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IRS 1099-MISC 2023 Fayetteville North Carolina: What You Should Know
If you are filing in an area other than NY, you will have to report backup withholding on forms other than Form 1099 or Form W-2G depending on where you file form 1099 or Form W-2G. Backup withholding is only paid on the forms required to be reported on Form 1099 or Form W-2G. This means you will report backup withholding on Form 1091, United States Individual Income Tax Return, and Form W-9 or Form W-10 where the required information is included. For Form W-2C-A, Employer's Form W-2C, you will report backup withholding on either Form 1099 or Form 1095. You do not need to report backup withholding on Form 1092, Business Entity U.S. Individual Income Tax Return. You must report backup withholding on the following forms: 1095-A 1095-B For a company you must report backup withholding on both Form 1099 and Form 1095. You do not have to report backup withholding on Form 1092, Business Entity or Corporation U.S. Individual Income Tax Return or Form 1099-MISC. General Instructions for Certain Information Returns with Excess Amounting to 5% of Amount for Certain Items and Reporting Backups for the Same Items. If you back up a payment of 400.00 or more, you must file a report of backup withholding with the IRS before processing the Form 1099. This backup withholding reporting must occur on Form 1096. However, you do have to list yourself as the “covered person” on the Form 1099 form, not as the taxpayer. You must report back payments that exceed 400.00 before processing Form 1099. You will only have to report back the excess amounting to 5% of the amount over 400.00 on one Form 1096 and up to 400.00 on each subsequent Form 1096. The backup withholding reporting is mandatory when you have excess amounts due on certain items: General Instructions for Certain Information Returns (2022) — IRS You will only have to report backup withholding from Forms 1095-B, 1095-C, 1095-D, 1096, 1098, 1099, W-2G (or 1099-MISC), or Form W-2C-A.
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