Everything You Need to Know to Complete Form 1099
How to E-file Your Own 1099 Forms
Having someone else file your 1099 forms can be a costly expense. Here’s how to e-file on your own.
- IRS Information Returns Intake System (IRIS) - A free, web-based platform for filing 1099s. You’ll need to apply for a Taxpayer Control Code (TCC), which can take up to 45 days — so apply early! Learn more.
- Accounting Software – Most programs (like QuickBooks) have built-in 1099 e-filing tools. Just make sure vendors are marked as 1099-eligible, W-9s are collected, and expenses are coded correctly.
- External Software – Tools like tax1099.com offer simple, low-cost e-filing. Be sure to gather W-9s so you have the info needed to file.
Information Required to File 1099 Forms
| 1. | Your Taxpayer Identification Number (TIN) – a social security number or EIN. |
| 2. | Your legal name as shown on your tax return. |
| 3. | Your current mailing address. |
| 4. | The recipient’s Taxpayer Identification Number (TIN) – a social security number or EIN. |
| 5. | The recipient’s legal name as shown on their tax return. |
| 6. | The recipient’s current mailing address. |
| 7. | The amount paid to the recipient in the calendar year and the type of payment made (so you can determine which form and which box the payment should be coded to.) |
Who gets a 1099 Tax Form?
In general, the IRS requires that 1099s forms be prepared for payments over $600 made in the course of your trade or business to entities other than corporations*. New in 2024, you must e-file these forms if you file more than 10 forms with the IRS.
| Form | Amount | Payment Types | Due Date to the IRS | Due Date to Recipient |
|---|---|---|---|---|
| 1099-NEC | $600 | Non-employee compensation, services | January 31 (Unless the 31st falls on a holiday or weekend) |
January 31 |
| 1099-MISC | $600 | Rent, royalties and other payments | March 31 | January 31 |
| 1099-INT | $10 | Interest | March 31 | January 31 |
| 1099-DIV | $10 | Dividends | March 31 | January 31 |
* There are exceptions to these general guidelines. Please see the IRS instructions for more details.
* Most forms are due to the recipient by January 31 (unless the 31st falls on a holiday or weekend).
How does a 1099 differ from a W-2?
If the individual is considered an employee, you are required to withhold payroll tax. However, if the person performing the services is an independent contractor, you do not need to withhold payroll tax.
When it comes to year-end planning forms, your employees receive Form W-2, while your independent contractors receive Form 1099-NEC.