I cannot find form 1099-K in Turbo Tax. I read where it states if you want to prepare a 1099 for a someone who sub-contracted for you, you must use form 1099-K if you paid them via a third party payment such as Paypal, etc.
But, when I enter the information into the Turbo Tax system it does not bring up Form 1099-K although it has a reference that says something like, "You must use Form 1099-K if payment was paid via PayPal, etc." But, it does not bring up the Form 1099-K. I only see Forms 1099-NEC and 1099-MIS.
Any assistance you can provide is greatly appreciated.
The third-party payment processor is responsible for filing a Form 1099-K. If you paid a non-employee contractor more than $600 during 2021 you will need to fie a From 1099-NEC for them. Your method of payment does not matter for the type of form you file.
Per the IRS:
Who needs to file Form 1099-NEC? Any business that makes nonemployee compensation payments totaling $600 or more to at least one payee or withholds federal income tax from a nonemployee's payment, will now use this revamped form to report those payments and withholding.
The third-party payment processor is responsible for filing a Form 1099-K. If you paid a non-employee contractor more than $600 during 2021 you will need to fie a From 1099-NEC for them. Your method of payment does not matter for the type of form you file.
Per the IRS:
Who needs to file Form 1099-NEC? Any business that makes nonemployee compensation payments totaling $600 or more to at least one payee or withholds federal income tax from a nonemployee's payment, will now use this revamped form to report those payments and withholding.