For the next couple of weeks we'll cover all of the variations of the IRS 1099 form that you'll need this tax season, starting with the 2015 1099 MISC. Once you've got the basics down, you can fill, sign, and send yours with PDFfiller and get your tax return done faster than ever!
What is form IRS 1099-MISC?
The 1099-MISC form serves a similar purpose to an independent contractor as a W-2 does to an employee. The 1099-MISC form reports the total amount of payments you receive from a single person or business entity during the year you've been contracted to provide services to them.
Who needs IRS 1099-MISC?
Business owners who make payments for services by freelancers or contractors must complete an IRS Form 1099-MISC to send to those “non-employee” workers. If you find that you utilized the services of a contractor or freelancer during the year and made payments totalling $600 or more, you need to fill out a Form 1099-MISC.
Is the 1099-MISC accompanied by another form?
Before sending the 1099-MISC to the independent contractors, you must have a W-9 form completed for a tax identification number. Self-employed taxpayers must report 1099-MISC income on a Schedule C attachment to their Form 1040 tax return.
When is the 2015 1099 MISC due?
The 2015 1099-MISC forms are supposed to be sent to recipients no later than January 31, 2016, but the deadline for mailing your 1099s to the IRS is February 28, 2016.
How do I fill out IRS 1099-MISC?
In the form, you need to provide payer’s information, business’s tax identification number, recipient’s identification number and other basic information. Fill the numbered boxes after reading the instruction carefully.
The 1099 MISC is a multi-part form:
• Copy A is submitted to the IRS by the payer
• Copy 1 is submitted to the state tax department
• Copy B is for the recipient
• Copy 2 is given to the recipient to file with the state tax return
• Copy C is to be kept by the payer
For more information about filling the 1099 MISC, check out the following video:
Where do I send form 1099-MISC?
Submit your completed 1099-MISC to the IRS at the following address: