Monday, February 1, 2021 Is the Filing Deadline for Employers to:

1.    File Form W-2 and other wage statements

2.   Provide completed Form W-2s to their employees

3.   Provide completed 1099s to contractors

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Who Should You Provide a W-2 to?

Every employer engaged in a trade or business who pays remuneration, including noncash payments of $600 or more for the year (all amounts if any income, social security, or Medicare tax was withheld) for services performed by an employee must file a Form W-2 for each employee (even if the employee is related to the employer) from whom:

• Income, Social Security, or Medicare tax was withheld
• Income tax would have been withheld if the employee had claimed no more than one withholding allowance or had not claimed exemption from withholding on Form W-4, Employee's Withholding Allowance Certificate.

‍Who Should You Provide a 1099 to?

File Form 1099-MISC for each person to whom you have paid during the year:

• At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.
• At least $600 in:

 
1. Rents
 
2. Prizes and awards
 
3. Income payments
 
4. Medical and health care payments
 
5. Crop insurance proceeds
 
6. Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish
 
7. Cash paid from a notional principal contract to an individual, partnership, or estate
 
8. Payments to an attorney
 
9. Any fishing boat proceeds

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In addition, use Form 1099-MISC to report that you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.

1099 Note: Beginning with Tax Year 2020, you must use Form 1099-NEC, Nonemployee Compensation, to report payments of nonemployee compensation (NEC) previously reported inbox 7 on Form 1099-MISC. Do not order Form 1099-MISC for reporting NEC. The separate instructions for filers/issuers for Form1099-NEC are available in the 2020 Instructions for Forms 1099-MISC and1099-NEC.

Verify and Update Your Employees’ Information

Before you complete your W-2s and 1099s, verify and update employee and contractor information, such as:

• Names
• Addresses
• Social Security numbers
• Individual Taxpayer Identification Numbers
• And updated W-9 from contractors

Confirm that your account information is current and active with the Social Security Administration as soon as possible.

Order Paper Form W-2s now!

More information

• Form W-2 and W-3 instructions PDF
• Information Return Penalties
• Form 1099 instructions PDF