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1096 Forms – What it is and How to Prepare it
1096 forms is a summary form that is compiled for form 1099, 1098 and 5048. A business needs to use a separate form for each type of form that you are summarizing and filing for. There is some basic information points that you need to mention on the 1096 tax forms. These include the contact information of the person or entity filing the tax, the taxpayer’s identification number, total amount of income shown across the type of form that you are summarizing and the taxes withheld in the same. The form is prepared and issued by companies or entities that hire contractors or freelancers who need to be issued the form 1099 MISC and by mortgage brokers that issue the form 1098 to homeowners that pay interest on mortgages. The form is also issued as a summary form for all gambling wins declared in form W2G.
How Can You Complete Form 1096
If you choose a pre-printed form, you will need to put your contact details in the top left corner of the 1096 form. The employer identification numbers is to be entered in Box 1 of the tax form and the Social Security number in Box 2. The total number of forms being reported via the summary form 1096 should be entered in Box 3. The total federal tax withheld should be printed in Box 4 and the total income in Box 5 of the 1096 tax form. You will need to tick off the specific form type that you are summarizing in this form in Box 6. Once this is done, you need to sign and date the form. Make sure to send this with the forms that you have summarized in the form 1096.
Where Can You Get 1096 Forms?
It is always better to use pre-printed forms to save time on printing the entire page. While a single page may not make that much of a difference, the total times does come to a lot when you are printing hundreds of tax return copies. Choose forms atPrintez.com and you can be sure to have the right specifications.