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1099 Form Instructions for Practitioners Part 2 From 1099-A to 1099-SA: Filing Instructions for all 1099 Forms Your webinar will begin shortly.

Tanya Baber

Tax Edge

1099 Form Instructions for Practitioners Part 2 From 1099-A to 1099-SA: Filing Instructions for all 1099 Forms

Tanya Baber, EA, CTRS Tax Edge

Course Overview ● 1099 Overview ● Types of 1099 Forms

● More 1099 Forms ○ 1099-LTC, 1099-R

○ 1099-MISC, 1099-C, 1099-A

○ 1099-S, 1099-SA

○ 1099-INT, 1099-OID, 1099-K

○ 1099-Q, 1099-QA

○ 1099-PATR, 1099-DIV, 1099-B

● Form 1096

○ 1099-CAP, 1099-G, 1099-H

● Form 8809

Overview of 1099 Reporting

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

Information Reporting ● Commonly misunderstood ○ Requirements for reporting ○ New legislation and requirements ○ Always changing

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

Information Reporting ● This course is three parts ● Serve as a comprehensive guidebook ○ Part 1 - Rules and Requirements ○ Part 2 - Specific Forms, Rules, and Instructions ○ Part 3 - Compliance, Penalties, and additional reporting

Course Manual - www.TaxEdge365.com/Canopy

Types of 1099 Forms

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

Types of 1099 Forms

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

Types of 1099 Forms

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

Types of 1099 Forms

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

Types of 1099 Forms ● 1099-MISC Miscellaneous Income (catch all) ● 1099-C

Cancellation of Debt

● 1099-A

Acquisition or Abandonment of Secured Property

● 1099-INT

Interest

● 1099-OID

Original Issue Discount

● 1099-K

Merchant Card or Third Party Payments

● 1099-PATR Patronage Dividends from Co-op ● 1099-DIV

Dividends

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

Types of 1099 Forms ● 1099-B

Broker or Barter

● 1099-CAP Changes in Corporate Control & Capital Structure ● 1099-G

Certain Government Payments

● 1099-H

Health Coverage Tax Credit (HCTC) Advance Payments

● 1099-LTC

Long-Term Care and Accelerated Death Benefits

● 1099-R

Retirement Income

○ and 5498

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

Types of 1099 Forms ● 1099-S

Sale of Real Estate

● 1099-SA

H.S.A. or M.S.A

● 1099-Q

Qualified Education Program Payments

● 1099-QA

Payments from ABLE Accounts

● Form 1096 Summary and Transmittal Form ● Form 8809 Extension Request Form

Poll Question

1099-MISC

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-MISC

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-MISC ● Box 1 - Rents ● Box 2 - Royalties ● Box 3 - Prizes and awards ● Box 4 - Backup and other withholding ● Box 5 - Fishing boat income ● Box 6 - Medical and health care payments ● Box 7 - Nonemployee compensation

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-MISC ● Box 8 - Substitute payments in lieu of dividends/interest ● Box 9 - Direct sales more than $5,000 (checkbox) ● Box 10 - Crop insurance proceeds ● Box 13 - Excess golden parachute payments ● Box 14 - Gross proceeds paid to attorney of $600 or more ● Box 15a- Section 409A deferrals (not needed) ● Box 15b- Section 409A income ● Boxes 16-18 - State information reporting (as necessary)

Poll Question

1099-C & 1099-A

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-C

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-A

1099-INT & 1099-OID

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-INT

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-OID

Poll Question

1099-K

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-K

1099-PATR

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-PATR

1099-DIV

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-DIV

Poll Question

1099-B

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-B

1099-CAP

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-CAP

1099-G

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-G

Poll Question

1099-H

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-H

1099-LTC

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-LTC

1099-R

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-R

Poll Question

1099-S

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-S

1099-SA

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-SA

1099-Q

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-Q

Poll Question

1099-QA

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1099-QA

1096

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

1096

8809

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

8809

Poll Question

Summary

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

Summary ● In this course - part TWO of three ● We have covered ○ A VARIETY of 1099 forms ○ Purposes of the forms ○ Instructions for filling them out properly ○ Transmittal Form 1096 ○ Extension Form 8809

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

Summary ● In part THREE we cover compliance, penalties, and additional reporting ○ Properly correcting 1099 forms, W-9 forms ○ Backup withholding, ‘B’ Notices, and penalties (as well as remedies) ● If you missed it, in part ONE - we covered ○ Purpose of 1099 and legal requirements ○ How and where to file ○ Who gets a 1099 ○ Exceptions to the rule

1099 Form Instructions for Practitioners - Part 2 Tanya Baber, Tax Edge

Resources

Questions?

Additional Resources

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Consulting & Case Work by Tax Edge: http://taxedge365.com

INSTRUCTOR

Tanya Baber EA, CTRS Tax Edge Tanya has been an enrolled agent with the IRS since 2006 and received her bachelor’s degree in public accounting and business administration from Colorado Mesa University. Tanya practices as a public accountant from her hometown of Grand Junction, CO and also helps clients from the east coast to Hawaii and a few internationally. Since 1994, Tanya has guided clients in the areas of accounting and payroll, personal, business, and non-profit tax preparation, planning, consulting and representation, as well as solving their complex tax problems.

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Tanya Baber [email protected] | 855-726-EDGE

1099 Form Instructions for Practitioners Part 2

Box 8 - Substitute payments in lieu of dividends/interest. ○ Box 9 - Direct sales more than $5,000 (checkbox). ○ Box 10 - Crop insurance proceeds. ○ Box 13 - Excess golden parachute payments. ○ Box 14 - Gross proceeds paid to attorney of $600 or more. ○ Box 15a- Section 409A deferrals (not needed). ○ Box 15b- ...
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