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What is on a 1099 MISC form?
I need to know what exactly is on a 1099 form. Does it show the dates that you worked and were employed? does it just show that you got paid a certain amount of money or is it itemized? Need this answered ASAP! thank you!
Thank you for your answers... I'm not stupid as some of you may think, just never filed one before... just needed to know if they reported like this: week 1 - made $100, week 2 made $300 or if it simply said you made $400. But still wondering i know you said it just shows money earned but will it say like all of 2013 or put a specific date range of employment
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In the United States, any company or organization engaged in a trade or business that pays more than $600 to an independent contractor in one year is required to report this to the Internal Revenue Service (IRS) as well as to the contractor, using Form 1099-MISC. This form is merely a report of the money paid; independent contractors do not have income taxes withheld from their pay as regular employees do.
An independent contractor is a natural person, business, or corporation that provides goods or services to another entity under terms specified in a contract or within a verbal agreement. Unlike an employee, an independent contractor does not work regularly for an employer but works as and when required, during which time he or she may be subject to law of agency. Independent contractors are usually paid on a freelance basis. Contractors often work through a limited company or franchise, which they themselves own, or may work through an umbrella company.Source(s): Wikipedia
- BobbieLv 77 years ago
1099-MISC Box 7 NONEMPLOYEE compensation $$ for that past tax year that did end on December 31 and sent out to the taxpayer after the end of January during the tax filing season for the past tax year.
Go to the www.irs.gov website and use the search box for 1099-MISC and then go to the page 5 for the instructions for the recipient for the taxpayers use during the tax filing season
Instructions for Recipient
Recipient's identification number. For your protection, this form may show only the last four digits of your social security number (SSN), individual taxpayer identification number (ITIN), or adoption taxpayer identification number (ATIN). However, the issuer has reported your complete identification number to the IRS and, where applicable, to state and/or local governments.
Account number. May show an account or other unique number the payer assigned to distinguish your account.
Amounts shown may be subject to self-employment (SE) tax. If your net income from self-employment is $400 or more, you must file a return and compute your SE tax on Schedule SE (Form 1040). See Pub. 334 for more information. If no income or social security and Medicare taxes were withheld and you are still receiving these payments, see Form 1040-ES (or Form 1040-ES(NR)). Individuals must report these amounts as explained in the box 7 instructions on this page. Corporations, fiduciaries, or partnerships must report the amounts on the proper line of their tax returns.
Hope that you find the above enclosed information useful. 12/16/2013
- 7 years ago
1099 MISC form reports various types of miscellaneous income other than wages, salaries, and tips (which are reported on a W-2). Payments for services, rents, pricez, medical and health payments, etc require a 1099-MISC form.
1099-MISCs must be submitted to both the IRS and recipients of the payments.
- StephenWeinsteinLv 77 years ago
It shows the year. It does not show the exact dates. It shows the total amount for the year. It is not sorted by week. It also shows the company's address and yours.
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- Cathi KLv 77 years ago
Just one grand total number. You can see a copy of a form on the IRS website.
- MadManLv 77 years ago
It will show all the money you earned from that client for the whole year. It does not show dates.
- SlickterpLv 77 years ago
The amount you were paid for the calendar year.
shows the money u got nothing more
- troLv 77 years ago
no, it shows your name, SSN, address, the amount you were paid and income tax withheld, if any was
- ?Lv 47 years ago