Question

Issuing Form 1099 Misc

Forum|Forum|3 years ago
January 9, 2023
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Hi Everyone,

I had a couple of questions about issuing Form 1099-Misc. I am just getting starting on working on the tax returns and it will be my first year where I will be issuing Form 1099-Misc. I had couple of questions and would appreciate any assistance on this please:

1) Do I need to pay before I can issue Form 1099-Misc. For example, I am currently under Self Employed Product and under Tax Home> Your Account>There is an option for Create W-2s and 1099s. I went ahead and created 1 1099 and it was letting me E-file. Can I do this even before paying for the product?

2) Since its my first year, I was told that if I need to electronically send a copy of 1099 to the IRS, I need to upload those via FIRE (Filing Information Returns Electronically). If I send this electronically via TurboTax, do I still need to do this step?

I would really appreciate any assistance on this please.

Thank you!

Critter-3

1) Do I need to pay before I can issue Form 1099-Misc. For example, I am currently under Self Employed Product and under Tax Home> Your Account>There is an option for Create W-2s and 1099s. I went ahead and created 1 1099 and it was letting me E-file. Can I do this even before paying for the product? Yes ... that has been the rule in the past.

2) Since its my first year, I was told that if I need to electronically send a copy of 1099 to the IRS, I need to upload those via FIRE (Filing Information Returns Electronically). If I send this electronically via TurboTax, do I still need to do this step? NO ... when you efile thru the QEF tool you do not need to do anything else with the feds. You do need to print and mail the 1099 forms to the contractors AND download/save a PDF file for your records that you are responsible for keeping for 7 years.