Get the free Form 1099 Information Sheets & Instructions for 2013

INSTRUCTIONS FOR YEAR-END 1099s You must file 1099s in 2013 to take the deduction on your tax return. The penalty will be a disallowed deduction and up to $250 for each form not submitted correctly.

How to fill out form 1099 information sheets

How to fill out form 1099 information sheets:

1. Gather necessary information: Before starting to fill out form 1099, gather all the required information such as the recipient's name, address, and taxpayer identification number (TIN), as well as the payer's information.
2. Identify the type of 1099 form: Form 1099 is a series of different forms, each meant for reporting different types of income. Make sure you know which specific form you need to fill out based on the type of income you are reporting.
3. Obtain copies of the form: You can either download the form from the IRS website or request physical copies of the form. Ensure you have enough copies for all the recipients.
4. Provide payer information: On the top left corner of the form, fill in your information as the payer, including your name, address, and TIN.
5. Enter recipient information: Moving down the form, provide the recipient's information on the left-hand side, including their name, address, and TIN. Ensure the information is accurate and matches their records.
6. Report income: On the right-hand side of the form, there are specific boxes for reporting different types of income. Enter the appropriate amounts and types of income being reported for each recipient.
7. Report any federal income tax withheld: If you withheld any federal income tax from the payments made to the recipient, enter that amount in the designated box on the form.
8. Provide recipient copies: After completing the form, make copies for each recipient. The recipient will need a copy for their own tax records.
9. File with the IRS: Mail the original filled-out forms, along with Form 1096 (which summarizes the information on the 1099 forms), to the IRS. The address to which you should send your forms is specified in the instructions accompanying the form.

Who needs form 1099 information sheets:

1. Independent contractors: If you paid an independent contractor at least $600 in compensation during the tax year, you are required to report this income using form 1099-MISC.
2. Freelancers: Similarly, if you hired a freelancer or self-employed individual and paid them at least $600 for their services, you need to report this income using form 1099-MISC.
3. Landlords: If you are a landlord receiving rental income of $600 or more during the year, you will need to report this income using form 1099-MISC.
4. Investors: Some investment activities, such as receiving dividends or interest income, will require you to report the income on form 1099-DIV or form 1099-INT, respectively.
5. Banks and financial institutions: Financial institutions are required to report certain financial transactions and interests paid to individuals, which may require the use of form 1099.

Overall, individuals and businesses that have made payments to others in various capacities may need to provide form 1099 information sheets as part of their tax reporting obligations. It is essential to familiarize yourself with the specific requirements and consult the IRS instructions or a tax professional for accurate guidance.

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