How to Download a 1099 Form
If you are a freelancer, an independent contractor, or a business owner who paid or received certain types of income during the year, you may need to file a 1099 form with the Internal Revenue Service (IRS) and your state tax agency. A 1099 form is an information return that reports various types of non-salary income, such as interest, dividends, royalties, rents, prizes, awards, and nonemployee compensation. In this article, we will explain what a 1099 form is, how to get one from the payer or the IRS, how to fill it out, how to file it, and what common mistakes to avoid.
download a 1099 form
What is a 1099 Form?
A 1099 form is a tax document that shows how much money you received or paid for certain types of income during the year. The IRS uses this information to verify your income and tax liability. You may receive or issue a 1099 form if you are:
A freelancer, an independent contractor, or a gig worker who provided services to a client or a business that paid you more than $600 in a year.
A business owner who paid more than $600 in a year to a freelancer, an independent contractor, or another business for services or goods.
An investor who received interest, dividends, capital gains, or other income from your investments.
A retiree who received distributions from your retirement accounts, pensions, annuities, or insurance contracts.
A beneficiary who received payments from an estate or trust.
A borrower who had your debt canceled or forgiven by a lender.
A seller who sold real estate or personal property.
A participant who received payments from qualified education programs, health savings accounts, or ABLE accounts.
A recipient who received certain government payments, such as unemployment benefits, Social Security benefits, or tax refunds.
Types of 1099 Forms
There are more than 20 different types of 1099 forms, each with its own purpose and reporting requirements. Some of the most common ones are:
FormDescription
1099-NECNonemployee Compensation. Used to report payments of $600 or more to freelancers, independent contractors, and other nonemployees for services performed in the course of your trade or business.
1099-MISCMiscellaneous Income. Used to report various types of payments of $600 or more, such as rents, royalties, prizes, awards, medical and health care payments, crop insurance proceeds, fishing boat proceeds, and direct sales of consumer. products of $5,000 or more.
1099-INTInterest Income. Used to report interest income of $10 or more from banks, credit unions, corporations, or the government.
1099-DIVDividends and Distributions. Used to report dividends and distributions of $10 or more from stocks, mutual funds, or other entities.
1099-BProceeds from Broker and Barter Exchange Transactions. Used to report sales or exchanges of securities, commodities, or other property through a broker or a barter exchange.
1099-RDistributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Used to report distributions of $10 or more from retirement accounts, pensions, annuities, or insurance contracts.
1099-KPayment Card and Third Party Network Transactions. Used to report payments of $20,000 or more and 200 or more transactions made with a payment card or through a third party network, such as PayPal, Stripe, or Shopify.
1099-GCertain Government Payments. Used to report certain payments from the government, such as unemployment compensation, state and local tax refunds, agricultural payments, or grants.
1099-SProceeds from Real Estate Transactions. Used to report the sale or exchange of real estate.
1099-CCancellation of Debt. Used to report the cancellation or forgiveness of debt of $600 or more by a financial institution, credit union, federal government agency, or any organization that lends money.
Who Needs to File a 1099 Form?
If you are a payer who made any of the payments described above to another person or entity during the year, you need to file a 1099 form with the IRS and send a copy to the recipient. You also need to file a 1099 form with your state tax agency if your state requires it. You can check your state's filing requirements on the IRS website.
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If you are a recipient who received any of the payments described above during the year, you need to report them on your tax return and pay taxes on them if applicable. You should receive a copy of the 1099 form from the payer by January 31 of the following year. If you do not receive it by then, you should contact the payer and request it. You should also keep a record of your income and expenses related to the 1099 income in case of an audit.
How to Get a 1099 Form from the Payer or the IRS
If you need to file a 1099 form as a payer or obtain one as a recipient, there are several ways to get it. Here are some of the options:
Contact the Payer
The easiest way to get a 1099 form is to contact the payer who made the payment to you or who received the payment from you. You can ask them to send you a copy of the 1099 form by mail, email, fax, or online. You can also ask them for their contact information and their taxpayer identification number (TIN), which you will need to fill out the 1099 form.
Order from the IRS Website
You can also order official 1099 forms from the IRS website. You can choose to have them delivered by mail or download them as PDF files. However, you cannot use these forms to file electronically with the IRS. You will need to print them out and mail them in paper form. You will also need to order separate forms for each type of 1099 income you paid or received.
Use Online Business Tax Preparation Software
Another option is to use online business tax preparation software that supports 1099 forms. Some examples are TurboTax, H&R Block, and TaxAct. These software programs can help you create and file 1099 forms electronically with the IRS and your state tax agency. They can also help you calculate your taxes and deductions based on your 1099 income. However, you may need to pay a fee to use these services.
Request a Copy of Your Previous Year's 1099 Form
If you need a copy of your previous year's 1099 form for any reason, such as filing an amended return or verifying your income, you can request a copy from the IRS. You can do this by filing Form 4506-T, Request for Transcript of Tax Return, and checking the box for Form W-2, Form 1099 series, Form 1098 series, or Form 5498 series transcript. You can also call the IRS at 1-800-908-9946 and follow the prompts. You will receive a transcript of the information reported on the 1099 form, not an actual copy of the form. You can also request a copy from your state tax agency if they have one on file.
How to Fill Out a 1099 Form
If you are a payer who needs to file a 1099 form with the IRS and the recipient, you need to fill out the form correctly and accurately. Here are some steps to follow:
Enter Your Information as the Payer
On the top left corner of the form, enter your name, address, phone number, and TIN. Your TIN can be your Social Security number (SSN), your employer identification number (EIN), or your individual taxpayer identification number (ITIN). If you are a sole proprietor, you can use either your SSN or your EIN. If you are a corporation, partnership, or other entity, you must use your EIN.
Enter the Recipient's Information
On the top right corner of the form, enter the recipient's name, address, and TIN. The recipient's TIN can be their SSN, EIN, or ITIN. If you do not have the recipient's TIN, you can ask them to provide it to you by filling out Form W-9, Request for Taxpayer Identification Number and Certification. You can also use Form W-9 to verify the recipient's name and address.
Fill in the Totals in the Applicable Boxes
On the lower part of the form, fill in the totals of the payments you made or received in the applicable boxes. Each box corresponds to a different type of income or payment. For example, on Form 1099-NEC, you would enter the total amount of nonemployee compensation you paid or received in box 1. On Form 1099-INT, you would enter the total amount of interest income you paid or received in box 1. On Form 1099-DIV, you would enter the total amount of dividends and distributions you paid or received in box 1a. And so on.
Make sure you use the correct form and box for each type of income or payment. Do not combine different types of income or payments on one form or box. For example, do not report rents and royalties on Form 1099-MISC in box 1; report them separately in box 2 and box 3 respectively.
Use Form W-9 to Collect the Recipient's Information
If you are a payer who needs to file a 1099 form with the IRS and the recipient, you need to collect their information before you make any payments to them. You can do this by asking them to fill out Form W-9, Request for Taxpayer Identification Number and Certification. Form W-9 is a simple one-page form that asks for the recipient's name, address, TIN, and certification that they are not subject to backup withholding or FATCA reporting.
You should keep Form W-9 on file for your records and use it to fill out the 1099 form. You do not need to send Form W-9 to the IRS or the recipient; it is only for your own use.
How to File a 1099 Form with the IRS and the State
If you are a payer who filed a 1099 form with the recipient, you also need to file it with the IRS and your state tax agency. Here are some steps to follow:
File Electronically or by Paper
You can file your 1099 forms with the IRS either electronically or by paper. However, if you are filing 250 or more 1099 forms, you must file them electronically. You can use the IRS's Filing Information Returns Electronically (FIRE) system to submit your 1099 forms online. You will need to register and create an account on the FIRE website before you can file. You will also need to use compatible software that can generate the 1099 forms in the required format.
If you are filing less than 250 1099 forms, you can file them by paper. However, you cannot use the 1099 forms that you downloaded or printed from the IRS website. You must use the official 1099 forms that are scannable by the IRS. You can order these forms from the IRS website or by calling 1-800-TAX-FORM (1-800-829-3676). You will also need to fill out Form 1096, Annual Summary and Transmittal of U.S. Information Returns, and attach it to your 1099 forms.
Meet the Filing Deadlines
You must file your 1099 forms with the IRS and the recipient by the following deadlines:
January 31: File Form 1099-NEC with the IRS and the recipient if you paid nonemployee compensation of $600 or more.
February 28: File paper 1099 forms (except Form 1099-NEC) with the IRS.
March 31: File electronic 1099 forms (except Form 1099-NEC) with the IRS.
April 30: File Form 1099-MISC with the IRS and the recipient if you paid rents, royalties, prizes, awards, or other payments of $600 or more.
May 31: File Form 1099-K with the IRS and the recipient if you made payment card or third party network transactions of $20,000 or more and 200 or more transactions.
You should also check your state's filing deadlines and requirements on the IRS website or your state tax agency's website.
Send Copies to the Recipient and the State Tax Agency
You must send a copy of each 1099 form that you filed with the IRS to the recipient by January 31 of the following year (except for Form 1099-MISC and Form 1099-K, which have different deadlines as mentioned above). You can send it by mail, email, fax, or online, as long as you have the recipient's consent. You should also keep a copy of each 1099 form for your records.
You may also need to send a copy of each 1099 form that you filed with the IRS to your state tax agency if your state requires it. You can check your state's filing requirements on the IRS website or your state tax agency's website.
Common Mistakes to Avoid with a 1099 Form
Filing a 1099 form can be a complex and tedious process, and it is easy to make mistakes that can result in penalties, interest, or audits. Here are some of the common mistakes to avoid with a 1099 form:
Failing to Fill Out the Correct Form 1099
As mentioned earlier, there are more than 20 different types of 1099 forms, each with its own purpose and reporting requirements. You must use the correct form and box for each type of income or payment you paid or received. Do not use the wrong form or box, or combine different types of income or payments on one form or box. For example, do not use Form 1099-MISC to report nonemployee compensation; use Form 1099-NEC instead. Do not use Form 1099-INT to report dividends; use Form 1099-DIV instead. Do not report rents and royalties in the same box on Form 1099-MISC; report them separately in box 2 and box 3 respectively.
Failing to File by the Due Date
You must file your 1099 forms with the IRS, the recipient, and your state tax agency by the due dates mentioned above. If you fail to file by the due date, you may face penalties, interest, or audits. The penalties vary depending on how late you file, how many forms you fail to file, and whether you intentionally disregard the filing requirements. The penalties can range from $50 to $550 per form, up to a maximum of $1.5 million per year. You can avoid or reduce the penalties by filing as soon as possible, correcting any errors, and showing reasonable cause for your failure to file.
Reporting the Wrong Taxpayer ID Number or Forgetting to Report It
You must report the correct TIN for yourself and the recipient on each 1099 form. The TIN can be an SSN, an EIN, or an ITIN. If you report the wrong TIN or forget to report it, you may face penalties, interest, or audits. The IRS may also reject your 1099 form or withhold taxes from your payments. You can avoid these problems by verifying the TIN with the recipient before you make any payments to them or file any 1099 forms with them. You can use Form W-9 to collect and confirm the recipient's TIN.
Providing Incorrect Details on the Form
You must provide accurate and complete details on each 1099 form. This includes your name, address, phone number, and TIN as the payer; the recipient's name, address, and TIN; and the total amount and type of income or payment you paid or received. If you provide incorrect details on the form, such as misspelling a name, entering a wrong address, or reporting a wrong amount, you may face penalties, interest, or audits. You may also cause confusion or inconvenience for yourself and the recipient. You can avoid these problems by double-checking the details on each form before you file it.
Filing a Paper Return When Electronic Filing Is Required
If you are filing 250 or more 1099 forms, you must file them electronically with the IRS. You cannot file them by paper unless you have a waiver from the IRS. If you file a paper return when electronic filing is required, you may face penalties, interest, or audits. You may also delay the processing of your return and increase the risk of errors or lost forms. You can avoid these problems by using the IRS's FIRE system to file your 1099 forms online.
Conclusion
Filing a 1099 form can be a daunting task for many payers and recipients who deal with various types of non-salary income during the year. However, by following the steps and tips outlined in this article, you can download a 1099 form from the payer or the IRS, fill it out correctly and accurately, and file it with the IRS and your state tax agency by the due dates. By doing so, you can avoid penalties, interest, or audits, and ensure that you pay or receive the right amount of taxes on your income.
FAQs
Here are some of the frequently asked questions about 1099 forms:
Q: Do I need to file a 1099 form if I paid or received less than $600?
A: Generally, no. You do not need to file a 1099 form if you paid or received less than $600 in a year for most types of income or payments. However, there are some exceptions. For example, you need to file a 1099 form if you paid or received at least $10 in interest, dividends, or distributions; if you had any debt canceled or forgiven; or if you sold any real estate or personal property.
Q: Do I need to file a 1099 form if I paid or received cash?
A: Yes. You need to file a 1099 form if you paid or received cash for any of the types of income or payments that require a 1099 form. The IRS does not distinguish between cash and other forms of payment, such as checks, credit cards, or electronic transfers. You must report all payments regardless of the method of payment.
Q: Do I need to file a 1099 form if I paid or received cryptocurrency?
A: Yes. You need to file a 1099 form if you paid or received cryptocurrency for any of the types of income or payments that require a 1099 form. The IRS treats cryptocurrency as property, not as currency. Therefore, you must report the fair market value of the cryptocurrency in U.S. dollars at the time of the payment.
Q: What if I made a mistake on a 1099 form that I already filed?
A: If you made a mistake on a 1099 form that you already filed with the IRS and the recipient, you need to correct it as soon as possible. You can do this by filing a corrected 1099 form with the IRS and sending a copy to the recipient. You can use the same form that you used originally, but check the box that says "Corrected" at the top. You also need to fill out Form 1096, Annual Summary and Transmittal of U.S. Information Returns, and check the box that says "Corrected" at the top.
Q: What if I did not receive a 1099 form that I should have received?
A: If you did not receive a 1099 form that you should have received from a payer by January 31 of the following year (or by the applicable deadline for Form 1099-MISC and Form 1099-K), you should contact the payer and request it. If you still do not receive it by February 15, you can call the IRS at 1-800-829-1040 and ask for assistance. However, even if you do not receive a 1099 form, you are still responsible for reporting your income and paying taxes on it. You should use your own records to estimate your income and expenses related to the 1099 income. 44f88ac181