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I was sent a 1099 form, what do I do with it?

I was sent a 1099 form, what do I do with it?

If you earned $600 or more in non-employee compensation in a given year, you should receive a 1099-NEC form no later than January 31st of the following year. This form is a record of the non-employee compensation (NEC) that you received from a business or individual that contracted your services.

If that business or individual is using Found, you may receive that 1099 as a PDF generated from Found. This gives you all of the information you need to report this income on your taxes.

How do I file my 1099-NEC?

Found doesn’t file taxes, but it does provide you with the information and resources necessary to make tax preparation easy. If you’ve received one or more 1099s, you have a few options for how to file those with your taxes.

  • Give them to your accountant. If you’re working with an accountant, they’ll need any 1099s that you’ve received to ensure that they’re correctly appended to your tax return. You can give the PDFs you’ve received from Found directly to them as part of your tax paperwork.

  • Print and mail them. You’ll need special paper to hand write your 1099s on, which you can get directly from the IRS or at most office supply stores. There are many online services that will print and mail your 1099s using this paper as well. Do not print your PDF and mail it to the IRS!

  • E-file them. Most e-filing services allow you to enter your 1099 forms individually as part of the filing process.

What if my 1099 is incorrect?

If your 1099 is missing payments or has incorrect information on it, reach out to the individual who sent it as soon as possible. They can update any payments or other information in Found and create a new, corrected 1099 for you.

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. 

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