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For those new to e-filing 1099 forms here is a transcript that helps outline the 1099 forms and usage
1099 series forms
Form 1099 is a form promulgated by the Internal Revenue Service (IRS) and is used in the United States income tax system to prepare and file an information return to report various types of income other than wages, salaries, and tips (for which Social Security Administration Form W-2 is used instead). The term information return is used in contrast to the term tax return although the latter term is sometimes used colloquially to describe both kinds of returns.
Each payer must complete a 1099 for each covered transaction. Three copies are made: one for the payer, one for the payee, and one for the IRS.
• IRS instructions for form 1099, including a guide to what payments must be reported.
Examples of report amounts paid to independent contractors (in IRS terminology, such payments are nonemployee compensation). The ubiquity of the form has also led to use of the phrase "1099" to refer to contractors themselves. U.S. tax law requires businesses to submit a Form 1099 for every contractor paid at least $600 for services during a year. This requirement usually does not apply to corporations receiving payments.
Many businesses and organizations must file thousands of 1099s per year. Thus, payers who file 250 or more Form 1099 reports must file all of them electronically with the IRS. The 250 or more requirement applies separately for each type of return and separately for each type of corrected return. Even though filers may submit 249 information returns on paper, the IRS encourages filers to transmit returns electronically. The complexity that arises in filing large volumes of information returns requires many filers to depend on third party information reporting software.
If the fewer than 250 or more requirement is met, and paper copies are filed, the IRS also requires the payer to submit a copy of form 1096. The 1096 is a summary of information forms being sent to the IRS. You need one 1096 for each type of information form you have issued.
For further information refer to Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G Electronically or Publication 1187, Specifications for Filing Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding. The IRS no longer accepts 3 1/2-inch diskettes or tape cartridges for filing information returns. Since December 1, 2008, electronic filing is the ONLY acceptable method to file information returns to the IRS at its computing center in Kearneysville, West Virginia. One can upload 1099 returns to the IRS using their FIRE (Filing Information Returns Electronically) web site at fire.irs.gov. Form 1099 is also used to report interest (1099-INT), dividends (1099-DIV), sales proceeds (1099-B) and some kinds of miscellaneous income (1099-MISC). Blank Form 1099s and the related instructions to the forms can be downloaded from the IRS website
Payees use the information provided on the 1099 forms to help them complete their own tax returns. In order to save paper, payers can give payees one single Combined Form 1099 that lists all of their 1099 transactions for the entire year. Taxpayers are usually not required to attach Form 1099s to their own Federal income tax returns unless the Form 1099 includes a report for Federal income tax withheld by the payer from the related payments.
Variants for Form 1099
As of 2008[update], several versions of Form 1099 are used, depending on the nature of the income transaction:
• 1099-A: acquisition or Abandonment of Secured Property
• 1099-B: Proceeds from Broker and Barter Exchange Transactions
• 1099-C: Cancellation of Debt
• 1099-CAP: Changes in Corporate Control and Capital Structure
• 1099-DIV: Dividends and Distributions
• 1099-G: Government Payments
• 1099-H: Health Insurance Advance Payments
• 1099-INT: Interest Income
• 1099-LTC: Long Term Care Benefits
• 1099-MISC: Miscellaneous Income
• 1099-OID: Original Issue Discount
• 1099-PATR: Taxable Distributions Received From Cooperatives
• 1099-Q: Payment from Qualified Education Programs
• 1099-R: Distributions from Pensions, Annuities, Retirement Plans, IRAs, or Insurance Contracts
• 1099-S: Proceeds from Real Estate Transactions
• 1099-SA: Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
• 1042-S: Foreign Person's U.S. Source Income
• SSA-1099: Social Security Benefit Statement
• SSA-1042S: Social Security Benefit Statement to Nonresident Aliens
• RRB-1099: Payments by the Railroad Retirement Board
• RRB-1099R: Pension and Annuity Income by the Railroad Retirement Board
• RRB-1042S: Payments by the Railroad Retirement Board to Nonresident Aliens
• W-2G: Certain Gambling Winnings
The form is used to report income, proceeds, etc., only on a calendar year (January 1 through December 31) basis, regardless of the fiscal year used by the payer or payee for other Federal tax purposes. The returns must be filed with the IRS by the end of February immediately following the year for which the income items or other proceeds are paid. Copies of the returns must be sent to payees, however, by the end of January.
The law provides various dollar amounts under which no Form 1099 reporting requirement is imposed. For some Form 1099s, for example, no filing is required for payees who receive less than $600 from the payer during the applicable year.
The issuance or non-issuance of a Form 1099 in a particular case is not determinative of the tax treatment required of the payee. Each payee-taxpayer is legally responsible for reporting the correct amount of total income on his or her own Federal income tax return regardless of whether a Form 1099 was filed.
For a variety of reasons some Form 1099 reports may include amounts that are not actually taxable to the payee. A typical example is Form 1099-S for reporting proceeds (not gain) from real estate transactions. The Form 1099-S preparer will report the sales proceeds without regard to the amount of the taxpayer's "basis" in the real estate sold. (Basis is usually the amount of cost incurred by the taxpayer when he or she acquired the property, perhaps years before the sale, plus the cost of any tangible improvements made). The taxpayer's basis amount is deducted by the taxpayer (on his or her own tax return) from the proceeds amount to determine the gain (if any) on the sale.
In any case, the payee-taxpayer remains responsible for filing an accurate Federal income tax return.
An annual statement to savers and the Internal Revenue Service that shows the amount of taxable interest payments received from an institution during the year. Interest included on 1099-INT forms includes interest paid on savings accounts, money market funds, interest-bearing checking accounts, and taxable bonds. Municipal bond interest is not included on a 1099-INT form.
Form 1099-DIV reports the ordinary dividends, total capital gains, qualified dividends, non-taxable distributions, federal income tax withheld, foreign tax paid and foreign source income from each investment account held by a fund company. Forms are not sent to investors who received or re-invested a total of less than $10 per fund.
1099-MISC (backlink purchase 1099 forms)
As you probably know, the IRS has a form for just about everything. Some forms are known as informational, and the 1099-MISC form is one of them.
The IRS is the ultimate form of big brother when it comes to the government. A lot of money moves about the US economy and the IRS needs to track it. When it comes to business transactions, specifically revenues and earnings, the 1099-MISC form is one way it accomplishes this.
In general terms, the 1099-MISC form is known as the independent contractor form. The form is essentially where you report what you paid to any independent contractors during the tax year in question. If you are preparing your taxes for the 2006 year, you would total up everything you paid to various independent contractors and file a single form for each one of them. You also send a copy out to the independent contractor so they can see it and know the IRS knows about the payments. In general, you must file the form for any contractor you paid more than $600 total during the tax year in question.
So, what exactly does “independent contractor” mean? Well, we are talking about the IRS and taxes, so common sense is out the window. An independent contractor as defined by the form is a very broad definition. It can include basic things like paying someone to design a website for you, water the plants at your business and so on. It also covers a wide variety of other people you probably would not think of as independent contractors including any payments made for legal fees to an attorney regardless of the amount, rents of more than $6,000, payments to a physician of more than $600 and so on.
Frankly, the 1099-MISC filing requirements can get very bizarre. For instance, you are also supposed to issue the form if you pay more than $600 to buy fish for the purpose of reselling it. You only have to do this if you pay cash for the fish. Pay with a credit card, and it is no problem. Strange indeed, eh? If you actually pay a crew of a fishing boat, you have to issue the form regardless of the amount and regardless of whether you paid in cash or not! Obviously, the IRS has a thing for the fishing industry.
Given the wide scope of the form, what happens if you do not file a form? Not much. If the IRS tracks you down, you get a fined under a hundred bucks for each one you failed to issue. It can add up, but you should not panic if you are not sure you issued all the necessary forms.
If you need to issue 1099-Misc informational returns, the deadlines can come quickly. You must send the form out to the “independent contractor” by January 31st and then file it with the IRS by February 28th.