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Video instructions and help with filling out and completing 1099 MISC 2024 vs. Form 1099-div

Instructions and Help about 1099 MISC 2024 vs. Form 1099-div

Welcome to one more interesting episode from PeopleSoft Channel. My name is Sivak Hoya. Today, we will discuss 1099 forms, specifically the most popular forms generated by companies every year using the PeopleSoft system. These forms are the 1099 non-employee compensation forms as well as the 1099 miscellaneous forms. My agenda for today is to give you an idea of what these 1099 forms are, who should receive them, and most importantly, I will show you step by step how to generate these 1099 forms from the PeopleSoft system. Since now you know what's coming, let's not waste any more time and jump into it. But before I talk about 1099 forms, let's discuss something we are all aware of. If you are an employee of a company, I'm sure you would have received a W2 showing you how much money your company paid you as a salary. Your company also submits the same information to the IRS so that the government can track if you are paying taxes properly. But what about the money that your company paid to non-employees like external consultants, landlords, etc.? That's when the 1099 form comes into play. The concept is the same, the only difference is that your company issues 1099 forms to the non-employees. Just like W2s, the same 1099 information will be submitted to the IRS so that they can track if suppliers are paying their taxes properly. There are a lot of similarities. One of them is the deadline for companies to submit their W2 information as well as 1099 non-employee compensation and 1099 miscellaneous information to the IRS, which is the same date, January 31st. If you don't know, there are several types of 1099 forms. For example, if you received dividends from your stocks, you would have received...