Gig Wage makes it quick and easy to file 1099 Forms for your contractors. You can file 1099 for contractors you pay through Gig Wage and contractors you pay outside of Gig Wage!!
There are many types of 1099 forms for reporting income and payments. We recommend that you consult with your tax advisor to figure out which 1099 you should file.
With Gig Wage, you have the option to file different types of 1099s:
Used for reporting non-employee compensation, or wages, starting in 2020. Prior to 2020, non-employee wages were reported in box 7 of 1099-MISC forms.
1099-NEC are used by businesses for reporting transactions and payments above $600 to other businesses or tax-paying individuals. Payments to corporations are generally not reported on a 1099-NEC
Used by a third-party settlement organization to report payment transactions. The organizations are usually making payments to merchants in a third-party network. The third-party party sending the payments is responsible for reporting on 1099-K forms.
Used when facilitating payments when they are specifically card payments, not ACH, and the individual worker exceeds 200 transactions in the year with the total of all transactions for that worker exceeding $20,000.
In 2022 the threshold will be reduced to $600 with no transaction threshold. This change affects 1099-K forms filed in 2023 for the tax year 2022.
Used for reporting other forms of payments made by a trade or business. Non-employee compensation used to be reported on the 1099-MISC, but now it is reported on the 1099-NEC.
The 1099-MISC could be used to report payments for, but not limited to, royalties, rent, prizes and awards, medical and health care payments, an attorney, and more.
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