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1099 REPORT 2015 Independent Trustee If applicable this form must be returned by January 11, 2016. Tax law requires Form 1099 to be issued to all attorneys and any other noncorporate entities receiving

How to fill out 1099 report 2015 independent

How to fill out 1099 report 2015 independent:

1. Gather all necessary information: Before you begin filling out the 1099 report, make sure you have all the required information on hand. This includes the name, address, and taxpayer identification number (TIN) of the payee, as well as the total amount paid to them during the tax year.
2. Obtain Form 1099: You can obtain Form 1099 from the Internal Revenue Service (IRS) website or from certain tax software programs. Make sure you are using the correct version for the year 2015.
3. Identify the type of 1099 form: There are different types of 1099 forms depending on the nature of the income being reported. Ensure that you are using the correct form for reporting independent contractor income, which is typically Form 1099-MISC.
4. Fill out payer information: On the form, provide your own information as the payer. This includes your name, address, and TIN.
5. Provide payee information: Enter the name, address, and TIN of the independent contractor who received the payment. Make sure the information is accurate and up to date.
6. Report payment amounts: Enter the total amount paid to the independent contractor in Box 7 of Form 1099-MISC. This box is specifically designated for reporting nonemployee compensation.
7. Miscellaneous information: If you have any backup withholding, direct sales, or any other relevant information, report it in the respective boxes on the form.
8. Copy and distribution: Once you have filled out the form accurately, make copies for your records and distribute copies to the payee and the IRS. The payee must receive their copy by January 31 of the year following the tax year.

Who needs 1099 report 2015 independent:

1. Self-employed individuals: If you are self-employed and received income of $600 or more during the tax year as an independent contractor, you are required to file a 1099 report.
2. Businesses hiring independent contractors: If you are a business entity or individual who hired independent contractors and paid them $600 or more during the tax year, you are responsible for reporting their income on a 1099 form.
3. Contract workers: Independent contractors who were paid $600 or more by a business entity or individual during the tax year should report their income on their personal tax return and may receive a 1099 form from the payer.

Remember, it is always best to consult with a tax professional or reference the IRS guidelines to ensure accurate reporting and compliance with tax laws.

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