(USA) What is a 1099-MISC form?

Note: Symphonic is not a legal or tax authority. We do not give legal or tax advice. Symphonic simply reports and provides information as per what we've been instructed to. Please consult a tax professional or legal authority for advice and direction.
The IRS requires any person or company who makes certain types of payments to report them on a 1099-MISC to the recipient and the IRS. Form 1099-MISC is intended to report the income of taxpayers who are not employees, such as independent contractors, freelancers, sole-proprietors, and self-employed individuals. The form is also used to report non-employee compensation such as rents, prizes, awards, healthcare payments, and payments to an attorney.

When would I receive a 1099-MISC form?

1099-MISC tax forms are sent to U.S. based entities no later than January 31st following the end of each calendar year. If you did not receive any payment from us within a calendar year, you will not receive a 1099-MISC form. Please be sure to keep your mailing address up to date in your Symphonic profile to avoid any delays in receiving your tax forms.

Do I ever need to update the tax forms?

W-9 tax forms will remain valid unless there is a change of circumstance, address, or payee. It is your responsibility to advise us of these changes and further, to ensure your information is correct.

Do you keep copies of 1099-MISC forms from previous years?


We will retain copies of 1099-MISC forms that we send out for a period of one year in the event that you lose and/or that the form is sent to an incorrect location.

My 1099-MISC is incorrect! What do I do?

If you have received a 1099-MISC and the dollar amount is incorrect or the name, EIN, or Social Security is incorrect, please let us know and we can file a correction. This may happen from time to time and is not a difficult process to correct thus, no worries if it occurs.

Was this article helpful?
0 out of 0 found this helpful
Have more questions? Submit a request

Comments

0 comments

Please sign in to leave a comment.