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Form 1099-MISC for Hennepin Minnesota: What You Should Know
Is the 1099 payment report a copy of the Form W-2? Yes. The 1099 payment report contains income tax withholding for third party payment card providers. Why is there a third party payment card report included on all Forms and 1099s for the same transaction? The third party payment card report (TPC 2) is sent with W-2s and 1099s to the recipient's bank and to the tax processing company of the recipient's account. It shows the amount withheld and the amount paid by that company to the receiving third party payment card provider for the same transaction. How should I send the form 1099 payment report to the recipient? You should send the TPC 2 directly to the recipient's bank and to the tax processor on the receiving third party payment card provider account. Who gets to see the third party payment card report? You should not show the TPC 2 to the recipient. The recipients should get the report from the recipient's bank or the processing company. When should I send my 1099 payment report? Before you send any income tax withheld from your check. If you are using the mail, the recipient should get the income tax withholding form from the bank. You can find the contact information on the back of the statement. The report must be on record with the tax processor. If you are filing electronically, you can send your third party payment card report directly to your recipient, or you can send the report to the payment processing company of your receiving third party payment card provider. Check with the company you are using and if they accept electronic files. If they do, have them send you an electronic file. Make sure the recipient sends you a regular copy of their tax return. Are electronic files affected by third party payment card report? Yes. To send your form 1099 payment report to a third party payment card provider, you should: Check your email or your bank to see if anyone received the report from you. If you did not receive it, contact the payment processing company directly. If you did not receive it, submit a request through our portal to find out why. If you did receive it and are able to fill it out electronically, we will need to have an explanation from you for not using electronic files. Who gets to see the third party payment card report? You should not show the third party payment card report to the recipient.
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