According to the IRS instructions, the filers must file 1099 MISC Form reporting all the miscellaneous income paid during the year within the due date. The key dates to file 1099 MISC Form are given below: Issue the Copy A of Form to the IRS within March 31st, 2021 if filed electronically. Mail the Copy A to the IRS by March 1st, 2021 for paper A few simple precautions can make a big difference when completing a 1099 or W-2: Don't enter 0 or "none" in any of the boxes (if a box doesn't apply to your business, leave it blank). Don't omit the decimal point and cents from entries. Don't add dollar signs to the money-amount boxes. Don't make entries that are too small or Copy A for the IRS Copy 1 for state tax agency (if the state requires income tax) Copy B for the recipient (payee) Copy 2 for the recipient, for their state income tax return Copy C for the payer (your small business) The due dates are different for payees and the IRS depending on the form. What are the Deadlines for Forms 1099-MISC and 1099-NEC? Pick the vendors that need to form 1099-MISC and press Continue. Verify the vendor information is correct. You can edit any incorrect information by double-clicking on the section that needs updating. Under the drop-down in the Apply payments to this 1099 box section, locate the account you want to link the payment to and hit Continue. Form 1099 MISC- Line by Line Instructions. Updated on March 08, 2021 - 10:30 am by TaxBandits. The Internal Revenue Service (IRS) expects every business owner to file Form 1099-MISC to report miscellaneous payments made to the independent contractors for their work.. For the tax year 2020, payers have to report non employee compensations on a new separate form, the 1099-NEC. In order to correct a Form 1099-MISC after filing, the first step you need to do is identify the type of the error whether Type 1 or Type 2: The Type 1 error includes the incorrect tax amount, name of the payee or code. The Type 2 error includes the missing or incorrect tax filer's identification number or an invalid contact address added. They must be postmarked by this date. February 28: If you're filing your taxes via mail, you need to make sure your 1099-MISC and your 1096 form are postmarked by this date. April 2: If you're filing electronically, you must submit your 1099s and 1096 by this date. The IRS suggests you use 12 pt. Courier type font for printing 1099-MISC forms. Mis-formatting employee name. Employee first name and middle initial goes in the first box, the employee surname goes in the second box, and any suffix (like "Jr.") goes in the third box. 6  IRS Penalties for Form 1099-MISC or 1099-NEC Errors However, any updates or corrections can be made in a printed copy and sent in by mail to the IRS. Order 1099-NEC IRS forms online at IRS Online Ordering for Information Returns and Employer Returns or over the phone at 800-829-3676. Fill out the 1099-NEC form and be sure to select the Corrected checkbox. Here's what you need: The 2022 forms: 2022 Form 1099-NEC - 2022 Form 1099-MISC. The legal name of the contractor (NEC) or non-employee worker (MISC). Their business name (if it's different from the contractor's name). The federal tax classification of the contractor, so you will know whether you need to issue a 1099-NEC, or a 1099-MISC. How do you set up the User Defined Field for Non-employee compensation on the 1099-MISC form