How To File A 1099
You've just received a 1099 form in the mail and need to know how to file a 1099? A 1099-MISC is a form for self employment tax form version of a W-2. This form is actually used to track tax being given either by the state or the government as a report dealing with miscellaneous incomes. Any company that pays an individual more than $600 throughout any fiscal year from January 1st to December 31st is required by law to send one out to you. Whether you are working as a freelancer or independent contractor 1099 forms track non employee compensation paid to individuals. Here are some steps to help you file a 1099.
To file a 1099 you need:
- 1099 form
- Federal identification number
- Verify that you have made a minimum of $600 throughout a year's period. It is very important as a freelancer or independent contractor that you keep track of the amount of money that you've make. This will enable you to have a record to match up to 1099 form(s) that you will receive.
- Acquire a 1099-MISC form. You can pick one up at a library or other local locations around tax time or you can simply download this form online.
- Fill out your federal identification number. Your federal identification number will either be your EIN or your SS depending upon what type of business that you have.
- Accurately fill out your personal information. Write out your complete name, address, and contact person as well as the name and address of the person or business that you received your income from.
- Fill out the exact amount of money that you made in the Non-employee Compensation box. Go through your records to verify the amount mailed to your for your 1099 form. That amount on the form that you received from the person or business that you worked for should match up with your records.
Submit the form of your 1099. Send the appropriate 1099 forms to the IRS and the tax revenue department. Always remember to keep a copy of 1099 for yourself and store it in a safe place.