Are you worried about the 1099 MISC Form Filing process? Don’t worry filers, we are providing the instructions for 1099 MISC Tax Form. With these instructions, you can easily File your 1099 Miscellaneous Form. So, feel free to File Federal 1099 MISC Form with the 1099 MISC instructions. Then get ready to E File 1099 MISC Form on our website. Get all General Instructions for 1099 MISC Form Filing for 2020 tax year.
General Instructions for 1099 MISC Tax Form:
The General Instructions of 1099 MISC Form includes the following details. They are
1. Who must File 1099 MISC Form?
2. 1099 MISC Tax Form reporting Requirements
3. Tax Identification Number
4. Statement submission to Recipient
5. Filled copy submission to IRS
6. Penalties for Late Filing
1. Who must File 1099 MISC Form?
Who is paying money to an independent contractor for their service? and the payment is more than or equal to 600$ during the year, then the payer must File 1099 MISC Tax Form.
2. 1099 MISC Tax Form reporting Requirements:
To report your Miscellaneous Income to the IRS, you need to E File 1099 MISC Form. The 1099 Miscellaneous Form Requirements are the payer details, the recipient details, and the payment category.
The Internal Revenue Service requires the name, mobile number, email id, and the address of the payer and also the non –employee. For the identification purpose, the IRS requires the Federal Identification Number of the payer and recipient. To get the payment from the payer, enter the bank account details of the individual contractor.
A number of boxes are available in the 1099 Miscellaneous Form for the category selection. That means for which type of service, you have paid the amount to an independent contractor. Select the category and enter the amount in that category. Are you confusing which category is used for which payment? No need to worry, here the 1099 MISC form instructions clear your doubts. The Instructions are
- Other income
- Crop Insurance Proceeds
- Medical & Healthcare Payments
- Federal Income Tax Withheld
- Fishing Boat Proceeds
- Direct sales of consumer products for resale
- Gross Proceeds paid to attorney
- State Tax Withheld and etc…
The Rents category is mentioned in Box 1. If you paid more than or equal to 600$ for rent, then File your payment in the 1099 MISC Form. For example, if you rented the office space, building, house, heavy machinery from any other, then enter the paid amount during the year in that field.
If you paid more than or equal to 10$ for royalties, then select the royalty category and enter the paid amount in the royalty category. The Royalty category includes Oil and Mineral products.
Same as the above process select the payment category and enter the paid amount by you to an independent contractor.
3. Tax Identification Number:
In the Payer and recipient details, you must select the Tax Identification Number Type. Here, the IRS provides two options such as Employer Identification Number and the Social Security Number. Depends on the payer and recipient TIN Type select either EIN or SSN.
4. Statement submission to Recipient:
The filled 1099 MISC Form should be sent to the non – employee before the 1099 MISC Due Date. You have to File a 1099 MISC Federal Form for every individual contractor.
5. Filled copy submission to IRS:
You must submit your Filled IRS 1099 MISC Form to the Internal Revenue Service every year. With the Filled 1099 MISC Form copy only, you can report your Miscellaneous income to the IRS.
6. Penalties for Late Filing:
For the late Filing of the 1099 MISC Federal Form, the IRS will charge penalties on you. Depends on your delay time of 1099 Miscellaneous Form Filing from the 1099 MISC Due Date, the IRS increases the penalty charges. Like if you File 1099 MISC Federal form before the 30 days from the 1099 MISC Due Date, you have to pay an extra 50$ amount. If you E File 1099 MISC Form after the 30 days but before the 1st August, then you need to pay an extra 110$. Your 1099 Miscellaneous Form Filing is on after 1st August, then you must pay 270$ extra amount. Again, you are delaying your Filing process of 1099 MISC Form, then you have to face the 550$ as extra payment.
Still, you have any doubts regarding Form 1099 MISC, then contact our customer care number on +1-316-869-0948 and solve your doubts within a minute. Or if you need any support for Filing, then call us on our customer care number. If you want File 1099 MISC Form directly, then visit our website at www.e-file-1099.com. By sending your details through mail email@example.com. We will finish your Filing process and send the filled 1099 Federal Form to the IRS & recipient.