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Form 1099 Processing

You must provide a 1099 form at the end of the year to any consultant that was paid above a specified amount (as legislated). The 1099 form displays the amount paid by your enterprise to the consultant.

The Internal Revenue Service requires submission of both the 1099-MISC and 1099-NEC forms.

Form 1099-NEC

Form 1099-NEC (Nonemployee Compensation) captures any payments to non-employee service providers, such as independent contractors, freelancers, vendors, consultants, and other self-employed individuals, commonly referred to as 1099 workers.

According to the IRS, a combination of these four conditions distinguishes a reportable payment:

  • It was made to someone who is not your employee.
  • It was made for services in the course of your trade or business.
  • It was made to an individual, partnership, estate, or, in some cases, a corporation.
  • Payments were $600 or more for the calendar year.

The following are critical guidelines for reporting with Form 1099-NEC:

  • Do verify that the recipient's taxpayer ID is correct. You must have Form W-9 from each recipient with the current taxpayer ID before you complete Form 1099-NEC.
  • Do not use Form 1099-NEC to report personal payments.
  • Do not use Form 1099-NEC to report employee wages; use Form W-2 instead.
  • Do not report gross proceeds to an attorney (not fees) on Form 1099-NEC; use Form 1099-MISC instead.
  • Do not use Form 1099-NEC to report payments of rent to real estate agents or property managers; use Form 1099-MISC instead.
Attention: For instructions and developments related to Form 1099-NEC, refer to https://www.irs.gov/forms-pubs/about-form-1099-nec.

Form 1099-MISC

Form 1099-MISC (Miscellaneous Information) is used to report other types of compensation or miscellaneous income, such as rents, royalties, and medical and healthcare payments.

File Form 1099-MISC, Miscellaneous Information, for each person in the course of your business to whom you have paid the following during the year:

  • At least $10 in royalties (see the instructions for box 2) or broker payments in lieu of dividends or tax-exempt interest (see the instructions for box 8).
  • At least $600 in:
    • Rents (box 1);
    • Prizes and awards (box 3);
    • Other income payments (box 3);
    • Generally, the cash paid from a notional principal contract to an individual, partnership, or estate (box 3);
    • Any fishing boat proceeds (box 5);
    • Medical and health care payments (box 6);
    • Crop insurance proceeds (box 9);
    • Payments to an attorney (box 10);
    • Fish purchased for resale (box 11);
    • Section 409A deferrals (box 12); or
    • Nonqualified deferred compensation (box 14).

The following are critical guidelines for reporting with Form 1099-MISC:

  • Do report gross proceeds to an attorney (not fees) on Form 1099-MISC.
  • Do complete a 1099-MISC if you made royalty payments of at least $10 during the year.
  • Do use Form 1099-MISC for miscellaneous income, such as rents, royalties, and medical and health care payments.
  • Do not use Form 1099-MISC to report personal payments.
  • Do not use Form 1099-MISC to report employee wages; use Form W-2 instead.
Attention: For instructions and developments related to Form 1099-MISC, refer to https://www.irs.gov/forms-pubs/about-form-1099-misc.

Vantagepoint

Through Vantagepoint, you can calculate 1099 data and print 1099s on forms that fit your computer printer.

You distribute the five copies of this form as follows:

  • Copy A to the Internal Revenue Service Center
  • Copy B to the recipient
  • Copy C to the payer for the payer’s records
  • Copy 1 to the state tax department
  • Copy 2 to the recipient for the recipient’s state taxes

Use the Firm List report to obtain a list of 1099 vendors and the amount that you paid to each one during the year.

Add the following items to the Firm List report:

  • On the Columns tab of the Firm List Options dialog box, add the 1099 Req and Paid Last Year columns to the report.
  • On the Sorting/Grouping tab of the Firm List Options form, select 1099 Required to sort/group the report.

The report provides paid-last-year totals for vendors, whether or not they require 1099s. This report does not compare the minimum payment required for 1099s with the actual payment that you made to vendors to distinguish which vendors will have 1099s generated for them in Form 1099 Processing.