The Benefits of Filing Form 1099-NEC with TaxBandits
Simple, and Easy to Use
No software downloads or installation required. With our cloud-based application, you can easily complete your 1099-NEC in minutes.
Federal, and State Filing
TaxBandits provides the capability for you to file your 1099-NEC electronically with both the IRS and required state agencies.
Recipient Copy Delivery
You can choose to send the Form 1099 NEC copies to your recipients via postal mail or through secure online access.
Print or Download Copies (PDF)
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Frequently Asked Questions on Form 1099-NEC
What is Form 1099-NEC?
Form 1099-NEC is used to report non-employee compensation to the IRS. If your businesses hired an independent contractor or vendor and paid them $600 or more, you will need to file a Form 1099-NEC with the IRS and furnish the independent contractor with a copy.
Click here to Know more about Form 1099 NEC.
How to fill out Form 1099-NEC?
Form 1099-NEC contains 15 different fields.
- Payer Details: Name, TIN, and Address
- Recipient Details: Name, TIN, and Address
- Nonemployee compensation
- Federal Details: Miscellaneous Incomes and Federal Tax Withheld
- State Filing Details: State Income, Payer State Number, and State Tax Withheld
Boxes on the left side of the form require the payer and recipient details such as TIN, Name or Business Name, Address, and Contact number.
On box 1, the non-employee compensation made to recipients has to be entered. And on box 4, enter the federal tax withheld if any.
Similarly, on boxes 5 to 7, state information if any.
When is Form 1099-NEC due?
The Form 1099-NEC is due to the IRS no later than January 31, 2023. In addition to filing with the IRS, you are required to send a copy to your Recipient.
What are the different copies of Form 1099-NEC available?
There are a few different copies of the Form 1099-NEC. Here is a breakdown:
- Copy A for the IRS
- Copy 1 is for the state department
- Copy B for the recipient
- Copy 2 is for the recipients' state income taxes
- Copy C is for the payer
What are the penalties for late filing?
The penalty rate for late filing form 1099 NEC will vary based on the time you filed the return.
- Filing 1099-NEC after the deadline, but within 30 days of the original deadline - $50/per return.
- Filing between 31 days late and August 1 - $120/per return.
- Filing after August 1 or not filing at all - $280/per return.
- Not filing the return intentionally - $550/per return.
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What is Form 1099 NEC?
The IRS has reintroduced Form 1099-NEC as the new way to report self-employment income instead of Form 1099-MISC as traditionally had been used.
When is 1099 NEC due?
The deadline to file 1099-NEC for the 2022 tax year is January 31st.
File your tax on or before the due date and avoid penalty.
Fillable Form 1099-NEC
Fillable Form 1099-NEC is used to report any compensation amount of $600 or more given to a person who is not listed as an employee of the company.
Form 1099-NEC Penalty
A penalty will be charged if you fail to issue Form 1099 to the payee. The amount of the penalty is based on when you file the correct information return.