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May 2022, 2018 Orlando, Form 1099 and 1042S Reporting: Rules and Compliance Tips for 2018 Marianne Couch, J.D. 20072018 COAL Tax Information Reporting Solutions, LLC1May 2022, 2018 Orlando, Flew Form

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How to fill out form 1099 and 1042-s

01

To fill out form 1099, follow these steps:

02

Obtain a blank form 1099 from the Internal Revenue Service (IRS) or download it from their website.

03

Enter your personal information in Box 1, including your name, address, and social security number (SSN).

04

Complete Box 2a if the recipient of the payment is an individual or a sole proprietor. If the recipient is a business entity, enter their business name in Box 2b.

05

Enter the recipient's address in Box 3.

06

Fill out the appropriate box for the type of payment being reported in Boxes 4-14.

07

If applicable, check the box in Box 15 to indicate whether backup withholding applies.

08

Report any state tax withheld in Box 16.

09

Sign and date the form in Box 17.

10

To fill out form 1042-S, follow these steps:

11

Obtain a blank form 1042-S from the IRS or download it from their website.

12

Enter your personal information in Part I, including your name, address, and SSN or employer identification number (EIN).

13

Enter the recipient's information in Part II.

14

Fill out the appropriate box for the type of income being reported in Boxes 2-11.

15

If applicable, provide the recipient's tax withholding information in Boxes 12-19.

16

Sign and date the form at the bottom.

17

Remember to keep a copy of both forms for your records.

Who needs form 1099 and 1042-s?

01

Form 1099 is used to report various types of income, such as freelance income, rental income, and miscellaneous income. It is typically needed by individuals or businesses who have made payments of $600 or more to another individual or business. Additionally, if you have made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment, you may also need to file form 1099.

02

Form 1042-S is used to report income paid to foreign persons, including non-resident aliens and foreign corporations. It is needed by withholding agents who have made payments of specific types of income, such as wages, scholarships, or royalties, to foreign persons. This form ensures that the appropriate amount of tax is withheld on income earned by non-U.S. residents.

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What is form 1099 and 1042-s?

Form 1099 and 1042-S are tax forms used to report various types of income to the IRS.

Who is required to file form 1099 and 1042-s?

Businesses and individuals who make certain types of payments during the year are required to file Form 1099 and 1042-S.

How to fill out form 1099 and 1042-s?

Form 1099 and 1042-S must be filled out with accurate information regarding the type and amount of income being reported.

What is the purpose of form 1099 and 1042-s?

The purpose of Form 1099 and 1042-S is to report income to the IRS and to the recipient of the income.

What information must be reported on form 1099 and 1042-s?

Form 1099 and 1042-S must include information such as the recipient's name, address, and taxpayer identification number, as well as the type and amount of income being reported.

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