1099-miscellaneous-reportable-expenses-2-22 - 1099-MISCELLANEOUS WHAT IS AND IS NOT REPORTABLE Make sure that you have all of the information you need

1099-miscellaneous-reportable-expenses-2-22 -...

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1099-MISCELLANEOUS – WHAT IS AND IS NOT REPORTABLE Make sure that you have all of the information you need before you begin to enter the data. You must have: Check recipient’s legal name (the name by which their taxes are filed) Legal mailing address Tax identification number (SSN or EIN) Check number Check amount Date the check is written A brief description for what you wrote the check TIP: Obtain all of this data BEFORE you issue a check. If the merchant refuses to provide their TIN, name, or address, you and your agency may want to consider not doing business with that merchant. In the 1099TRP, you enter checks written to: Individuals, businesses, and corporations for any dollar amount for Services; Rents; Medical services; or Products plus the services together in which you pay more for the service than you do the product, the entire amount is reportable. There is a $600 threshold for reporting check data, but that threshold applies to DFAS as they are the final reporting agency for check data you input into the 1099TRP. Do not include the check fee in your reporting. This is not money the vendor is earning; this is money the bank earns from the government. What IS reportable in the 1099 Tax Reporting Program (Remember there are exceptions to the below. See the section on Not Reportable for more information) REPORTABLE: Examples of “Services” are

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