The Fillable 1099-MISC is used to report payments of individuals. It is a required tax document if an individual or business earns more than $600 from the company or individual issuing it. A Form 1099-MISC 2020 is also used when someone makes royalty income. The royalty payment must be no less than $10.
For the 2020 tax year, the Federal Tax 1099-Misc Form is not used for reporting non-employee payments. IRS reintroduces 1099-NEC Form for reporting non-employee payments instead of 1099-Misc Box 7. Filers who need to send out 1099-Misc can get Free Fillable 1099-Misc Form from the IRS website or E-file provider.
2020 Free Fillable 1099-Misc Form for Reporting Various Payments
1099-Misc Form can be used for reporting various payments such as rents, royalties, medical and health care payments, and other income payments. Here, we provide information about the 1099-Misc Form 2020 and how to fill out and file it with the IRS.
Where Do Filers Get Fillable Form 1099-Misc?
Filers can report 1099-Misc Form 2020 either using electronic filing or paper filing. Filer gets copies of 1099- Misc Form from the IRS website if filer wants to use paper filing. If the filer wants to file the 1099-Misc Tax Form through electronic filing, then the filer must choose the E-file provider. 1099 E-file provider provides free 1099-Misc 2020 for reporting payments with the IRS. A filer must file the 1099 Form before the due date by using electronic or paper filing.
What Details Required for Filing 1099-Misc Form 2020?
Filers or payer who wants to file 1099-Misc Form initially gathers the required information. For 1099-Misc filing, filer needs payee details, payer paid amount details, along with payer details. Payer gets accurate payee information from a W-9 form. So, the payer must get a W-9 form from the payees before doing services or resources. A filer must include the payer name, payer address, Payer Tax ID, payee name, payee updated address, payee TIN, and payee account number details on the form. If the filer enters incorrect details, the filer has a chance to pay the IRS 1099-Misc penalties. Also, enter the state information such as state tax withheld details.
How Do You Fill Out a Federal Tax 1099-Misc Form?
A filer can easily file form 1099-Misc after getting the required details. To file the 1099-Misc Form, the filer must use the current year form and select the proper Tax Form. The right side of the Form contains the payee details, payer details, account number details. Filer includes the payment details on the left side of the form. A filer must enter the accurate payment details in the proper box of the 1099-Misc Information Return. A filer must enter payment details based on the type of payment. For instance, payer paid $750 for medical services to doctors or health care providers. In that situation, the filer must enter the accurate payment details on box 6 and file the form with the IRS. Also, send a copy of the free 1099-Misc Form to the recipient before or on February 1, 2021.
When Do I File a 1099-Misc Form with the IRS?
The 1099-Misc Form 2020 filing deadlines are based on the type of filing. File your 1099-Misc Form to the IRS by March 1, 2021, through paper forms. If file electronically, then the filer must file his form by March 31, 2021. Send Copy B of 1099-Misc to the recipient by February 1st, 2021. For reporting box 8 and box 10 payments to the recipient, the filer must report before or on February 15th, 2021. A filer must file the 1099-Misc Tax Form with the IRS by following the above deadlines.
As a filer, you must file your 1099-Misc before the due date with the IRS and recipients. Also, must fill out accurate details for filing with the IRS. If the filer does not have time to file the form, then the filer must request an extension to the IRS.
For more information about Fillable 1099-MISC Form and requirements, you can contact our website form1099online.com.