The 1099 form is often confusing for voice actors filing their taxes for the first time. Here is some 1099 101…
If you earn more than $600 from a client and they didn’t take any taxes out when you got paid (withholding), you should receive a 1099 form from them. Until this year you got a 1099-MISC form. Now you get the new 1099-NEC (Non Employee Compensation) form. The 1099-MISC form is now used to report miscellaneous payments of $600 or more to individuals for:
Prizes and awards
Other income payments (excluding self-employment activities)
Medical and health care payments
Crop insurance proceeds
Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish
Payments to an attorney
Any fishing boat proceeds
But wait, there’s more! Here are some other 1099 forms you may receive:
1099-DIV: for stock dividends (capital gains)
1099-G: for Unemployment Income and state & local refunds. I believe this includes Pandemic Unemployment Assistance (PUA) payments as well.
1099-INT: for bank interest earned (including bonds)
1099-R: for pension and annuity distribution
1099-SA: for your HSA, MSA, and MA
TIP OF THE WEEK
No matter how much or how little money a client has paid you, you must declare ALL income. Of course this includes all 1099 and W2 income. If you don’t get a 1099 form from a client even though they paid you more than $600, you still must declare it.
You can find more information on tax forms at the IRS website.
If you want to learn more about how to file your taxes as a voice actor…
NEWS AND NOTES
Thursday, March 18th @8PM EST: the Edge Studio webinar “Tax Time!“. In this one-hour webinar, we’ll talk about incorporating and how to set up your CPA for success when you file your taxes. This webinar caps at 25 students and sells out fast so sign up ASAP.
Sunday, March 21st @10AM EST: Scott Brick and Johnny Heller’s 4th Annual Audiobook Biz Workshop. I have the privilege of being on two panels: finding work amid a pandemic and how to run your office.
Thursday, March 25th @8PM EST: the Edge Studio webinar “The Sales Funnel“
SOLD OUT!!! Sunday, March 28th @5PM EST: The Voice Actors Studio webinar “eLearning Performance Workshop“. There are a few seats left in the April workshop. Every single TVAS workshop I’ve done so far has sold out quickly so sign up ASAP!
QUOTE OF THE WEEK
Tom Dheere is a voice actor with over twenty years of experience narrating just about every type of voiceover you can think of. He also helps voice talents navigate the voiceover industry as the VO Strategist. When not voicing or talking about voicing, he produces the epic sci-fi comic book Agent 1.22.