Looking for assistance as this is the first year I will be filing 1099 NECs for all of my contractors. I was curious to know who all I will need to provide one of these to.
Do I provide the following companies with a 1099 NEC?
Thanks for your time!
You'll need to sign in or create an account to connect with an expert.
it's a little more complicated. 1099-NEC would be issued to individuals but payments to non-individuals, when required, are reported on 1099-MISC.
to avoid possible penalties, you should obtain form w-9 from everyone or company you hire and certainly before you make the first payment. you are not required to confirm the accuracy of the w-9 info.
https://www.irs.gov/pub/irs-pdf/fw9.pdf
Some payments do not have to be reported on
Form 1099-MISC, although they may be taxable to the
recipient. Payments for which a Form 1099-MISC is not
required include all of the following. (
• Generally, payments to a corporation (including a limited
liability company (LLC) that is treated as a C or S
corporation).
• Payments for merchandise, telegrams, telephone, freight,
storage, and similar items.
since other types of payments may need to be reported see the instructions for 1099-MISC and 1099-NEC.
https://www.irs.gov/pub/irs-pdf/i1099msc.pdf
Do I provide the following companies with a 1099 NEC?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
garayitxaso
New Member
amirahm2021
New Member
focus123
Level 2
280a9ed2328d
New Member
Sunny-641
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.