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1099 and W2 Tax Form Tips and Instructions for 2015 (Effective January 1, 2016) This document outlines the various forms that can be used to print W-2s in the Infinity POWER Payroll module and 1099s

How to fill out 1099 and w2 tax

How to fill out 1099 and W-2 tax forms:

1. Gather necessary information: Before filling out either form, you will need to gather important information such as your name, address, Social Security number or Taxpayer Identification number, and employer identification numbers. Additionally, you will need documentation of any income, expenses, and deductions relevant to the forms.
2. Complete the W-2 form: The W-2 form is used by employers to report an employee's wages and taxes withheld for the year. If you are an employee, your employer will provide you with a W-2 form that you need to fill out. The form requires you to provide information about your employer, income earned, and taxes withheld. Review the instructions provided with the form to accurately complete it.
3. Fill out the 1099 form: The 1099 form is used to report various types of income received from sources outside of traditional employment, such as freelance work or rental income. If you received income that requires reporting on a 1099 form, you will need to obtain the specific 1099 form for that type of income (e.g., 1099-MISC, 1099-INT, etc.). Similar to the W-2 form, you will need to provide your name, address, taxpayer identification number, and the appropriate income and tax information.
4. Review for accuracy: Once you have completed the forms, thoroughly review them to ensure accuracy. Check for any errors or omissions. Mistakes on these forms can lead to potential penalties or delays in processing.

Who needs 1099 and W-2 tax forms:

1. Employees: If you are employed by a company, your employer is required to provide you with a W-2 form to report your wages and taxes withheld for the year.
2. Independent contractors or freelancers: Individuals who work as independent contractors or freelancers and receive more than $600 during the tax year from a single client or entity are required to report their income using a 1099 form.
3. Self-employed individuals: If you are self-employed, you may need to file both a W-2 and 1099 form. The W-2 form is used to report any wages received from an employer, while the 1099 form is used to report income received from freelance work or other sources.
4. Individuals with rental income: If you earn rental income from property you own, you may need to report it on a 1099 form.

Note: It is essential to consult with a tax professional or utilize tax preparation software to ensure accurate completion of these forms and compliance with applicable tax laws.

For pdfFiller’s FAQs

What is 1099 and w2 tax?

1099 and W2 tax forms are used to report income and taxes withheld to the IRS. A 1099 form is used for independent contractors, while a W2 form is used for employees.

Who is required to file 1099 and w2 tax?

Employers are required to file W2 forms for employees, while businesses or individuals who pay independent contractors over a certain threshold are required to file 1099 forms.

How to fill out 1099 and w2 tax?

Employers must provide accurate information about income and taxes withheld on the respective forms and submit them to the IRS and the recipients by the deadline.

What is the purpose of 1099 and w2 tax?

The purpose of 1099 and W2 tax forms is to report income, withholding, and tax information to the IRS for employees and independent contractors.

What information must be reported on 1099 and w2 tax?

Basic information such as income paid, taxes withheld, name, address, and taxpayer identification number must be reported on both 1099 and W2 tax forms.

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