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Generating the 1099-MISC and 1099-K

Last Updated:
December 29, 2017

In order to fill out and file the 1099, there are several key pieces of information you need to gather. The two main buckets are:

  1. Identification information about the recipient (taxpayer identification number)
  2. Information on the payments

The W-9 and Taxpayer Identification Information

Before a business begins working with and paying a contractor or vendor, the business should have them fill out a W-9 form. This magical form holds the key to all the information about the recipient that will be required when filling out their 1099. In the case that there are any errors on the 1099 form filed for that recipient, the IRS will want to know if the business collected a W-9. If the business has not collected a W-9, it could face fines and penalties.

W-9s are only for the business’ records and do not need to be sent to the IRS. Here’s the information collected from a W-9 form that in turn will be plugged into a 1099:

  • Legal name (or official name of the LLC or business)
  • Address
  • Taxpayer Identification Number, Social Security Number, or Employer Identification Number
  • Business entity (S-corporation, C-corporation, LLC, etc)

Any backup withholding information (a very small number of taxpayers are required to notify companies they work with to conduct automatic withholding of a percentage [28%] of their paycheck for taxes)

Plugging Information into the 1099 Form

Paper filing

To fill out 1099-MISC forms by hand, the forms can’t simply be printed and filled in. Approved forms need to be ordered from the IRS or bought at an office supply store. For a box-by-box guide to filling out the 1099-MISC by hand, this is a guide we think is helpful.

Electronic filing

For electronic filing (which the IRS recommends and is required if you’re filing over 250 1099s), filers must adhere to IRS’ Publication 1220 instructions for formatting files correctly. With electronic filing the information also can’t be simply plugged into boxes. The IRS’ FIRE system requires a special file format for electronic filing. 

Payable helps handle the translating of recipient tax identification information and payments information into the correct electronic file format for the IRS.

1099-MISC Box-by-Box Guide

Top Identification Information

1099-MISC box-by-box

Box-by-Box Reporting

1099 misc box by box

1099-K Box-by-Box Guide

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