Who needs the Form 1099-MISC?
Business owners who make payments for services by freelancers or contractors must complete the 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 the Form 1099-MISC.
Is the 1099-MISC accompanied by another form?
Before sending the Form 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 2016 1099 MISC due?
The Form 1099-MISC must be filed on or before January 31, 2017, when you are reporting nonemployee compensation payments in box 7. Otherwise, file by February 28, 2017, if you file on paper, or by March 31, 2017, if you file electronically.
Furnish Copy B of this form to the recipient by January 31, 2017. The due date is extended to February 15, 2017, if you are reporting payments in box 8 or 14.
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.
Where do I send the Form 1099-MISC?
The Form 1099-MISC is a multi-part form:
Copy A is submitted to the IRS;
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 income tax return;
Copy C is to be kept by the payer.
The Form 1099-MISC may also be filed electronically using the IRS Filing Information Returns Electronically (FIRE) system (visit www.IRS.gov/FIRE).