Way back in July, we taught you the basics of the 1099 forms. Now that the deadlines for these forms are coming into view, we thought we would give you some tips and helpful reminders for getting them filled out.
Wait, what are these for again?
The most common type of 1099, the 1099-MISC, needs to be completed for anyone who has provided services to you amounting to $600 or more. This can be anything from accounting services to snow removal – if it was $600 or greater worth of work, it goes on the 1099-MISC. However there are a few exceptions to the rule (go figure!). A 1099-MISC isn’t required if:
- The company providing the services is incorporated – except with lawyers.
- The person who provided services is your employee.
- The amount of services provided is less than $600 worth.
Do I need to report anything else on the form?
The 1099-MISC requires you to report any rent paid to an individual or business that isn’t incorporated. It also requires you to report royalties of $10 or more and any other income payments such awards and prizes, and even employee wages paid after death. In other words, most miscellaneous payments are reported on the 1099-MISC.
Any other forms I should know about?
Another common 1099 is the 1099-INT. This form focuses on – you guessed it – interest reporting. Any interest paid amounting to $10 or more, any foreign tax and interest or backup federal withholdings – regardless of the interest payment amount — must be reported on this form.
So, when are they due?
Depending on the type of form you are filing, the due dates may vary. The IRS website gives a great picture of when each form is due. You can check it out here.
Anything else I should know before I get to work filling these out?
As always, these forms are more complex than meets the eye, and this list of items to include is not all-inclusive. Our pals at the IRS do a great job of explaining them, and we’ve also crafted a handy blog to help you get a picture of what these forms include.
We’re hopeful these reminders will give you the information (see what we did there?) you need to fill out the 1099. If your head is still spinning, let us know. We’re always here to help!