Checklist for Processing 1099’s and W2’s

End of Year Payroll Tax Forms: W2, 1099

Some of the most important payroll tax forms — W2 and 1099 forms — must be mailed out to your employees and contractors shortly after the calendar year ends. Any contractors who were paid more than $600 will need a 1099 form. Your employees will need a detailed breakdown of the amount they were paid during the calendar year and will need a W2 form. Below we have created a useful checklist to help you get organized and process these forms!

W2 Checklist

• Confirm amount of W2 to send, including gross compensation for the calendar year and tax amount
• Confirm legal name, address, and Tax ID for each employee
• Decide whether you’ll be filing via paper or electronically
• Confirm the total amount of all the W2 forms on your W3 Form
• Process and file Copy A of W2s and the W3 to SSA by January 31st
• Send Copy B,2 & C W2s to employees by January 31st
• Save Copy D internally for records 

1099 Checklist

• Confirm amounts paid to vendors within calendar year
• If vendors received $600 or more, they will need a 1099
• Confirm number of 1099s to mail
• Compile W9s vendor information (Name, Address, Tax ID)
• Decide whether you’ll be filing via paper or electronically
• Confirm the total amount of all 1099 forms on your 1096 form
• Process and file Copy A 1099s/1096 with IRS by January 31st
• Send Copy B 1099s to vendors by January 31st
• Save Copy C internally for records 

For more information on what type of 1099 form you need, read more at: https://www.irs.gov/instructions/i1099msc

NEXTSTEPS | 1.14.21

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