1099 Criteria Checklist
1099 Criteria Checklist
General Items
- Keep records of all payments made throughout the year
- Review IRS guidelines for any updates on reporting requirements
- Prepare to issue 1099 forms by the end of January following the tax year
General Requirements
- Determine if the payment is made to an independent contractor or freelancer
- Check if the payment is $600 or more during the tax year
- Confirm that the recipient is not a corporation (unless it's for legal or medical services)
Types of Payments
- Include payments for services (not goods)
Exceptions to 1099 Reporting
- Do not report payments made to corporations, except for specific services
- Exclude payments for merchandise or materials
Recipient Information
- Obtain a W-9 form from the recipient
- Verify the Taxpayer Identification Number (TIN) provided on the W-9
Filing Requirements
- File Form 1099-NEC for non-employee compensation
- File Form 1099-MISC for other types of payments (rents, royalties, etc.)
- Submit the form to the IRS by January 31 for non-employee compensation
Generated from Panda Checklist
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