1099-r Distribution Codes
1099-r Distribution Codes good afternoon everyone my name is Victoria with tax bandits and we are excited to have you here with us today I want to I want to welcome everyone to the webinar before we get, started I want to ensure everyone can see the, screen and hear me and if you cannot you will see a chat box where you can let me, know if you are having trouble hearing me or viewing my screen during the webinar if you can't hear or see me please, chat in so the holiday season has passed which means one thing tax time is here being overwhelmed might seem inevitable, the tax bandits is here to help you prepare and file your 1099 so you will be off. To a great start first accessible tax season so today we are an IRS authorized e-file provider what.
We love to talk about taxes and have years and years of experience helping organizations with their filing needs we are not tax advisers if you need assistance with preparing returns or any other specific, questions please consult a certified tax preparer or the IRS directly so let's begin today we will be, discussing the forms we support a tax bandit what is form 1099 miscellaneous who needs to file the form what information is required and, what the deadlines are and how to file, the webinar will be approximately 15 minutes and there will be kind at the end for questions we offer a wide variety of forms covering miscellaneous. Income real estate transactions interest income Corrections and more as you can see listed here whatever your 1099 filing these are. We have a solution so form 1099 miscellaneous is an information return that is filed with the IRS so the IRS. Can match vendor payments with the income they report on their tax returns essentially. It's telling the IRS what you paid contractors throughout the year and what contractors will, owe as well so do you need a file a 1099 let's did you pay at least $10 or more in gross, royalties file at 1099 did you pay 600 or more in rent or compensation file at 1099 our user rep sales rep and. Make direct sales at least 5,000 of consumer products file of 1099 what did it deadline mean to you that are on the screen as the employer your contractors 1099. Must be post dated by January 31st and you have to have. Your information ready to e-file by March 31st 2020 using tax bandits is a one-stop-shop once your information is reported in the form you are able to e-file, it directly with the IRS through tax bandits for the March 31st deadline so what information do you need when you're, filing your form 1099 first you'll need, to pay your details that's your information your name your EIN and your address next you'll, need the recipient details which is the name ìin or social security number and address so essentially who did you pay in the details related to that next you would need any federal and state details that.
Would need to be reported filing of tax bandits is simple if you haven't done so already. Create a free tax bandits account from there. You will enter in your details and information next.