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2 Min Tax Take - How to fill out form 1099-MISC



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hey my name is Brett her I'm an

instructor for overnight accounting comm

and I want to welcome you to our

two-minute tax take in this two-minute

tax take we are going to teach you how

to complete your forms 1099

miscellaneous and we are going to try to

do it in two minutes or less

let me set my watch here I have a bet

with Brad that I can not do this in two

minutes or less

Brad by the way is our producer he's

always saying I have too long-winded in

my videos so I'm gonna prove him wrong

in this one so are you ready I got my

watch set now and here we go okay part

number one what do you need to complete

form 1099 miscellaneous well of course

you're gonna need your form 1099

miscellaneous as you can see here that

is copy a you're also gonna need copy B

copy a goes to the IRS copy B goes to

the recipient you can see here that this

copy a is white it is supposed to be red

so the copy you get from the IRS which

you have to give Narus or order in a

store you can't print them out you need

the red copy to send to the IRS copy B

can be pretty much anything it's using

your own white paper

you also need form 1099 I mean form 1096

that is a transmittal form it goes to

the IRS you send your copy of your ten

nine miscellaneous with the 1096 sent up

to the IRS okay how do you complete it

you're gonna have to complete your payor

information that's your information

right here name and address and that

information there you're gonna need your

payers yeah n number or your social

security number if you don't have it I'd

suggest you get an EIN number because

you don't want says curry number

floating around over to place recipients

information going to need their AI n

number or their social security number

very important you get that information

and their name and address goes here

you could have complete one or two other

boxes on this form you're gonna be a

complete box one rinse common most

common health promotion week will be a

box seven not employee compensation for

services $600 the more you pay during

the tax year okay form 1096 you've got

to complete the name and address

information up here you got to complete

this information here this is your

information by the way the person paying

the forms or sending the forms to the

recipie the person who paid the

recipients the money right here you're

going to need to put your social

security number here box two or box one

you're going to need to put your EIN

number you're also gonna need to let

them know the total

former senator a number of 1099 tonight

at miscellaneous that are going with the

forms also you need to report the total

map those report on all the forms to

nine nines miscellaneous whatever box

you're using and then also here you

check this box right here performed

tonight tell them it's a form 1099

miscellaneous at your Merrick male cop

to be the recipient male copy a and form

two nine six to the IRS make sure you do

that that's very important do not bend

those envelopes use a big envelope to do

it you still have any questions who

receipts form 1099 miscellaneous or

payments to require form ten nine miss

aways take our course born to nine on

basics rent and non employee

compensation thank you so much again I'm

Brett Hirsch and I did go over a little

bit but you may notice that in the end I

was doing a promo for our class so that

does account Brad