[fusion_builder_container hundred_percent=”no” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” overlay_color=”” video_preview_image=”” border_size=”” border_color=”” border_style=”solid” padding_top=”” padding_bottom=”” padding_left=”” padding_right=””][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” border_position=”all” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” center_content=”no” last=”no” min_height=”” hover_type=”none” link=””][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” class=”” id=””]
In a previous post, we discussed who gets a 1099, and now you need to know how to fill out a 1099. Documents like this can be intimidating at first glance, but when you break them down it is quite simple. Here is our guide, box by box, of how to fill out a 1099.
Box 1: Rentals
Examples of what goes in Box 1:
Box 2 Royalties:
Examples of what goes in Box 2:
Box 3 Other Income:
Examples of what goes in Box 3:
*The lines can overlap between Boxes 3 and 7. IRS has guidelines to determine what should be reported in each box. If unsure, research and confirm all criteria that differentiates which box to report said income.
Box 4 Federal Income Tax Withheld:
Examples of what goes in Box 4:
Box 7 Non-Employment Compensation:
For box 7, Non-employee compensation of $600 or more with the following conditions:
Box 6 Medical and Healthcare Payments
Examples of what goes into Box 6 (payments of $600 or more):
Box 13:
Box 14:
This box is for the Gross Proceeds Paid to an Attorney. Enter gross proceeds of $600 or more paid to an attorney in connection with legal services (regardless of whether the services are performed for the payer). For more information, see Payments to attorneys in the section for Box 7.
We would love to help you more with your 1099 or other tax needs. Contact us for more information about how our services can help ease your worries as you close out this fiscal year.
**Note that the form included in this blog post is meant for information only. For more details about this notice, please visit: https://www.irs.gov/pub/irs-pdf/f1099msc.pdf
[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]
CLOSE
Subscribe and get access to all premium content from guest experts in different industries.