Retirement tax questions

You need to give a 1099NEC (previous a 1099Misc) 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.

 

Starting in 2020 they added a new 1099NEC form to replace the 1099Misc.  If you are using the Online Self Employed version or Desktop Home & Business program or Business program you can use Turbo Tax.

 

How to create W2s and 1099

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

 

or here is IRS 1099NEC

https://www.irs.gov/pub/irs-pdf/f1099nec_20.pdf

 

And instructions for 2021 (can't find 2020 instructions)

https://www.irs.gov/pub/irs-pdf/i1099mec.pdf

 

You will also need the 2020 1096 Transmittal

https://www.irs.gov/pub/irs-pdf/f1096.pdf