In this video, we'll discuss how to use TurboTax to file a W-2 or 1099. To do this, you will need the home and business version of TurboTax. When you open TurboTax, instead of starting a new return, you'll select "prepare W-2s and 1099s for my employees or contractors." There are two options: you can either prepare online or use the desktop version. For this demonstration, we will choose the desktop version. As the software searches for tax files from last year, it can import any information from your previous tax return. You also have the option to browse for old TurboTax returns, H&R Block returns, or something from tax act. Once the software finds the necessary files, you can continue without importing. The TurboTax software then guides you through the process step by step to fill out the necessary forms for your employees. If you have actual employees, you would choose a W-2 form. If you paid contractors, you would fill out a 1099 form. Let's select a W-2 form for this example. Next, you'll need to fill in your company information, such as whether you are a sole proprietorship, LLC, or corporation. In this case, we'll pick an LLC. Enter your business information, including your EIN (Employee Identification Number), and proceed to answer the required information. If you have a state ID number, you can input that as well. Confirm that you want to prepare the forms, and the software will guide you through the rest of the process. If you need to prepare a 1099, you can do so on a separate tab. Enter all the necessary information for the person, including their social security number or tax identification number, full name, and if applicable, their business name. Fill in these details and continue clicking through the steps. Once you complete filling...
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1099 2024 Form: What You Should Know
See IRS 1099 Reporting Form above. 2016 Forms 1099 MISC — 2024 Form 3115 — Wage and Tax Statement for Independent Contractors — Self-Employed Individual (SELF-EC) The instructions for this form require the use of the “Report Payments” option in addition to the paper check box 2016 Form 1599 — U.S. Payroll Deductions — Employer (or an agent of an employer) The 2024 Form 1599-MISC may have an additional tax due and cannot be used to claim the alternative minimum tax exemption. It consists of three sections. 2016 Section 1: The employee's or independent contractor's W-2 or 1099-MISC For a single employee, the 1099-MISC is the “adjusted gross income” from all employment. 2016 Section 2: The employee's or independent contractor's self-employment tax In lieu of the W-2 or 1099-MISC, the employee or independent contractor must include the amount of self-employment tax that applies because of this employment. This amount is computed based on the employee's or independent contractor's total adjusted gross income. 2016 Section 3: The tax paid to the IRS If an employer withholds self-employment taxes and the employee or independent contractor fails to include the actual amount of the withholding in the “paid-in” column, the entire amount of the withheld self-employment tax is due with the employee's or independent contractor's return. It is important that this column be accurate. If a return was prepared correctly prior to July 18, 2010, then it will likely not be necessary to modify (add/edit) the self-employment tax column. However, please file a complete and correct return, and notify the IRS as soon as possible if a column has changed. 2016 Section 4: Other information required If a return is filed, the employee or independent contractor must complete and sign Form 1099-MISC. The return must include the following information. Statement of Earnings or Losses, Line 11 Self-Employment Tax (SE) Statement Line 2 If an employee is required to include self-employment income in the computation of gross pay, the following information is also required.
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Video instructions and help with filling out and completing 1099 form 2024
