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2016 Maryland Employer Reporting of 1099s Instructions and Specifications September 2016 Revenue Administration Division Annapolis, MD 214110001Peter Franc hot, ComptrollerTable of ContentsDocument

How to fill out reporting of 1099s

How to fill out reporting of 1099s:

1. Obtain the necessary forms: To start the reporting process for 1099s, you need to obtain the appropriate forms from the Internal Revenue Service (IRS). These forms include Form 1099-MISC, Form 1099-INT, Form 1099-DIV, and others depending on the type of income being reported.
2. Gather accurate information: Collect all relevant information required for reporting on Form 1099s. This includes the recipient's name, address, and taxpayer identification number (either social security number or employer identification number), as well as the total amount of income paid to them during the tax year.
3. Determine the type of income being reported: Different types of income are reported on different forms. For example, non-employee compensation is reported on Form 1099-MISC, while interest income is reported on Form 1099-INT. Make sure you select the appropriate form based on the type of income being reported.
4. Complete the forms accurately: Fill out the necessary information on each Form 1099 accurately. Double-check all the details, including the spelling of the recipient's name and their taxpayer identification number, as any mistakes can result in penalties or delays.
5. Submit copies to recipients: After completing the forms, provide copies to the recipients by the designated deadline, usually January 31st of the following year. These copies serve as documentation of the income they received and will be used by them when filing their own tax returns.
6. File copies with the IRS: In addition to providing copies to the recipients, you are also required to file the forms with the IRS. This can be done either electronically through the IRS e-file system or by mailing paper copies to the designated IRS address. The deadline for filing with the IRS is typically the last day of February if filing by paper, or the last day of March if filing electronically.

Who needs reporting of 1099s?

1. Self-employed individuals: If you are self-employed and received more than $600 in income during the tax year from a single client or payer, you are required to report it on Form 1099-MISC.
2. Contractors and freelancers: Businesses that hire contractors or freelancers to perform services and paid them more than $600 in the tax year need to report these payments on Form 1099-MISC.
3. Financial institutions: Banks and other financial institutions must report interest income of $10 or more on Form 1099-INT. They also need to report dividend income of $10 or more on Form 1099-DIV.
4. Investment brokers: Brokers who handle stock, bond, and mutual fund transactions on behalf of their clients are required to report sales of securities on Form 1099-B.
5. Landlords: Individuals or businesses receiving rental income of $600 or more in a tax year must report it on Form 1099-MISC.
6. Non-profit organizations: Non-profit organizations might need to report certain payments made to vendors, including payment for services or rents, on Form 1099-MISC if the amount exceeds $600.

Remember, it is always advisable to consult with a tax professional or refer to the IRS guidelines for specific reporting requirements and deadlines based on your unique situation.

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