Figuring out how to fill out 1099 tax forms is pretty easy. This form is used to document miscellaneous income you have made over the previous year. 1099 tax forms are used as an attachment and are separate from your regular income. Regular income includes salary and wages from your regular job. 1099 tax forms are different because they document extra income that you have made from things like garage sales, freelance writing, or any other services you perform as an independent contractor. Nearly everyone who writes for a freelance site needs to file a 1099 tax form. You need to keep track of all of the extra income you make from various endeavors in order to file your taxes correctly. The only exception to this is that you are not required to have a 1099 form if you have made less than $600 from miscellaneous income sources. However, if you have made more than $600, you must claim that income because the IRS will likely know about it. Employers are required to submit records of payments that are greater than $600 to the IRS and if you don’t claim it, the IRS will likely deny your return or require that you make amendments.
- Download a 1099 tax form from the IRS website.
- Fill out the payer’s information. This is whoever or whatever company you worked for.
- Usually income taxes are not withheld, so you shouldn’t have to worry about that. If you did have taxes withheld copy that information from the 1099 that was sent to you.
- Figure out whether or not you paid any additional taxes through your company. Independent contractors usually do not have taxes withheld, since that is usually their responsibility to pay and manage.
- Attach your 1099 tax form to your regular tax return. Send in or you can even complete this online.
- Wait for your return or tax liability statement.
What Others Are Reading Right Now.
Acting, comedy and strong spirits converge in Speakeasy. When host Russell Peters interviews entertainers about all sorts of topics, neither the drinks nor the conversation is wate …
6 Things You Think Your Girlfriend Cares About But She Doesn...
Guys, it may be time to refocus your efforts.
10 Red Flags That Kill Your Chances With Women
Wondering why that first date didn’t lead to a second? Read on.