We are breaking down step by step how to easily file a 1099-MISC form with TaxBandits!
Once you’ve signed in to TaxBandits, select “Start New” in the upper right corner:
Select form 1099-NEC:
Verify the tax year you are filing for:
Click “Start Now” under “Upload Excel/CSV Template”:
You can either select a business from your address book by clicking “Select Business” or you can manually enter the business information.
Once your business information has been completed, click “Save and Continue”
Validate your business address and click “Okay”
To begin your bulk upload, click “Download Template” and choose your preferred download format.
Complete the template by providing information for each recipient in a different line and filling out columns A-AS as they apply for each recipient.
Note: Column D is the recipient’s SSN or TIN (Reference Box RECIPIENTS TIN of 1099-MISC form)
Column T: Account number
Is required if you have multiple accounts for a recipient for whom you are filing more than one Form 1099 form series.
Column P: If you want to provide online access, type Yes into this column and add the recipient’s email address to column Q
Column W: (Reference Box 1 of the 1099-MISC form) 1 Rent
Enter amounts of $600 or more for all types of rents
Column X: (Reference Box 2 of the 1099-MISC form) 2 Royalties
Enter gross royalty payments of $10 or more. Report royalties from oil, gas, or other mineral properties before reduction for severance and other taxes that may have been withheld and paid.
Column Y: (Reference Box 3 of the 1099-MISC form) 3 Other income
Enter other income of $600 or more required to be reported on Form 1099-MISC that is not reportable in one of the other boxes on the form. Also, enter in box 3 prizes and awards that are not for services performed.
Column Z: (Reference Box 4 of the 1099-MISC form) 4 Federal income tax withheld
Enter backup withholding. For example, persons who have not furnished their TINs to you are subject to withholding on payments required to be reported.
Column AA: (Reference Box 5 of the 1099-MISC form) 5 Fishing boat proceeds
Enter the individual’s share of all proceeds from the sale of a catch or the FMV of a distribution in kind to each crew member of fishing boats with normally fewer than 10 crew members.
Column AB: (Reference Box 6 of the 1099-MISC form) 6 Medical and health care payments
Enter payments of $600 or more made in the course of your trade or business to each physician or other supplier or provider of medical or health care services. Include payments made by medical and health care insurers under health, accident, and sickness insurance programs.
Column AC: (Reference Box 7 of the 1099-MISC form) 7 Payer made direct sales totaling $5,000 or more of consumer products to the recipient for resale
Enter an “X” in the checkbox for sales by you of $5,000 or more of consumer products to a person on a buy-sell, deposit-commission, or other commission basis for resale anywhere other than in a permanent retail establishment. Do not enter a dollar amount in this box.
Column AD: (Reference Box 8 of the 1099-MISC form) 8 Substitute payments in lieu of dividends or interest
Enter aggregate payments of at least $10 of substitute payments received by a broker for a customer in lieu of dividends or tax-exempt interest as a result of a loan of a customer’s securities.
Column AE: (Reference Box 9 of the 1099-MISC form) 9 Crop insurance proceeds
Enter crop insurance proceeds of $600 or more paid to farmers by insurance companies
Column AF: (Reference Box 10 of the 1099-MISC form) 10 Gross proceeds paid to an attorney
Enter gross proceeds of $600 or more paid to an attorney in connection with legal services
Column AG: (Reference Box 11 of the 1099-MISC form) 11 Fish purchased for resale
If you complete this box, enter the total amount deferred during the year of at least $600 for the nonemployee under all nonqualified plans.
The deferrals during the year include earnings on the current year and prior year deferrals. For additional information, see Regulations sections 1.409A-1 through 1.409A-6
Column AI: (Reference Box 13 of the 1099-MISC form) 13 Excess golden parachute payments
Enter any excess golden parachute payments. An excess parachute payment is an amount over the base amount.
Column AJ: (Reference Box 14 of the 1099-MISC form) 14 Nonqualified deferred compensation
Enter all amounts deferred that are includible in income under section 409A because the nonqualified deferred compensation plan fails to satisfy the requirements of section 409A.
Do not include amounts properly reported on a Form 1099-MISC, corrected Form 1099-MISC, Form W-2, or Form W-2c for a prior year. Also, do not include amounts that are considered to be subject to a substantial risk of forfeiture for purposes of section 409A
Once the template is complete, save it to your computer and drag and drop the file into the outlined field. Then click “Upload”
Once uploaded, you will receive a preview of the forms. The preview will state the total number of records received, and allow for review.
Once you have reviewed your forms, click “Continue to import”
Once imported, you will get a review of how many total records, how many were successfully uploaded, and how many records had errors.
If you have errors, you can click the error button to review the provided error information. You can then make the necessary changes and re-upload your template.
Click “Continue Filing” once all records have been uploaded successfully.
Now you can choose to begin a new form, edit or preview the recently filed form, adjust your services, or continue filing.
After clicking “Continue” Update any errors, then click “Continue”:
Select the business(es) you are filing for, review your order details, then click to “Complete Your Order”:
When using prepaid credits, there is no need to enter or process a credit/debit card to file.
Simply select “Confirm and Transmit”:
*Not sure how to purchase credits? Check out our blog here.
Want to see steps for other business types, forms, or features? Comment below and we’ll make your request a future blog!
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