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1099-NEC Do I have to file one and who for

Forum|Forum|3 years ago
January 19, 2023
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I have a small retail company. We have services done by a cleaning company. We also have one of the buildings on our property that we rent out and use a Property Management company to take care of all aspects of the rental.

My question is do we have to file a 1099-NEC for the cleaning company of our retail space and one for the management. There is a lot of confusing information on the internet that contradicts each other on this.

Any help would be apreciated.

TurboTax Business Windows

Best answer by JohnB5677

These are the guidelines for issuing a 1099-NEC.

If the business you paid is a C corporation or S Corporation, then a 1099-NEC is not needed.
Anyone else that you paid a combined total of $600 in one year for services must be issued a 1099-NEC.
Payments for products and materials should not be included in the computation of the payments.

In TurboTax Self-Employed and TurboTax Self-Employed Live

Sign into TurboTax.
Select Tax Home from the left menu (you might already be there)
Scroll down and select Your account.
Select Create W-2s and 1099s.
This will log you into Quick Employer Forms.
Follow the instructions to create your forms online.

JohnB5677Answer

These are the guidelines for issuing a 1099-NEC.

If the business you paid is a C corporation or S Corporation, then a 1099-NEC is not needed.
Anyone else that you paid a combined total of $600 in one year for services must be issued a 1099-NEC.
Payments for products and materials should not be included in the computation of the payments.

In TurboTax Self-Employed and TurboTax Self-Employed Live