How do employers fill out 1099R (1099-R Forms)

This tutorial can be used by businesses and tax professionals wanting to fill out 1099-R forms (Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.).

This tutorial assumes that you have either downloaded a FREE demo of 1099R Software called W2 Mate, or you’ve already purchased W2 Mate. If you have not installed W2 Mate yet, please do so by downloading a FREE trial from the link below:

1099 Software FREE Download

Now to the steps for filling out 1099R forms:

1. Open W2 Mate software (W2 Mate prints 1099-R and other 1099 tax forms).
2. Navigate to the “1099 / 1098 Recipients” page.
3. Click the new “New 1099 / 1098 Recipient” button. This will bring up the new recipient dialog. Please fill out all information. You will need to select “Form 1099-R” as the type of 1099 forms received.
4. Repeat step 3 for each recipient you want to add.
5. Click on the “1099 & 1098 Forms” icon from the left toolbar. This will take you to the 1099s screen.
6. Under “Form Type” click select and change the form to 1099-R.
7. Fill out the money amounts for each 1099-R recipient.
8. Click Save before you move between records.
9. Click the print button. This will bring up the print 1099-R forms dialog.
10. Select the recipients you want to print and type of copy. You can print all copies on white paper (no need for laser forms) except for copy A which you need to print on pre-printed forms.

That’s it!

To learn more about W2 Mate visit the 1099 software page or visit http://www.realtaxtools.com/

Can I print 1099 DIV copy B on plain paper?

I get this question a lot from many business owners. The quick answer is Yes, you can use 1099 DIV Software in order to print a number of form 1099-DIV copies on regular white paper. I suggest using software called W2 Mate (http://www.w2mate.com/) which is capable of doing just that.

Now to the long answer. If you take a look at "IRS Publication 1179 General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, W-2G, and 1042-S" you will see this paragraph:

"If you do not use the official IRS form to furnish statements to recipients, you must furnish an acceptable substitute statement. To be acceptable, your substitute statement must comply with the rules in this section. If you are furnishing a substitute form, see Regulations sections 1.6042-4, 1.6044-5, 1.6049-6, and 1.6050N-1 to determine how the following statements must be provided to recipients for most Forms 1099-DIV and 1099-INT, all Forms 1099-OID and 1099-PATR, and Form 1099-MISC or 1099-S for royalties. Generally, information returns may be furnished electronically with the consent of the recipient. See Section 4.5.1."

A substitute form recipient statement for Forms 1099-INT, 1099-DIV, 1099-OID, or 1099-PATR must comply with the following requirements:

• 1.Box captions and numbers that are applicable must be clearly identified, using the same wording and numbering as on the official form. Note. For Form 1099-INT, if box 3 is not on your substitute form, you may drop "not included in box 3" from the box 1 caption.
  



• 2. The form recipient statement (Copy B) must contain all applicable form recipient instructions provided on the front and back of the official IRS form. You may provide those instructions on a separate sheet of paper.
  



• 3. The form recipient statement must contain the following in bold and conspicuous type: This is important tax information and is being furnished to the Internal Revenue Service. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported.
  



• 4. The box caption "Federal income tax withheld" must be in boldface type on the form recipient statement.
  



• 5. The form recipient statement must contain the Office of Management and Budget (OMB) number as shown on the official IRS form. See Part 5.
  



• 6. The form recipient statement must contain the tax year (for example, 2011), form number (for example, Form 1099-INT), and form name (for example, Interest Income) of the official IRS Form 1099. This information must be displayed prominently together in one area of the statement. For example, the tax year, form number, and form name could be shown in the upper right part of the statement. Each copy must be appropriately labeled (such as Copy B, For Recipient). See Section 4.4 for applicable labels and arrangement of assembly of forms. Note. Do not include the words "Substitute for" or "In lieu of" on the form recipient statement.
  



• 7. Layout and format of the form is at the discretion of the filer. However, the IRS encourages the use of boxes so that the statement has the appearance of a form and can be easily distinguished from other non-tax statements.
  

What is form W9 (W-9)

I have seen a lot of questions recently about form W9, so I want to try to talk about this form in this post.

Q: What is form W9?
A:The internal revenue service (IRS) created Form W-9 to be used by an entity (company for example) to request the taxpayer identification number (TIN) of a U.S. person. Most often, Form W-9 is sent to self-employed persons such as independent contractors.Failure to provide a Form W-9 when requested may lead to backup withholding or withholding at the 30% rate typically applied to foreign persons.

Q: Where can I get a copy of form W-9
A: A PDF copy can be found on the IRS website: http://www.irs.gov/pub/irs-pdf/fw9.pdf

Q:Is the TIN different from my social security number?
A: For individuals, the TIN is generally a social security number (SSN). In some cases, individuals who become U.S resident aliens for tax purposes are not eligible to obtain a SSN and need to apply for an ITIN.

Good Luck,
Rob

Form 1099-HC Printing and Filing

Q: What is a 1099-HC Form?

A: The form 1099-HC is a new Massachusetts form that serves as proof of health insurance coverage for MA adult (18 years and older )residents.

Q:What fields are covered in a 1099-HC Form
A:

1 Name of insurance company or administrator
2 FID number of insurance co. or administrator
3 Corrected
4 Name of subscriber
5 Date of birth
6 Subscriber number
7 Street address
8 City/Town
9 State
10 Zip
11 Coverage effective date
12 Coverage through date
Name of dependent Date of birth Subscriber number Coverage effective date Coverage through date

Q:Do you have a sample 1099-HC Form?
A: Please check out this link:
http://www.mass.gov/Ador/docs/dor/health%20care/1099_hc.pdf

Q:I am an employer and need to provide form 1099 HC to my employees. How can I obtain blank copies of the Form MA 1099-HC?
A:The Form MA 1099-HC is available on the MA DOR website: http://www.mass.gov/Ador/docs/dor/health%20care/1099_hc.pdf

Q:Where can I find 1099 software and 1099 forms?
A:Please visit this website: http://www.w2mate.com/

Good Luck,
Rob

How to print and file 1099 forms?

How to print and file 1099 forms?

I received a number of questions about creating, printing and filing 1099 forms, the same question was asked in a number of ways, but the answer remains almost the same.

Below is a list of the questions I received:

Completing:
How to complete a 1099 form?
How to complete 1099 forms?
How do i complete 1099?

Printing:
How to print 1099 form or forms?
How to print 1099?
How do i print 1099 forms?
How do i print 1099 tax?

Preparing:
How to prepare a 1099 form?
How to prepare and file 1099 forms?
How to prepare form 1099?

Creating:
How to create 1099 forms?
How do i create a 1099 form?
How do i produce a 1099 form?

So, in this post we will try to show how you can use W2 Mate, a 1099 tax software, to complete, print and file 1099 forms.

You can click here: to download 1099 software and follow the instructions in this post.

• Start W2 Mate Software by clicking the icon on the desktop.
• Click on the “1099 Recipients” button the left Toolbar.
• Click on “New 1099 Recipient” to add a new 1099 Recipient. Please make sure to enter all the information and click OK. The new information will be saved automatically.
• Now click on the “1099 Forms” button on the left ToolBar.
• You can use this window to create and complete your 1099 forms. Each field inside the IRS 1099 form has a corresponding input box on this screen. Once you enter the info for a certain recipient, click on save.
• Now to print a 1099 form, click on the print button, where you will be presented with a number of options such as the type of copy to print and which forms to select.
• If you would like to file the IRS 1099 forms with the IRS then you need to go to the e-Filing menu and select the type of form you want to file.

For more information about filing 1099 forms, check out these resources:

Forms and Instructions on the IRS website
Tax forms in the United States:1099 series
W2 Mate Official Website
1099 Software Download

I hope you will find this post useful.
Rob

1099 Electronic File (e-File) Records

1099 Electronic File (e-File) Records

In this post I will talk about the records that exist inside an e-file submission generated by a 1099 software.

Transmitter “T” Record
This record identifies the entity transmitting the electronic file and contains information which is critical if it is necessary for IRS to contact the filer. The “T” Record is the first record on each file and is followed by a Payer “A” Record.

Payer “A” Record
This record identifies the person making payments such as a recipient of mortgage or student loan interest payments. The payer will be held responsible for the completeness, accuracy, and timely submission of electronic media files.

Payee “B” Record
This record contains the payment information from the information returns such as 1099-MISC.

End of Payer “C” Record
This record consists of the total number of payees and the totals of the payment amount fields filed for each payer and/or particular type of return.

End of Transmission “F” Record
This record is a summary of the number of payers in the entire file.

To download a 1099 software and see how an eFiling submission looks like, visit this page:http://www.realtaxtools.com/download.html

Good Luck!
Rob

1099 Software and E-Filing 1099 Forms

1099 Software and E-Filing 1099 Forms

In this post I will be talking about efiling 1099 forms using a 1099 tax software that supports this feature.

• Start by running the 1099 software program.
• Open the company that you want create the e-File submission for.
• From the menu click E-Filing and then select the type of 1099 form that you want to file, say for example 1099-MISC.
• Populate the following fields:

1. Transmitter Name Line 1
2. Transmitter Name Line 2
3. TIN.
4. TCC.
5. Company Name Line 1
6. Company Name Line 2
7. Company Address.
8. City
9. State
10. Zip Code.
11. Whether the file type is test or not.
12. Output file name
    

Click OK.

The 1099 e-Filing software will now generate a file that can be sent to the IRS. All electronic filing of information returns are received at the IRS via the the Filing Information Returns Electronically System (FIRE). To connect to the FIRE System, go to http://fire.irs.gov/. The system is designed to support the electronic filing of information returns only.
Good Luck!
Rob

Importing 1099 Forms Data to 1099 Software

Importing 1099 Forms Data to 1099 Software

In this post I will be talking about importing 1099 Data to 1099 software.

• Start the 1099 software by clicking the shortcut on the desktop.
• Click on “Import Data” from the menu.
• Select 1099-MISC Forms.
• Set the separator Options.
• Select the input CSV file to import from.
• Select Fields inside 1099 software
  Recipient's Identification number
  Recipient's Name (Line One)
  Recipient's Name (Line Two)
  Recipient's Address1
  Recipient's Address2
  Recipient's City
  Recipient's State
  Recipient's Zip Code
  Account Number
  Box 1 (Rents)
  Box 2 (Royalties)
  Box 3 (Other income)
  Box 4 (Federal income tax withheld)
  Box 5 (Fishing boat proceeds)
  Box 6 (Medical and health care payments)
  Box 7 (Nonemployee compensation)
  Box 8 (Substitute payments in lieu of dividends or interest)
  Box 9 (Payer made direct sales of $5000 or more...)
  Box 10 (Crop insurance proceeds)
  Box 13 (Excess golden parachute payments)
  Box 14 (Gross proceeds paid to an attorney)
  Box 15a (Section 409A deferrals)
  Box 15b (Section 409A income)
  Box 16 (State tax withheld) Line 1
  Box 17 (State/Payer's state no.) Line 1
  Box 18 (State income) Line 1
  Box 16 (State tax withheld) Line 2
  Box 17 (State/Payer's state no.) Line 2
  Box 18 (State income) Line 2
  2nd TIN not.
  
• Click on the import button.
• Review the information inside the 1099 Software
• Congratulations, the 1099 forms import is complete.
  

Rob

1099 Software and Printing 1099-DIV Forms

1099 Software and Printing 1099-DIV Forms

How to use 1099 Software to print 1099-DIV Forms?

Follow these steps inside your 1099 Software to print 1099-DIV Forms:

Start your 1099 Software: you could do that by clicking on the “W2 Mate” shortcut on your desktop.
Select Company-Open from the File Menu.
Click 1099 Recipients.
Make sure to enter the information for each 1099 Recipient.
Click on the 1099 Forms Tab.
Click on Select under “1099 Form Type” .
In the dialog that comes up make sure to select “Form 1099-DIV”
Populate the 1099 information for each Recipient.
Click Save.
Click on “Print” inside the 1099 software
In the dialog that comes up:

If you want to print a copy of 1099-DIV form then select the type of Copy, you have one of these options:

Copy 1 for State.
Copy B for recipient.
Copy 2 to be filed with recipient’s state income tax
Copy C for Payer

If you want to print data on a red-ink laser 1099 Form then select the second option.

In the coming post, we will talk about using 1099 tax software to create e-filing submissions for 1099-DIV forms.

Good Luck!

Rob

1099 Software, deadline for 1099-MISC forms.

What is the deadline for 1099-MISC forms?

One common question that I get is about the deadline for 1099-MISC forms. Before answering this question, let’s first talk briefly about form 1099-MISC:

File Form 1099-MISC for each person to whom you have paid during the year:

·Any fishing boat proceeds
·Gross proceeds to an attorney.
·At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest
·At least $600 in rents, services, prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate

Deadline for 1099 forms for tax year 2008:

·Copies B and 2 of 1099-MISC forms: Send these copies to the recipient by January 31, 2008. For a definition for a recipient, please see the introduction above.

·Copy A of 1099-MISC Form: Send this copy to the IRS by February 29, 2008. The due date is extended to March 31, 2008 if you file electronically.

·Copy 1 of 1099-MISC Form: Send this copy to the state tax revenue bureau of the recipient's home state by February 29, 2008 if the recipient's home state has a state income tax.


You can use a 1099 Software to print all these forms. One such great and reasonably priced software is W2 Mate. You can download a free 1099 Software demo here:

http://www.realtaxtools.com/download.html

Good Luck!

Rob

1099 Software Features

In this post I would like to talk about the main features of a good 1099 software.

• Print 1099 Forms on Blank Paper.
• Print 1099 data to Preprinted Laser Forms.
• Print to continuous forms.
• Import and export 1099 information (Recipient and other information).
• User authentication.
• Backup and restore data.
• Support for multiple filers.
• Automatic Software Updates.
• Automatically create and print 1096 forms.
  

I will discuss additional features of a serious 1099 software in future posts.


Rob

This is my new blog !

Well I will try to allocate 10 minutes daily for this blog to talk about anything related to 1099 forms including 1099 software, regulations, websites and so on.
I hope you will find the info posted here useful.