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Idaho State Tax Commission Information Return 1099 Filing Guide (November 2017) 2017 INFORMATION RETURN 1099 FILING GUIDE Contents New for 2017.........................................................................................................................................................2 Filing

How to fill out information return 1099

How to fill out information return 1099:

1. Gather all the necessary information: Before filling out the information return 1099, ensure you have all the required information handy. This includes the recipient's name, address, taxpayer identification number (TIN), and the amount paid during the tax year.
2. Obtain the correct form: There are different types of information return 1099 forms, depending on the type of income being reported. Make sure you have the appropriate form for the particular situation. For example, if you are reporting payments to an independent contractor, you would use Form 1099-MISC.
3. Fill in the payer details: Start by providing your own information as the payer. This includes your name, address, and TIN. Ensure that the details are accurate and up to date.
4. Fill in the recipient details: Enter the recipient's information in the designated sections. This includes their name, address, and TIN. If the recipient is an individual, their social security number (SSN) can be used as the TIN. If the recipient is a business, use their employer identification number (EIN).
5. Report the income: In the appropriate box or section of the form, report the amount of income paid to the recipient during the tax year. This should be the gross amount before any deductions or expenses.
6. Classify the income: Depending on the type of income being reported, you may need to provide additional information or codes to classify it correctly. For example, if you are reporting rental income, you would need to include the property's address.
7. Complete any additional sections: Some types of information return 1099 forms may have additional sections to be filled out. Check the instructions accompanying the form to ensure you are providing all the necessary details.
8. Double-check for accuracy: Before submitting the form, review all the information entered to make sure it is accurate and complete. Ensure that all the names, addresses, and TINs are correct.

Who needs information return 1099:

1. Businesses: Any business or individual who makes payments to others for services rendered or received income in the course of their trade or business may need to file an information return 1099. This includes self-employed individuals, partnerships, corporations, and nonprofit organizations.
2. Independent contractors: If you are an independent contractor and you received payment of $600 or more during the tax year, the payer may need to issue you an information return 1099. This is to report your income to the Internal Revenue Service (IRS).
3. Rental property owners: Those who own rental properties and received rental income of $600 or more during the tax year must file an information return 1099 to report the rental income.
4. Financial institutions: Banks and other financial institutions use information return 1099 forms to report various types of income to both the IRS and the recipients. This includes interest income, dividends, and proceeds from the sale of stocks, bonds, or mutual funds.
5. Other individuals and entities: There are various other situations where the filing of an information return 1099 may be required. For example, if you received income from royalties, prizes, awards, or medical and health care payments, you may need to file this form.

In summary, anyone who makes payments to others for services rendered or received income in the course of their trade or business, as well as individuals who meet specific criteria outlined by the IRS, may need to provide or receive an information return 1099.

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