How do I issue a 1099 form to a business entity I paid consulting fees to? (greater than $600 paid out)

 

You can file Form 1099-NEC either electronically or by mail. E-filing is required if you have 10 or more subcontractors. The deadline for filing the form was January 31.

 

To prepare the form, you need the following information about the subcontractor:

 

• Social Security number or employer identification number
• Legal name
• Mailing address
• Amount your business paid them during the year

You can e-file your forms using Quick Employer Forms, but there may be additional fees. Another option is to e-file through the IRS website portal. Here is a link.

You can prepare the Form 1099-NEC in TurboTax Home & Business, but you can't e-file. Here are the steps to print and mail your forms to the IRS:

 

1. Go to "File" on your menu bar and select "Create 1099/W-2."
2. Select "Create forms on Desktop."
3. You should see the forms you have already created.
4. Prepare a Form 1096 to attach to your Form 1099s. Form 1096 is a summary that totals all your Form 1099s.
5. Print Form 1096 and Form 1099-NEC on special scannable pink forms, which you can purchase or order from the IRS.
6. IRS mailing addresses for your forms. They can vary.

 

 

You need to give a 1099NEC to anyone you paid $600 or more to for the year. But not to corporations or for merchandise. You send the IRS a copy of the 1099Misc with the transmittal summary form 1096. These are due to the person by Jan 31 and to the IRS by Jan 31 also.

 

You can prepare W2 and 1099NEC & 1099MISC in either the Desktop Home & Business program or the Online Premium version using the QEF Quick Employer Forms.

How to prepare 1099 & W2
https://ttlc.intuit.com/community/forms/help/how-do-i-create-w-2-and-1099-forms-in-turbotax/00/25869