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January 23, 2024
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I am a small business owner and used some independent contractor's in 2023, so do I send them a 1099-NEC or a 1099-MISC?

  • January 23, 2024
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Best answer by VolvoGirl

You need to give a 1099NEC to anyone you paid $600 or more to for the year. But not to corporations or for merchandise. You send the IRS a copy of the 1099NEC with the transmittal summary form 1096. These are due to the person by Jan 31 and to the IRS by Jan 31 also.

 

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Forms-and-Associated-Taxes-for-Independent-Contractors


How to prepare 1099NEC & W2
https://ttlc.intuit.com/community/forms/help/how-do-i-create-w-2-and-1099-forms-in-turbotax/00/25869


To prepare W2 and 1099s you need either the online Premium version or the Desktop Home & Business program or the separate Desktop Turbo Tax Business program if you need to file a 1120 or 1065 Business return.

1 reply

VolvoGirl
VolvoGirlAnswer
Employee
January 23, 2024

You need to give a 1099NEC to anyone you paid $600 or more to for the year. But not to corporations or for merchandise. You send the IRS a copy of the 1099NEC with the transmittal summary form 1096. These are due to the person by Jan 31 and to the IRS by Jan 31 also.

 

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Forms-and-Associated-Taxes-for-Independent-Contractors


How to prepare 1099NEC & W2
https://ttlc.intuit.com/community/forms/help/how-do-i-create-w-2-and-1099-forms-in-turbotax/00/25869


To prepare W2 and 1099s you need either the online Premium version or the Desktop Home & Business program or the separate Desktop Turbo Tax Business program if you need to file a 1120 or 1065 Business return.