Note: Symphonic is not a legal or tax authority. We do not give legal or tax advice. Symphonic simply reports and provides information as we've been instructed to. Please consult a tax professional or legal authority for advice and direction.
The IRS requires any person or company to report "at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest" on a 1099-MISC to the recipient and the IRS.
Please note: Corporations and Payees will not receive 1099s.
For more information about Form 1099-MISC, please check out this article from the IRS.
When would I receive a 1099-MISC form?
If you are the account owner, the 1099-MISC tax forms will be available in your Symphonic account under Account Badge ► Year-End Tax Forms to US-based individuals or entities no later than January 31, following the end of each calendar year. If you earned less than $10 in royalties within a calendar year, you will not receive a 1099-MISC form. Please be sure to keep your email address up to date in your Symphonic Payment & Tax Details to avoid any delays in receiving your tax forms.
Please note: The calendar months of January - December correspond to the months of October - September shown in your Symphonic account. For example, the required timeframe to calculate your earnings for the year ended Dec 31, 2024, would be October 1, 2023, through September 30, 2024.
Do I ever need to update the tax forms?
W-9 tax forms will remain valid unless there is a change of circumstance or address. It is your responsibility to advise us of these changes and to ensure your information is correct. You can make updates via the Symphonic portal; however, updates can only be submitted by the account owner and may be subject to review.
Do you keep copies of 1099-MISC forms from previous years?
If you need a digital copy of any previously issued 1099, please contact us using the email address associated with your Symphonic account and let us know what year(s) you need.
My 1099-MISC is incorrect! What do I do?
If you have received a 1099-MISC and believe the dollar amount, name, EIN, or Social Security is incorrect, please contact us immediately so that we can process a correction as needed.
Will you send 1099-MISC forms to my SplitShare payees?
No. You are responsible for gathering W9 forms and sending out 1099-MISC forms to your SplitShare payees. SplitShare payees are clients of accounts distributed by Symphonic, ie, you.
How Do I Reclaim My Backup Withholding?
If you are a US client and have had tax withheld and have since provided an updated W-9, it is possible to reclaim backup withholding as a tax credit when filing your income tax return. Symphonic cannot reclaim the funds on your behalf or re-deposit them back into your account. Please reach out to your tax adviser for more information.
Comments
Article is closed for comments.