Do I need to file both W-2 & 1099-MISC Forms?
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Last modified 1/12/2021 1:25:49 AM EST |
Added by 123PayStubs Team
It totally depends on the types of people you’ve employed.
If you have one or more full-time employees and you’re paying them wages regularly and withheld taxes from their paychecks, you must file Form W-2 for them. The deadline to file Form W-2 and send employee copies is January 31st. If the deadline falls on a weekend or holiday, you can file Form W-2 and send copies by the next business day.
Also, if you have independent contractors working for you and you have paid more than $600 as wages, you have to file Form 1099 for them. In this case, if you have paid the nonemployee compensation to them, you have to file Form 1099-NEC (introduced from the 2020 tax year). However, if you have paid any miscellaneous payments, you have to file Form 1099-MISC for them. Note that if you have made both nonemployee compensation and miscellaneous payments, you’ll have to file both Form 1099-NEC and 1099-MISC. Also, you should send copies of these forms to your recipients.
Now, if you have both regular employees and independent contractors working for you, you’ll have to file Form W-2 and 1099-MISC.
And, you can file Form W-2, Form 1099-MISC, and Form 1099-NEC through 123PayStubs.