Form 1096 is the Annual Summary and Transmittal of U.S. Information Returns. Commonly used with Forms 1099 to report the types of information returns filed to the Internal Revenue Service.
As the name of the form suggests, it summarizes the types of information returns filed and sent to recipients. Form 1096 2021 must be filed for all the information returns you filed. This includes not only Forms 1099 but other information returns such as 1097, 1098, 3921, 3922, 5498, and W-2G.
However, you aren’t just going to file Form 1096 with each information return you filed. Instead, you will file it for Forms 1099, Forms 1097, Forms W-2G. etc.
Here is an example:
Assume you filed three Forms 1099 and two Forms W-2G. In this case, you aren’t required to file five Forms 1096 to report each form. Instead, you will simply file two Forms 1096. This tax form is only for each type of Form 1096. Having said that, you will file as many Forms 1096 as the number of the types of information returns.
Other than the type of information return filed with Form 1096, you will also provide information about the following.
- Email Address
- Employer Identification Number
- Federal income tax withheld (from the form you’re filing it for)
- Full Name
- Number of forms submitted with Form 1096
- Phone Number
- Social security Number
Considering the information that needs to be put on Form 1096, it takes very little time to prepare it. You can simply do a little bit of calculation to figure out the tax withheld in total and state what information returns you’re mailing Form 1096 with. Same as the deadline to file information returns, Form 1096 must be filed by January 31, 2021, for the 2020 information returns you filed.