

    • Box 16 - Enter State tax withheld
    • Box 17 - Enter State/Payer’s State Number
    • Box 18 - Enter State income

The IRS recommends that you file Forms 1099-MISC reporting NEC on Box 7, separately from 1099-MISC forms not reporting NEC.

What Are The Form 1099-MISC Copies For?

Payer must complete 5 copies when filing Form 1099-MISC:

  • Copy A of Form 1099-MISC must be filed with the IRS.
  • Copy 1 of Form 1099-MISC must be filed with the State tax department.
  • Copy B must be furnished to the recipient.
  • Copy 2 must be filed with the recipient's state income tax return, when required.
  • Copy C is for the payer’s record.

What are the Errors On Form 1099-MISC?

There are two types of errors that most commonly occur when filing Form 1099-MISC

Error 1: Incorrect amount(s), code or checked box

Error 2: No payee TIN (SSN, EIN, QI-EIN or ITIN), incorrect payee TIN/Name

If you discover any errors after filing with the IRS and plan to make corrections to your Form 1099-MISC, follow these steps to make adjustments to the form.

How to Correct Form 1099-MISC?

If you need to correct a Form 1099-MISC that’s been previously filed with the IRS, you must correct the errors as soon as possible by filing Copy A and Form 1096 with IRS.

Also you’re required to furnish the corrected copies to the recipient(s).

To correct a form 1099-MISC previously filed with the IRS, use a seperate Form 1099-MISC and enter an “X” in the “CORRECTED” checkbox. Then correct your Forms and transmit them to the IRS.

If the error is an incorrect TIN/ID, you must send a written statement to the IRS to correct the form.

Choose TaxBandits, an IRS Authorized Online filing provider, to correct any errors on Form 1099-MISC. Even if you have filed your original returns with another e-file provider, you can make corrections & transmit it to the IRS. Get Started Now

Is there a Extension To File Forms 1099-MISC Forms?

If you need more time to file Form 1099-MISC other than NEC, you may request an automatic 30-day extension by filing Form 8809.

There are no automatic extension requests for Form 1099-MISC reporting NEC. Requests must be submitted on paper by line 7 of Form 8809 and sent to the IRS.

Anyone other than 1099-MISC NEC filers may file an extension by paper or electronically.

What are the IRS Late Filing Penalties for Form 1099-MISC?

The IRS will issue penalties under section 6721 for filing 1099-MISC Forms with the following reasons:

  • Not filing by the due date
  • Not filing a proper 1099 paper form that's machine-readable
  • Using the form for the wrong year
  • Not using the right copy of Form 1099-MISC
  • Filing with Incorrect or missing TIN
  • Filing with the incorrect information

If filing a 1099 MISC Form that is late for 30 days or less, the penalty is $50 per form and increases to $100 per form if more than 30 days late. Learn More about 1099-MISC penalties.

Filing with errors leads to IRS penalties. Choose TaxBandits for filing 1099-MISC Form online accurately to avoid penalties. We’ll validate your Form at each stage such Business laws and USPS validation. Get Started Now

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