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CITY OF ELTON, KENTUCKY 1099 FORM SUBMITTAL Per City of Elton, Kentucky Ordinance Chapter 110 Occupational License Tax, all business entities are required to submit to the City of Elton all 1099s

How to fill out 1099 form submittal

To fill out a 1099 form submittal, you need to follow these steps:

1. Gather information: Collect all the necessary information required for the form, including the recipient's name, address, taxpayer identification number (TIN), and the amount paid to them during the tax year.
2. Obtain Form 1099: Download or request a copy of Form 1099 from the Internal Revenue Service (IRS) website or your local tax office. Make sure you get the correct version of the form based on the type of income you are reporting (e.g. 1099-MISC for miscellaneous income).
3. Fill out recipient information: Enter the recipient's name, address, and TIN in the appropriate boxes on the form. Double-check the accuracy of this information to avoid any mistakes.
4. Report income: Use the appropriate boxes on the form to report the total amount of income paid to the recipient during the tax year. If necessary, fill out additional boxes or attached statements to provide additional details.
5. Complete payer information: Fill out your own information as the payer, including your name, address, and TIN. Ensure that this information is accurate and matches your tax records.
6. Determine checkboxes: Review the checkboxes provided on the form and select the ones that apply to your situation. For example, if you are reporting amounts withheld for backup withholding, check the corresponding box.
7. Calculate and report any withholding: If you withheld any federal income tax from the payments made to the recipient, calculate the total amount and report it in the appropriate box on the form.
8. Retain a copy: Make a copy of the completed 1099 form for your records before sending it to the recipient and the IRS. You may also need to keep copies of any additional documentation supporting the reported income.

Who needs 1099 form submittal?

Individuals or businesses who have made payments of $600 or more to a recipient for services provided, rent, or other types of income during a tax year generally need to submit a 1099 form. This requirement applies to a wide range of entities, such as self-employed individuals, freelancers, landlords, businesses, and independent contractors.

It is crucial to review the IRS guidelines and consult with a tax professional to ensure compliance with the specific rules and regulations related to 1099 form submittal, as there may be exceptions and additional requirements depending on the circumstances.

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