Facts about the iFllable 1099 Misc 2015 PDF template
Contents
- 1 Facts about the iFllable 1099 Misc 2015 PDF template
- 2 Filling Out a fillable 1099 Misc form 2015 PDF Form
- 3 Why is the fillable 1099 Misc form 2015 PDF used for?
- 4 Who Would Use the fillable 1099 Misc form 2015 PDF?
- 5 When Should You Use the fillable 1099 Misc form 2015 PDF?
- 6 What are the Consequences for not Using a fillable 1099 Misc form 2015 PDF?
- 7 Steps for Filling Out a fillable 1099 Misc form 2015 PDF Form
- 8 Quick Questions
Filling Out a fillable 1099 Misc form 2015 PDF Form
The 1099-MISC form is used by the Internal Revenue Service (IRS). United States taxpayers fill out the form every year. It is used to report miscellaneous income to the government. The IRS must have documentation of income for that particular calendar year. This form is the only way taxpayers can notify the IRS of additional income for 2015. Failure to complete the form can have legal and financial consequences.Why is the fillable 1099 Misc form 2015 PDF used for?
TurboTax explains that the 1099-MISC form can be used to report "the total amount of payments you receive from a single person or entity during the year you've provided services to them." The 1099-MISC is used to report miscellaneous payments to non-employees throughout the calendar year of 2015. The form is filled out for each person that has made over $600 during the year. This income can include services, prizes, awards, or rent. A 1099-MISC will need to be filled out if you have accepted substitute payments over $10 in lieu of dividends. Any gross proceeds that have been paid to an attorney will need to be reported as well. This is an important form for keeping track of income in the calendar year.Who Would Use the fillable 1099 Misc form 2015 PDF?
The 1099-MISC form is generally used by independent contractors, such as a freelance writer. Employers also have to complete the 1099-MISC for the IRS. This is to show that they have paid the contractor for their services. It is recommended to send the 1099-MISC to the IRS even if you have not made over $600 in the year.When Should You Use the fillable 1099 Misc form 2015 PDF?
Any independent contractor needs to have the 1099-MISC for their taxes. It is very important to show your income to the IRS at the end of the year. Self-employed contractors need to have the 1099-MISC form completed by the payer. It allows the contractor to report income on the Schedule C attachment for their own tax return. Each payer should fill out the form and send it to the payee. Some companies might not send the independent contractor a MISC-1099 for work over $600. This is a violation of tax law. If a person has won any type of prize or gift, they have to receive a 1099-MISC form too. If you have received royalties or rent over the allotted amount, the 1099-MISC needs to be completed. The deadline to receive the form from a payer is January 31st. The payer has until the end of February to send it to the IRS.What are the Consequences for not Using a fillable 1099 Misc form 2015 PDF?
There are severe consequences for not filling out the 1099-MISC. If you underreport income to the IRS, you could face fines or legal action. The payer can also face similar legal action as well. If the payer does not send the 1099-MISC to the payee by January 31st, they can face a penalty from the IRS. All income from the payer must be reported to the IRS by the end of February. According to Intuit, "The penalty for missing the deadline ranges from $30 to $100 per form, with a maximum fine of $500,000 per year. If a company completely disregards the requirement to provide a correct statement, it could be hit with a penalty of $250 per form, with no maximum." Most payers will complete the form in time. It is important to keep track of all your income for the year. If you find out that a form did not arrive, you need to contact the payer immediately.Steps for Filling Out a fillable 1099 Misc form 2015 PDF Form
- Download the form from the IRS website.
- Fill out your Federal Tax ID number. This can be your Social Security number (SSN) or EIN.
- Add the contractor's SSN or EIN to the box.
- You will need to fill out the amount of money you have paid to the contractor. This is listed under "Non-employee compensation" in box 7
- If you have withheld any federal or state tax, you must indicate that in box 4 or 11
- The form must be completed by filling in all your contact information.
- Deliver the form to the contractor no later than January 31st.
Quick Questions
Any 1099-MISC is considered taxable income according to the IRS. If you have earned less than $600 as an independent contractor, you still need to report it on your taxes.
You can still report income without a 1099-MISC. You will need to add up your income and subtract expenses for your net profit. That amount can be reported on line 12 of your 1040 form. A self-employment tax form will need to be completed as well.
Everyone must pay those taxes. Since you are self-employed, those taxes are not deducted from your paycheck. That means you must calculate and pay them by yourself. The Schedule SE form provides step by step instructions on how to pay for those taxes.
