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M
marieochery
February 3, 2025
Question

I need to prepare and file 1099

  • February 3, 2025
  • 1 reply
  • 0 views
I paid contractors for work on a rental property, I need to send them 1099

    1 reply

    S
    SabrinaD2
    February 3, 2025

    You're right! If you paid a contractor more than $600 for work, you need to issue a Form 1099-NEC. Here are the key steps:

     

    • Ensure you have collected W-9 forms from your contractors. This form provides their Taxpayer Identification Number (TIN) and other necessary information.
    • Fill out the form with the contractor's details and the amount paid.
    • Issue the 1099-NEC to your contractors by January 31. Also, file the form with the IRS by the same date if filing electronically, or by February 28 if filing on paper.
    • If desired, you can use TurboTax to create the 1099-NECs.
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