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1099’s-What to Look For

02/19/2021

There are generally 4 types of 1099’s that you may receive as a healthcare provider. By now, you have probably received quite a few. Here is what you need to look for when reviewing them:

1099-MISC

·         Look at the Recipient TIN field. Verify that this is your business tax ID. If it is your Social Security #, please send PBM a copy.

·         All income paid to you should be reported in Box 6-Medical and Health Care Payments. If boxes 1 – 5, or 7 – 15 contain information, please send PBM a copy.

1099-NEC

·         Look at the Recipient TIN field. Verify that this is your business tax ID. If it is your Social Security #, please send PBM a copy.

·         All income paid to you should be reported in Box 1-Nonemployee Compensation. If boxes 4 or 5 contain information, please send PBM a copy.

1099-INT

·         Look at the Recipient TIN field. Verify that this is your business tax ID. If it is your Social Security #, please send PBM a copy.

·         All income paid to you should be reported in Box 1-Interest Income. Please send PBM a copy of any 1099-INT forms that you receive.

1099-K

·         These are informational only 1099’s. You are issued these if you accept credit cards as payments. No action is required for these.

 

1099’s are reported to the IRS, and if these are not reported correctly on your tax return, it will trigger an automatic tax notice that requires a response. To avoid that, please review the 1099’s that you receive, and please retain copies for your records. Contact us if you have any questions.

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