Tips For Filing Your 2022 Form 1099s
It’s the most wonderful time of the year…tax season.
1099 forms are used to report non-salary income to the IRS. There are multiple 1099 forms for different purposes, and copies of the form must be sent to the recipient as well as the IRS.
Filing a 1099 form can be a little confusing and time-consuming, but don’t worry! Here are a few tips to help you through the process.
What information is required to file Form 1099?
You’ll need information about your recipient and financial details including
- Payer’s name, TIN, and address
- Recipient’s name, TIN, and address
- Nonemployee compensation amounts
- Federal income tax withheld
- (For state filing) State income, payer state number, and state tax withheld
Who should receive a 1099?
1099 series forms are required to report non-employee compensations for everything from independent contractors to rents. In addition to the IRS, recipients may include
- Independent contractors or freelancers
- Non-corporation business structure
- Individuals who received non-salary payments of $600 or more
- Individuals who received payments of more than $20,000 via third-party apps
When are 1099 forms due?
Businesses must supply recipients with a copy of their 1099 form by January 31st.
Depending on the type of 1099 you file, the filing deadline may differ. For example, Form 1099-INT must be furnished to recipients by January 31st, filed by February 28th if filing by paper, and by March 31st if filing electronically. However, Form 1099-NEC must be furnished to recipients and filed by January 31st regardless of filing method.
How should I file my 1099?
You can elect to file your 1099 by postal mail or electronically. The IRS does not mandate either option.
If you choose to paper file, you will need to mail your form to the IRS at Internal Revenue Service Center, P.O. Box 219256, Kansas City, MO 64121-9256.
If you choose to file electronically, you’ll need to choose an IRS-authorized e-file provider like TaxBandits. These providers often include helpful instructions and information about e-filing.
Are there any penalties for late filing?
The IRS will impose penalties for failing to file a 1099. Penalties may be imposed because the payer failed to distribute the copies to recipients by the deadline or for providing incomplete or inaccurate information, in addition to filing past the deadline.
Penalties can range from $50 per return to $270 per return.
Is a 1099 required by the state?
Most states require a 1099 to be filed with the state. The state may require some additional information. Filing requirements may vary by state, but businesses must file forms directly with the state to meet both their state and federal tax filing requirements.
You can check your state’s filing requirements here.
Filing 1099s with TaxBandits
TaxBandits has everything you need to file your 1099s. Clients can mail recipients copies of their forms by opting into TaxBandit’s print and mailing services, or grant recipients secure online access to view and download their forms.
Our internal audit check will review your form for any IRS business errors, ensuring an accurate return. You can also upload your business’ data in bulk to save time.
These features and more make TaxBandits a fantastic choice for someone looking to file their 1099s. Don’t wait until the last minute, get started filing today at TaxBandits.com!
