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What is a 1099 and do I need to file one?

Learn what 1099 forms there are and how you can prepare for the 2020 tax season.

What is a 1099 form?

IRS Form 1099 is a record that tracks money you paid to a non-employee. There are a few 1099 forms that the IRS uses, but the two you’ll need to know about are the 1099-MISC and the 1099-NEC.

As of the 2020 tax season, there are a few things you need to know between 1099-MISC and 1099-NEC.

Do I need to file a 1099-NEC?

You're required by U.S. tax law to file a Form 1099-NEC for anyone that you paid $600 or more in the previous year. You’ll also need to file a Form 1099-NEC for any person you’ve withheld any federal income tax from under the backup withholding rules.

This can be contractors, freelancers, vendors, or any other non-employee. If you have previously reported any information on Box 7, which is the total amount of non-employee compensation, this information is now reported on the 1099-NEC.

The IRS has rules to decide if a worker is an employee or a contractor. For assistance in classifying your workers, check with the IRS.

Contractors also need a 1099-MISC to file their taxes. If you have more questions about who needs to file, check with the IRS.

Do I need to file a 1099-MISC?

You're required by U.S. tax law to file a 1099-MISC form for anyone that you paid $600 or more in the previous year. Unlike the 1099-NEC, the payments found on a 1099-MISC are geared towards vendors, attorneys, and other individuals who are not a proper contractor.

How do I file my 1099 forms?

There are a couple of options for filing the 2020 version of 1099-MISC and 1099-NEC. For a small fee, we'll walk you through and e-file your 1099 forms for you. We'll automatically exclude payments you don't need to include on your 1099s (like payments you made with credit cards and other electronic payments).

Note: The tax filing due dates are different for each of these forms.
  • Form 1099-MISC due date is March 31st.
  • Form 1099-NEC due date is January 1st.

Learn how to e-file your 1099's with:

If you have Intuit Full Service Payroll, we'll automatically do this for you.

Notes:

Other questions

Set up a contractor for 1099-MISC

If you have a QuickBooks Payroll product, you’ll need to get your contractors or vendors set up in QuickBooks before you can file their 1099s.

Looking for information on 1099-K forms? 

If you have a QuickBooks Payments product and you have processed at least 200 card transactions and $20,000 in gross sales during the previous calendar year, we generate a 1099-K form for you on or before January 31.

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