Form 1099

What is the IRS 1099 Form?

Form 1099 is series of 23 documents; the IRS refers as a information returns about income. We have different types of 1099 forms (1099-MISC, 1099-K, 1099-INT and etc) that reports various type of incomes during the year other than hourly wages or salaries. Independent contractors and small business employees should file the suitable 1099 tax form with in the deadline.

What are the Various 1099 Forms? When and Who Needs to File It?

IRS offering various 1099 forms but here Tax2efile is proving few 1099 forms filings only.

1099 MISC Form

1099-MISC reports all the miscellaneous income transactions, the total amount you received through the payments from a single person for your services over the year. This 1099-MISC covers rents, royalties or broken payments, prizes and awards and substitute payments in lieu of dividends and other income payments. If you received payments during the year as an independent contractor, self employed or small business proprietor more than $600, you may have to Efile 1099-MISC form to the IRS.

1099-MISC Deadline and Due Date

January 31st is the deadline for certain type of 1099-MISC forms (nonemployee compensation payments in box 7)

IRS 1099-INT Form

1099-INT form reports all interest income from banks, financial institutions, government agency and brokerages. You may have to report income tax on interests of these received payments. Any bank or financial institution pays you at least $10 of interest over the year; you have to prepare a 1099-INT.

1099-INT Deadline and Due Date

Efile1099-int form with the IRS before the deadline of March31st. If you want the filing via paper, file it and send a copy to IRS before January 31st. If you are interest income is less than $10,
no need to file 1099-INT form.

IRS 1099-K Form

1099 K form is used for reporting some payment transactions (debit, credit, third-party payment network transactions) for improving voluntary tax compliance. You can able to issue a1099-K form, if you exceeds $20,000 gross payments and 200 transactions apply only to payments settled through a third-party network during the over tax year.

1099-K Deadline and Due Date

If you want to file electronically then the deadline is March 31st, if prefer to paper filing then files it and send a copy to IRS by February 28th.

Efile your 1099 tax form with at less prices and get in touch with us for extra discounts on filings (24*7 supports for you). Any income that does not match with a client’s 1099 will be investigated, so be careful!

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