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How to Fill Out a 1099-MISC FormEnter your information in the 'payer' section.Fill in your tax ID number.As a business owner, enter the contractor's tax ID number which is found on their form W-9.Fill out the account number you have assigned to the independent contractor.More items...
As of the 2020 tax year, the IRS Form 1099-NEC is the independent contractor tax form used by businesses to report payments to a contract worker in the previous tax year. This tax form for independent contractors is filed with the IRS and is also provided to the contractor for reporting income.
9 Form InstructionsLine 1 Name.Line 2 Business name.Line 3 Federal tax classification.Line 4 Exemptions.Lines 5 & 6 Address, city, state, and ZIP code.Line 7 Account number(s)Part I Taxpayer Identification Number (TIN)Part II Certification.
Payers use Form 1099-MISC, Miscellaneous Information or Form 1099-NEC, Nonemployee Compensation to: Report payments made of at least $600 in the course of a trade or business to a person who's not an employee for services (Form 1099-NEC).
You should have the following on hand to fill out the 1099-MISC form:Payer's (that's you!) name, address, and phone number.Your TIN (Taxpayer Identification Number)Recipient's TIN.Recipient's name and address.Your account number, if applicable.Amount you paid the recipient in the tax year.