An Overview of IRS Form 1099 for Tax year 2022:Are you a business owner? Whom do you hire mostly a contractor or an employee? If you hire contractors mostly, then you will deal with variant 1099 Tax Forms. Yes, there are nearly 20 variant 1099 Forms in the series.
Which 1099 Form do you file mostly? Confusing right! Tax Forms are confusing & create lots of stress in individuals. Therefore, here we have provided an overview of IRS 1099 Forms for the tax period 2022. Before you start filing a 1099 Tax Form, look at an overview & file 1099 Forms correctly with the IRS.
Why is IRS Form 1099 Used?
1099 Tax Forms are mostly used to report various types of income paid apart to an individual from regular salaries or wages. These are mostly called “Information Returns”. Because it provides information about the non-employment income earned by an individual throughout the tax year to the Internal Revenue Service.
The Federal 1099 Form is one among the several IRS Tax Forms used in the United States. Business owners/individuals file 1099 Information Return to report:
- Payments to independent contractors.
- Rental property income.
- Income from investment and dividends.
- Sales proceeds.
- Other Miscellaneous income etc.
Deadline for filing Form 1099 for the Tax year 2022
As per the IRS norms, the deadlines for filing these 1099 Forms are March 31st mostly. For a complete breakdown of the deadline, check out the below chart:
|1099 Tax Forms||1099 Recipient copy||Paper filing Form 1099 to the IRS||E-filing 1099 to the IRS|
|1099 MISC with box 8 & 10 payments||February 15th||February 28th||March 31st|
|Form 1099 MISC without boxes 8 & 10||January 31st||31st January||January 31st|
|Federal 1099 NEC||31st January||February 28th||March 31st|
|IRS 1099 K||January 31st||February 28th||March 31st|
|Form 1099 DIV||31st January||February 28th||March 31st|
|Printable 1099 INT||January 31st||February 28th||March 31st|
|Fillable 1099 R||31st January||February 28th||March 31st|
|Fill in Form 1099 A||January 31st||February 28th||March 31st|
What Forms make up IRS Form 1099 series
Given below are some of the information return forms that belong to the IRS 1099 series of Tax Forms:
1099 MISC Form – used to report miscellaneous income paid to independent contractors who are not treated as an employee.
Federal 1099 NEC – used to report non-employee compensation paid to individuals who perform services on the course of business or trade.
Printable 1099 K – used to report payment card & third-party network transactions made to individuals throughout the tax year.
Fillable 1099 DIV – used to report dividends & distributions paid to the shareholders in a calendar year.
Fill in 1099 INT Form – used to report tax-exempt interests paid to the investors for the investments n stocks or shares.
1099 R – used to report distributions made from retirement accounts & profit-sharing plans, pensions, annuities, etc.
IRS 1099 A – used to report abandonment or acquisitions of property.
Who’s responsible to file 1099?
According to IRS rules & regulations, you must file a 1099 Tax Form if:
- Payments made are not with a full-time employee.
- The individual performs services related to the business or trade.
- The compensation amount exceeds $600 in a calendar year.
- An individual is an estate, an LLC, partnership, business, etc.
File the respective 1099 Tax Return with the IRS if your business meets anyone among the above circumstances. Otherwise, the IRS will catch the missing 1099 Form & may impose heavy and hefty penalties.
Who receives a copy of the 1099 Form?
Generally, an individual receives a 1099 Tax Form if he/she performs work for the organization and is not treated as a full-time employee. Furthermore, you’ll also receive 1099 if you earn through multiple sources & individual payments exceeding the minimum threshold requirements.
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