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Form 1099 Questions

Nov 24, 2009

Q: I hired several independent contractors during 2009. Do I have to send 1099s to all of them next year? When are the 1099s due and where can I get the forms?

 

A: You must issue a Form 1099-MISC to any individual you paid $600 or more during the year.
In most circumstances, you don’t have to issue a 1099-MISC to a corporation. The 1099-MISC forms that you mail to contractors must be postmarked by Feb. 1, 2010 (since the standard deadline of Jan. 31 falls on a Sunday).

In addition you must send a copy of each 1099-MISC you issue to the IRS. And you need to complete Form 1096, Annual Summary and Transmittal of U.S. Information Returns. This form must accompany the 1099 copies that you send to the IRS. Form 1096 is due by March 1, 2010 (since the standard deadline of Feb. 28 falls on a Sunday).

You can get all of the forms you need by visiting your local IRS office or calling the IRS at 800-829-3676. For more information, visti www.irs.gov.