I came here to learn how to file the IRS 1099 NEC copy electronically to the IRS. I'm glad to know I cannot mail the IRS downloadable pdf copy to the IRS. Instead, I need to either electronically file or mail multiple scanable forms. This is extremely confusing for the average citizen. From now forward, EVERYONE is being paid by credit card or electronically and never again will I use checks! Lesson learned the expensive way.
The catch for e-filing is that you need to apply for a IRIS Taxpayer Portal Control Code (TCC) in order to access the online portal used to submit 1099-NECs. This can take up to 45 days. Basically, if you are late or running late and don't already have a TCC, you are likely going to incur fees/penalties. You can potentially file an extension using Form 8809 IF you are late or anticipate being late. However, IRS can be quite strict with the deadlines. FYI - not a CPA here, just someone who has done quite a bit of reading on the subject. Feel free to correct me if I'm wrong. Cheers and good luck!
just an fyi for those that are thinking of requesting documents from the IRS website: it states it could be a 15-business day wait to receive those documents.
Hello, Thank you for this info but i have a question about this A Copy (red color) I purchased these 1099 NEC forms on line and the Copy A (red) came with 3 forms in each page. This red Copy A says DO NOT CUT OR SEPARATE FORMS IN THIS PAGE.. so what is this mean? * I can only put one recipient in this page and leave the other 2 ones blank on this page? or... * I can still put 3 DIFFERENT recipients in each page as long as i do not CUT OF SEPARATE this page ?.... or * I can still cut this page and have 3 different recipients I will appreciated if you respond . Thank you
Can you please help me answer this question. Day futures traders with prop firms that give a 1099-NEC in America. Is the trader paying Medicare.SS 15.3% and ordinary income?
So how does this differ from a 1099-K or 1099-MISC?? Who files/does the 1099-NEC? The person who paid you? Does the person who paid you send you the 1099-NEC?
Have a question. Trying to understand it, i received (2)- 1099Nec from the same company - one using my EIN number and the other using my SS#. My question, since i am reporting my income for my Scorp, using the 1099Nec using my EIN , but i also want to report my 1099Nec using my SS# as income for my Scorp. Since i am deducting my expenses together. This way i dont have to separate my deductions on my personal tax return. Can i file together, or should i go ahead and keep them separate. any help you may offer would be greatly appreciated. thank you. Michael.
I'm trying to verify the exact way to fill in the IRIS 1099 NEC template when you have an individual who has applied for an EIN. They put their name in box1, their "fictitious name in box 2, checked Individual then put EIN. Now on IRIS template in what fields do I put each to have printed correctly. Is the business type an I but then I provide an EIN...Which fields are filled out..business name or 1st name, last name and then business name on 1st address line. It shouldn't be this hard:( Thank you!
my wife works for company therefore they give her 1099nec. didnt explain that she had to pay her own taxes. she works 10 hour shifts its not her company. so why do tou have to do tax returns as if it was your own company
Hi! This is because she's not technically their "employee", otherwise they would issue her a W-2 instead. For tax and legal/ liability purposes she's considered a "contractor", which is why the IRS wants her to file her taxes as a self employed. She can technically form an LLC instead and get more tax benefits. It takes 15 minutes to set up an LLC with IncFile (there's a link in my profile and they give you 1 year of registered agent service for free). I've used them personally before. I hope this helps!
I came here to learn how to file the IRS 1099 NEC copy electronically to the IRS. I'm glad to know I cannot mail the IRS downloadable pdf copy to the IRS. Instead, I need to either electronically file or mail multiple scanable forms. This is extremely confusing for the average citizen. From now forward, EVERYONE is being paid by credit card or electronically and never again will I use checks! Lesson learned the expensive way.
I'm very frustrated for sure
The catch for e-filing is that you need to apply for a IRIS Taxpayer Portal Control Code (TCC) in order to access the online portal used to submit 1099-NECs. This can take up to 45 days. Basically, if you are late or running late and don't already have a TCC, you are likely going to incur fees/penalties. You can potentially file an extension using Form 8809 IF you are late or anticipate being late. However, IRS can be quite strict with the deadlines. FYI - not a CPA here, just someone who has done quite a bit of reading on the subject. Feel free to correct me if I'm wrong. Cheers and good luck!
just an fyi for those that are thinking of requesting documents from the IRS website: it states it could be a 15-business day wait to receive those documents.
Great video very informative. Thank you for getting straight to the point.
Do you need to mail the Copy C/Copy 1 or Copy 2 to the State in addition to the 1096/Copy A 1099NEC to IRS?
Hello, Thank you for this info but i have a question about this A Copy (red color)
I purchased these 1099 NEC forms on line and the Copy A (red) came with 3 forms in each page. This red Copy A says DO NOT CUT OR SEPARATE FORMS IN THIS PAGE.. so what is this mean?
* I can only put one recipient in this page and leave the other 2 ones blank on this page? or...
* I can still put 3 DIFFERENT recipients in each page as long as i do not CUT OF SEPARATE this page ?.... or
* I can still cut this page and have 3 different recipients
I will appreciated if you respond
. Thank you
I hope you get an answer, as have the same questions! I guess we are all working on before the 31st 😊
I will put some questions/topics together. Appreciate your insight!
Thank You Lena! 🌹🌹🌹
Who is the 1099 written and sent out to if it's a partnership LLC using a DBA name and to what address
Great video 📹 Thank you
Can you please help me answer this question. Day futures traders with prop firms that give a 1099-NEC in America. Is the trader paying Medicare.SS 15.3% and ordinary income?
So basically i gotta pay
So how does this differ from a 1099-K or 1099-MISC?? Who files/does the 1099-NEC? The person who paid you? Does the person who paid you send you the 1099-NEC?
Please note the 1099 NEC must be filed with the IRS no later than January 31st
The March 1st and 31st date is for the 1099 MISC
Where do you file?😁
Does a business owner need to send/ File a 1099-NEC for an influencer who is gifted in exchange for digital marketing services?
When I e-file my 1096 do I just do federal and not state??
Thanks for watching! Comment below with questions/ topic suggestions.
Retirement plans
LLC for trading
Improving credit rating in current market
Have a question. Trying to understand it, i received (2)- 1099Nec from the same company - one using my EIN number and the other using my SS#. My question, since i am reporting my income for my Scorp, using the 1099Nec using my EIN , but i also want to report my 1099Nec using my SS# as income for my Scorp. Since i am deducting my expenses together. This way i dont have to separate my deductions on my personal tax return. Can i file together, or should i go ahead and keep them separate.
any help you may offer would be greatly appreciated. thank you.
Michael.
Do I need to send a 1099-NEC Copy B to the vendors/suppliers if I file 1099-NEC electronically?
I'm trying to verify the exact way to fill in the IRIS 1099 NEC template when you have an individual who has applied for an EIN. They put their name in box1, their "fictitious name in box 2, checked Individual then put EIN. Now on IRIS template in what fields do I put each to have printed correctly. Is the business type an I but then I provide an EIN...Which fields are filled out..business name or 1st name, last name and then business name on 1st address line. It shouldn't be this hard:( Thank you!
my wife works for company therefore they give her 1099nec. didnt explain that she had to pay her own taxes. she works 10 hour shifts its not her company. so why do tou have to do tax returns as if it was your own company
Hi! This is because she's not technically their "employee", otherwise they would issue her a W-2 instead. For tax and legal/ liability purposes she's considered a "contractor", which is why the IRS wants her to file her taxes as a self employed. She can technically form an LLC instead and get more tax benefits. It takes 15 minutes to set up an LLC with IncFile (there's a link in my profile and they give you 1 year of registered agent service for free). I've used them personally before. I hope this helps!