So it’s tax time and you’re going through all the returns you’ve received and come across a form titled 1099 form. If you’ve filed a 1099 previously then you probably know exactly what you should do again but many people come across a 1099 and wonder “What am I supposed to do with this?” Here are a few frequently asked questions that many people ask about filing their 1099 electronically.
What Is a 1099 Form For?
Form 1099 is a tax form that is used to report any income that you receive that you need to report on your tax return. There many different kinds of 1099 forms and you can file your form your file online as well as by mail.
What Should I Do with my 1099 Form?
When you prepare your taxes you have to report all of the taxable income that you received during the previous tax year. 1099 forms cover the income you receive not covered on your W-2. If you have any income reported on your 1099 you will need to use form 1040 in order to get your return.
How Do I efile my 1099?
As one of the easiest ways to prepare a tax return filing your 1099 form online means that you won’t have to worry about what forms you have to fill out and where the number goes on your 1099. The best software will do all the math and double check your information to make sure that you are entering the correct information.
What Should I do if I Should have Received a 1099 but Didn’t?
If you know you should have received a 1099 from your business but have yet to receive it then you may still be able to file your paperwork using the form 4852 as a substitute.
What Types of 1099 Forms are There?
There are various types of 1099 forms that are used to report the different kinds of income you receive. Here are the types of 1099 forms available:
- 1099-R – Special Tax Treatment
- 1099-G – Unemployment and Governement Benefits
- 1099-MISC – Miscellaneous Income
- 1099-SSA – Social Security
- 1099-DIV – Dividend Income
- 1099-INT – Interest Earned
- 1099-B – Stock Transactions and Sale of Assets
- Form 4852 – Substitute for W2 Form
What If I am Not Going to Get a 1099?
If you were paid such a small amount that your employer is not required to send you a 1099 you are still required to report any income you earned that was taxable. The minimum amount you are required to earn before being able to be sent a 1099 as an independent contractor is $600. If you made less than that your payer does not have to send you a 1099 but you still have to report that as your self-employment income.
What If I Don’t Receive a 1099 on Time?
If you did not receive your 1099 form by February 15 then you should contact the IRS where you will be given more information about what to do and possibly be able to still efile your return using a substitute form.
Visit Etax1099.com to efile your form 1099