Filling Out the 1099-NEC Form Guide

Filling Out the 1099-NEC Form Guide

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A 1099-NEC form is a new form introduced by the IRS in 2020, specifically for reporting non-employment compensation. While the form can be filed electronically, some businesses and individuals may choose to file a paper version of the form. Here is a review of the printable 1099-NEC form and a guide on correctly filling it out.

Getting the form: The printable version of the 1099-NEC form can be obtained from the IRS website. You can download the form in PDF format, print it out, and then fill it in by hand. It's important to note that the printable version of the form is only for informational purposes and cannot be filed with the IRS.

Filling out the form

The 1099-NEC form is divided into several sections, each requiring different information.

  • First, you'll need to provide your business's name, TIN, and the recipient's name, address, and TIN.
  • Next, you'll need to enter the amount of non-employment compensation paid to the recipient in Box 1.
  • Other sections of the form include boxes for backup withholding, if applicable.
  • Finally, you'll need to sign and date the form and enter the preparer's information, if applicable.

Advantages of the paper version

Filing a paper version of the 1099-NEC form can have some benefits. For example, it can be a good option for businesses and individuals who are not comfortable with electronic filing or who prefer to keep hard copies of their records. Additionally, reviewing and double-checking information can be easier when the form is filled out by hand.

Difficulties

However, filing a paper version of the form also has its challenges. The paper version must be mailed to the recipient and the IRS by January 31st, meaning businesses and individuals need to allow extra time for mailing. Paper forms are more likely to be lost or delayed, which can cause problems if the forms are not received by the deadline.

For example, if a business paid $10,000 in non-employment compensation to an individual, it must file a 1099-NEC form with the IRS and provide a copy to the individual by January 31st. If the business files a paper version, it will need to print out the form, fill it out by hand, and mail it to the recipient and the IRS by the deadline.

In conclusion, the printable 1099-NEC form can be a good option for businesses and individuals who prefer to file a paper version of the form. However, it's important to be aware of the advantages and difficulties of filing a paper version, and to allow extra time for mailing and review. Always double-check the information you enter to ensure accuracy and avoid errors.