Your Ultimate 1099-How To Guide For Tax Year 2019

With January 31st slowly creeping up on us, let’s talk about your 1099 Forms. Have you finished them? Do you dream of finishing them but every time you get started you give up? That’s ok, we all procrastinate sometimes. TaxBandits is here to help, we find 1099’s as fun as you find them stressful! To help you breeze through your 1099 form, we have created this awesome guide to give you some extra help…you’re welcome.

There are many variations of the 1099. TaxBandits supports all of the following forms…

• 1099-MISC
• 1099-INT
• 1099-DIV
• 1099-B
• 1099-R
• 1099-S
• 1099 Corrections

What is the Form 1099-MISC?

The Form 1099 MISC is used to report payments that you have made to a nonemployee during the tax year. Basically, you are letting the IRS know how much you paid to independent contractors this year. Also, Form 1099-MISC is used to report the other types of miscellaneous payments.

When Is The Form 1099-MISC Due?

There are two major deadlines that you need to know when it comes to the 1099-MISC. The first is January 31st, 2020. By this date you need to have sent out all of your recipient copies to your independent contractors and report the same with the IRS. For those who report Form 1099-MISC for other type of payments have to file Form 1099-MISC by

• February 28th, 2020 if filing by paper
• March 31st, 2020 if filing electronically

Who Needs To File 1099-MISC?

If you are questioning whether or not you need to file…read these requirements straight from the IRS

• Did you pay at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest?
• Did you pay $600 or more in rent or compensation?
• Did you make direct sales of $5,000 or more in consumer products?

If you answered “yes” to any of these questions…you guessed it…file a 1099-MISC

What Information Do I Need To File Form 1099-MISC?

• Payer Information (that’s your information)
  • Legal name
  • TIN
  • Address
• Recipient Details (that’s your independent contractor) 
  • Their legal name
  • Their Address
  • Their TIN
• Miscellaneous Payments
• Federal and State withholding information if any

Why Should I file Form 1099-MISC With TaxBandits?

The short answer is because we make it easy for you…and we’re cool. The long answer is because we offer the simplest, streamlined filing process on the market. We are an IRS Authorized E-file Provider, this means that you can trust us with your sensitive data. 

Our interview style filing process takes the confusion out of the 1099-MISC. It breaks the form down so that you can file in minutes. You can handle both federal filing and state filing with TaxBandits. You can file your 1099 Forms starting at just $0.50.

We can handle your postal mailing as well as your e-filing needs. We can print and mail all of your recipient copies to your independent contractors. We use USPS validation to ensure that your forms are going to the correct addresses. 

If you have questions along the way, the TaxBandits team is here to help you! We have an amazing, U.S based support team that can answer any of your questions on the functionality of our software! They are available via phone, live chat, and email.

How Do I File The 1099-MISC With TaxBandits?

File in minutes? Does that sound too good to be true? Well, here’s how you can do it! Just follow these easy steps.

• First, create your free TaxBandits account, remember you don’t have to pay until you file. If you already have one, good for you, you can sign in.
• Enter payer details (your details)
• Enter the recipient (your independent contractor’s details)
• Enter federal withheld details
• Enter state withheld details
• Pay, transmit, and celebrate!

Ask The Bandits…

I’m planning to e-file my forms with TaxBandits, how do you handle Form 1096?

The Form 1096 is a transmittal form used when you paper file the form, when you e-file your 1099’s you don’t need to worry about filing one out. However, for your convenience, TaxBandits generates this form for you, you can easily access and print it from the Print Center in your TaxBandits account. 

Does TaxBandits offer promotional or special pricing?

Yes. TaxBandits allows you to lock in your best pricing with prepaid credits. They never expire and you can use them for years to come! Pricing is volume-based, the more forms you file the larger your discount will be. 

How can I print a recipient copy?

You have the ability to print a recipient copy from the Print Center in your TaxBandits account. 

Want even more helpful information? Check out this TaxBandits Webinar on 1099’s!