No, form 1099-R and form W-2 are not the same--they report different types of income. Only take a 1099 job if it pays 8% or more than a similar W-2 job, or you want a J2, J3, J4, or J5, and there are no other W-2 jobs available. , Emancipation Day) April 15, 2024:Taxes. Brock Osweiler’s 2016 tax filing was about as simple as you can get for an NFL player: With the Texans he played home games in. You have the 1099 and W9 backwards. $5,738) to be better off. I understand that W2 is employed. Form W-9 is completed by the independent contractor and provides details on who they are. With these 30 athletes isolated, GOBankingRates then used our in-house federal and state income tax calculators to find each athlete’s: (2) federal. This is a hot topic, but I believe it is self reporting. As a W-2 employee, payroll taxes are automatically deducted from your paycheck and then paid to the government through your employer. This means that a player contributing $10,000 will immediately have $30,000 in his 1 Answer. I received a W2 from my employer for my normal salary. ). A tax provision that came into effect last year deprives professional athletes and entertainers working as W-2 employees (as opposed to self-employed individuals filing a Schedule K-1 or Form 1099. W-2 employees receive a W-2 form from their employer, which summarizes their total wages and tax withholding for the previous year. Launching and maintaining your music business usually involves paying some basic. Philadelphia 76ers Premier League UFC. Even if you are not self-employed or own a small business, you can still get a Form 1099-K. Philadelphia 76ers Premier League. Mayweather takes the prize as the highest-earning athlete in 2015, grossing some $300 million, but he'll probably be the biggest taxpayer, as well. W-2 income Interest or dividends (1099-INT/1099-DIV) that don’t require filing a Schedule B IRS standard deduction Earned Income Tax Credit (EIC) Child Tax Credit (CTC) Student loan interest deduction Situations not covered: Itemized deductions Unemployment income reported on a 1099-G. Insist on 30% higher pay than comparable W2 employees to cover the taxes, lost benefits, and hassle. W-2 Employees. How can I tell if a job is W-2 vs 1099? You’ll see a “W2” label when viewing a W-2 opportunity in the app. I explained to the Executive VP who made this decision, that according to the IRS, the criteria for being an employee is the work is done with supervision and with the employer’s materialsBelow are the four main types of 1099 forms. When the page loads, you will notice several account-related items. Key Takeaways. Social Security Tax (FICA): Social Security tax is withheld at a rate of 6. splitting that cost 7. Are MLB players W2 or 1099? JOE GEIER: Major league players are employees with contracts and part of a union. It is not easy to take this position with a Form 1099, but it is vastly easier to claim it with a Form 1099 than it is with a Form W-2. All AMS tools include easy set-up and a menu-driven, user-friendly. A 1099 is filled out by the business and then distributed to both the contractor and the IRS at the end of the year. A 1099 is designed for someone with autonomy over their hours and how they do their job. Contribuyentes que no han recibido un Formulario W-2 o Formulario 1099 deben comunicarse con el empleador, el pagador o la agencia emisora y solicitar una copia del documento corregido o que falta. NFL: $250 Million: Aaron Rodgers: NFL: $200 Million: Stephen Curry. W2 vs. If you don’t receive a 1099-K, the IRS still expects you will report all your income, regardless of the amount. 65 percent, of. Get an Immediate Tax Deduction, but Give Later: You get the tax deduction when the foundation is funded, then make your charitable gifts. You will also be able to access your 1099-R Form for the three years prior to the tax year that just ended. By using this site, you agree to our use of cookies. File back taxes. maintained the licensing contracts for NFL trading show, show gambling and selected other items. Employees are sometimes referred to as W. So I received several months of severance pay last year, and my employer gave me a 1099. Ending an employment arrangement with a W2 employee is usually more technical compared to freelancers. The W2 reported amounts are the back pay portion and include the appropriate amount of tax withholding. Royalty checks are paid in September or October, and are reported to the player on Form 1099. What is a 1099 nurse practitioner? If you are not self-employed and you don’t have your own practice, you are either working as an employee or an independent contractor. When you work as an independent contractor and are paid $600 or more during the year, you’ll be required to file a 1099-NEC, formerly called 1099-MISC form. When you start working for someone you either give them a W4 (employee) or a W9 (contractor/vendor) to indicate your tax information. 9% to Medicare. The combination is where it’s at. 33. Key Takeaways. Let’s discuss TIN Matching Frequently Asked Questions (FAQs) to understand more about the IRS TIN Matching Process and how it works. NFL Players Inc. As an independent contractor, you receive a 1099. Organizers typically calculate players' net profits using a formula. Reporting Taxes Withheld. Reporting Income. The same is true for professional athletes in other leagues. No, form 1099-R and form W-2 are not the same--they report different types of income. If you are a 1099 contractor, you are responsible for paying both. The difference is ~$50k extra yearly. He will use all of my equiptement for each job. 2%. For the Reason Code select "H - I received a Form W-2 and a separate Form 1099-MISC and/or 1099-NEC and the income should have been reported on Form W-2. 1099: tax document comparison. It is not unusual to see a W2 with 7-8 different states listed with income for that state. Best. National Football League Players Incorporated (or NFL Players Inc. Employers and workers fill out and file forms W-2 and 1099 in different ways. If you don’t receive a 1099-K, the IRS still expects you will report all your income, regardless of the amount. Many employers refer to independent contractors as "1099" and employees as "W-2" workers after the IRS forms used for reporting purposes. 9 million for the 2013-14 season. A government worker. If them are looking for Are NBA players w2? or , click come! - DNA of SPORTS If you are looking for Are NBA players w2? or , click here! - DNA of SPORTS Two recent cases in the pharmacy space exemplify the risks of paying commissions to 1099 independent contractor marketing reps. The 1099-NEC information goes to the IRS, and the contractor uses the form to complete their income tax filing. An employee who obtains a W-2 tax form from their employer is known as a W-2 employee. More commitment. Generally speaking, the threshold for when you need to file a 1099 form is $600 paid to. See full list on sportsmanist. Standard mileage method. If you are considering growing your team, you may wonder if you should hire a W2 employee or a 1099 contractor. A tax provision that came into effect last year deprives professional athletes and entertainers working as W-2 employees (as opposed to self-employed individuals filing a Schedule K-1 or Form 1099. The 1099 vs W2 distinction is what separates employees from the self-employed. Or W2 Employment: Why It Is Better Than 1099 For Company Drivers When it comes to hiring drivers, there are two main types of employment: 1099 and W2. A well-run organization understands where to best leverage a W2 employee and when it makes business sense to invest in a 1099 contractor. There is one key difference between a W-2 form and 1099. 1099 vs W2 employee, which on should you choose as a business owner? Well the answer may surprise you because there are many pros & cons that you have to loo. Think of it like your weekly paycheck. A quick way to get your lost W2 or 1099 information is to use the IRS Get Transcript online to view your Wage and Income Transcript. Some benefits of having W-2 workers include: : You have more. Alaska PFD or capital gains distributions shown on a 1099-DIV, View solution in original post June 7, 2019 3:54 PM. Select "Employee compensation that was not reported on a W-2. The self-employed pay twice as much Social Security and Medicare (FICA) taxes, because employers normally pay half. All things being equal, you will always make more money as a straight commission sales rep than a W2 sales rep if you make the same number of sales. So generally, when you’re self-employed, businesses will typically issue a 1099-NEC when you receive a certain amount of money. The company can cut back your. Comparing 1099 Workers vs. We know you have more questions, so let’s dive in a little deeper. Royalty checks are paid in September or October, and are reported to the player on Form 1099. Cons of being a 1099 contractor. You can report winnings from a 1099-MISC as “Other Income” on your tax return. Form 1099-Misc: Misclassification of employees as independent contractors can result in significant penalties. NFL players also have specific rights under the. We will withhold federal income tax from the winnings if the winnings minus the wager exceed $5,000 and the winnings are at least 300 times the wager. For those who thrive in team environments and enjoy the social aspects of work, switching from a 1099 status can be a positive move. gov. Taxes are not usually withheld by the payer for 1099 forms. Some people are savvy enough or just like to play the game so much where their effective tax rate is like 5. Self-employed folks will typically pay all 15. are going to incur Federal taxes of around 40 cents per dollar of ordinary income. Learn the difference between a 1099 vs. A 1099 contractor is responsible for paying their own taxes, such as income tax, self-employment tax, etc. Usually, when the project is done or the contracting services are no longer needed, the. So in your case I wouldn't accept the 1099 unless they. A simple tax return is one that's filed using IRS Form 1040 only, without having to attach any forms or schedules. facilitates the marketing of players as personalities as well as professional athletes. Then, you multiply each mile by a standard amount set by the IRS. Many of these questions will also apply if you are thinking about working as a salaried employee for a consulting firm:Winnings From Online Sports Sites Are Taxable. You are asked if you want to be W2 or 1099 (W2 and 1099 have very SPECIFIC definitions according to the IRS. You also set their hours and schedules. The rate changes every year. That's when you'll need to have them mailed or electronically sent to the people you. States have collected hundreds of millions in gaming taxes since the Supreme Court overturned the federal ban on sports betting a few years ago, and the IRS wants its fair share. Royalty checks are paid in September or October, and are reported to the player on Form 1099. 585 from January to June, and then $0. According to the IRS, the following trigger an automatic reporting on a W-2G: * A keno win of $1500 or more; * A slot machine, video poker, or bingo win of $1200 or more (if you ever see a machine with an $1199 payout, now you know why); * A poker tournament win (after subtracting the buy-in) of $5000 or more; * Any bet with. Updated 12/01/2022 08:25 PM. W-2 employees receive benefits like paid training, health care (usually for full-time employees only), sick/vacation pay, and are reimbursed for expenses. 2 Professional League is a software concerned with the tracking of league, cup, and tournament competitions in different sports. Filing W2 and 1099 From Different Employers. As u/buckybadger26 said, they have until January 31st to get the forms to you and the IRS. Therefore, you are in charge of finding your own insurance coverage and other benefits without the safety net of your company’s support. Both types of forms are used when filing taxes. The tax preparer needs to have. They clock in daily, do their jobs, and get salary biweekly or monthly. 1099: Employee differences . A Form 1099 is issued to an independent contractor to report their income to the IRS. rent for classroom or teaching space. What information and copies does the W-2 require? Form W-2 has six copies: Copy A: employer sends to the Social Security Administration, or SSA; Copy B: employee files with the IRS for tax return purposesThe 1099 Form Used by CRE Players A 1099 form is used to report non-employment income and there are a total of 21 information returns or 1099 forms. And it’s not just players who have to pay the jock tax. Also, anything that appears as a full time job is considered to be a W-2. C. You will be issued a 1099 form at the. 1. If any taxes on your winnings have already been withheld, make sure to report that on the 1099 or W2-G. The only difference is that as a W2 employee, your employer withholds some money out of each of your paychecks and sends it to the IRS on your behalf, and as a 1099 there's no employer withholding so you have to send estimated quarterly. They must also pay income taxes in the state in which they reside. Self-Employment Tax. The whole nine yards. Fees checks are paid on September or October, and are reported to who participant on Form 1099. Aside from taxes, guarenteed hourly/salary pay, regardless of. For Total Wages Received, enter the amount of the bonus. In the first case, Monty Grow (a former NFL player) was recently convicted by a Florida federal jury of receiving kickbacks to steer patients to a compounding pharmacy that, in turn, billed TRICARE for compounded drugs. For most workers, a W-2 or 1099 is just a piece of paper they get at year-end to file their tax returns. IRS - see page 9 So all the talk about contracts and the tax rates of different NHL cities got me curious about the tax status of NHL players (and, by extension, players in other sports). These guidelines consider factors such as: The level of control the employer has over the work. On the next screen, "Report Your Wage Income," enter the employer's name and EIN from your W-2. It is not unusual to see a W2 with 7-8 different states listed with income for that state. C. You can file W-2 forms online directly with the Social Security Administration through their Business Services Online portal. . Awkwrd_Lemur. Here are a few of the advantages you'll have as a 1099 contractor: You get to deduct 1/2 of your self-employment tax. Are pro athletes W2 or 1099? I can’t imagine they would be 1099 but they are under contracts so? If they are 1099 then that would seem irresponsible one the NBAPA to. W2 employees only pay 50% of these two taxes - the employer pays the other 50%. Note: Prior to tax year 2020, this information was reported on Form 1099-MISC with Box 7 checked. “The new tax laws dramatically change baseball players. 1099 You are technically a small business and can qualify for government incentives and tax benefits. Collect all tax documents including year end paystub, W2, duty days, 1099s. Even if part or all of your dividend was garnisheed, the entire. Yes, they get "contracts", but they are employed by their respective team. Income : 1M. Welcome to our informative guide on purchasing a house with W-2 and 1099 income! Suppose you're considering buying a home and receiving payments from traditional employment (W-2) and self. Remember, those. Further, there is no promise of a certain number of hours, days, or years of work. Sorted by: 2. He will have workers that he is in 100% control of. First off w-2 is for employees, 1099 is for freelancer/contractor. Caesars Palace - W2G Automated Tax Form. The same goes for termination. 3% of a worker’s gross wages. Online: You can e-file your 1099-NEC Form with the IRS through the Information Returns Intake System (IRIS) Taxpayer Portal. Overall, it has been a nightmare. The AFC South is the most tax-friendly NFL division. I made just over $6,000 in commission and I received a 1099-NEC for this additional income. As a W2 employee, you’ll get a regular pay period check in addition to whatever bonus compensation you’ve worked out with the employer. Step #9. If you are unable to locate your CSA or CSF claim number, or you are not a retiree, former spouse of a retiree or a survivor of a retiree, or you are inquiring about the status of a refund application, please contact us onThe W-2 and 1099 forms play vital roles in the tax preparation process, serving as official records of income that are crucial for accurate tax calculation and reporting. If you are an annuitant, you can find your CSA or CSF claim number on your 1099-R, your annual COLA notice or your Benefits Booklet. Poker tournament winnings are more than $5,000. W2 Form from irs. : Players Inc. • You may receive a Form W-2G, Certain Gambling Winnings and have federal income taxes withheld from your prize by the gambling establishment if you have qualifying winnings. 8% thereafter), so figure that your high profile athletes in the U. According to a CNBC article, NFL players file between eight to 12 tax returns each season. Click Continue. Consider the tax write-offs you can take. YOU ARE AN EMPLOYEE AND SHOULD RECIEVE A W2. 95 more doing 1099 work than W-2 work. As long as you report the total income you’ve made (and the source it came from), you shouldn’t run into any issues. The names “W2 employee” and “1099 worker” come from their respective tax forms. Form. 65% (i. entity that is generally created by entertainment professionals. A good rule of thumb is the 60/40 rule. If you are unable to locate your CSA or CSF claim number, or you are not a retiree, former spouse of a retiree or a survivor of a retiree, or you are inquiring about the status of a refund application, please contact us onOver the years, I have accumulated a set of questions that I usually ask the placement firm about a contract or consulting position (W2 or 1099) that I am looking at taking. utility costs for your workspace. In barbering the biggest single thing I can point to is if you booth rent, than you are an IC. By January 31, the W-2 employee receives a Form W-2 that includes information around taxable compensation, tax withholdings, and any additional tax deductions for employee benefits such as employer-sponsored health coverage or 401(k) plans. Your 1099 paycheck should be A LOT bigger. This includes my truck, mower, etc. splitting that cost 7. This website uses cookies to give you the best experience and personalized service. Serious answer. Ensure all gifts exceeding the annual gift limit are disclosed. Form W-9 is used to gather information about a contractor (like name, address, and Tax ID/SS number) so their earnings can be reported at year-end. The reason is that the type of value you need is more about your long term compensation. Form 1099-MISC from irs. Independent contractors, like freelancers and real estate agents, in the U. Think of it like your weekly paycheck. Due to the uncertain nature of the period of stay. W2 employees receive a regular paycheck from their employer, usually on a biweekly or monthly basis. Fantasy sports players who win more than $600 generally get a Form 1099-MISC, or 1099-K, depending on how the money is paid out. NFL Players Inc. Part of your social security and Medicare taxes will be covered by your employer. 1099-INT: Income from interest. Nannies are legally classified as household employees and should be receiving W2s. Employee Benefits. Most people I know prefer to get double or close to double. Quarterly taxes HURT. You can contact the IRS at 800. I've been reading up on the…If you are on a 1099, you have to pay self-employment tax, while on a W-2 you do not. Bookmark Icon. C. Fantasy sports players who win more than $600 generally get a Form 1099-MISC, or 1099-K, depending on how the money is paid out. I'll give the opposing viewpoint: that this ought to be on a Form W-2, one way or the other. Dividends for Adults are taxable for federal income tax purposes. #1. : Players Inc. e. May 25, 2022 5:55am. chrisharrisonslawyer • 2 yr. Your employer will pay some or all of your. Might take 6 months to fix it. Click on “ Document Center ,” which you will notice on the left-hand side of the page. NFL players are paid weekly through the regular season, and there were 18 weeks this season, meaning Mathieu's paycheck was at least $808,333. The TurboTax program is having difficulty reading a State ID Number. As an independent contractor, you receive a 1099. In determining whether the person providing service is an employee or an independent contractor, all information that provides evidence of the degree of control and independence must be considered. W2, the simple shortcut to remember the difference is that the W2 is for wages from a full-time position where you’re receiving benefits and a 1099 is for income from places like. A 1099 employee is technically not an employee but is considered an independent contractor by the IRS. Many employers refer to independent contractors as "1099" and employees as "W-2" workers after the IRS forms used for reporting purposes. Tax people say you must report any money as income, fantasy football, scratch off tickets, gambling winnings, tips, etc. If you work for more than one company, you’ll receive a 1099 tax form from each company. (FL) LMHC. • 3 yr. The American Rescue Plan Act, signed by President Joe Biden back in March 2021, attempts to solve that. Most sportsbooks and casinos will begin withholding federal taxes from your winnings on payouts of $5,000 or more. Players Inc. Order My 1099-etc Software Today. In addition, some employees can feel trapped by this rigid work schedule. The Department of Labor provides you with 20 different criteria to help you determine if an employee is a regular or contact-based worker. Philadelphia 76ers Premier League UFC. To report wages from a W-2: Click on Federal Taxes > Wages & Income. Pros of the 1099: Cost Savings: 1099 contractors are typically less expensive than W2 employees. This can be a confusing and expensive undertaking for. A 1099-MISC is used to report payments made to independent contractors (who cover their own employment taxes). Collect all tax documents including year end paystub, W2, duty days, 1099s. As u/buckybadger26 said, they have until January 31st to get the forms to you and the IRS. Gain a Competitive Edge by Better Leveraging the Freelance Revolution. Most employers pay 1099-NEC contractors a predetermined amount based on. In most cases the living costs of a player competing at the highest level of the league will not be deductible. Use the images attached to help finish your entry. That is, social security tax is 12. As a W2 employee, your employer pays 7. Self-employed folks will typically pay all 15. 1099 vs w2 Truck Drivers? W2 or 1099 Truck Driver? 1099 vs w2 employee? What's the difference? I share my thoughts in this video. 41 votes, 59 comments. NFL NBA Megan Anderson Atlanta Hawks Los Angeles Lakers Boston Celtics Arsenal F. When Keeper’s calculator compares how much of your pay will go towards taxes as a W-2 or 1099 worker, the 1099 income it shows you is your gross income. After a federal tax rate of 37% has been taken out, Nfl Football Players could expect to have a take-home pay of $726,525/year, with each paycheck equaling approximately $30,272 *. Ending an employment arrangement with a W2 employee is usually more technical compared to freelancers. 58 more than you would as a W2 employee. Have done so most of the time in my case. ago. TIN Matching will help taxpayers perfect their payee data before filing Form (s) 1099 with the Internal Revenue Service (IRS) and Form (s) W-2 with the Social Security Administration (SSA). If any taxes on your winnings have already been withheld, make sure to report that on the 1099 or W2-G. Running a music business likely requires certain monthly expenses, and you can claim these as deductions to reduce your tax liability. In contrast, NFL paycheck distribution is simpler. A statutory nonemployee. W-2 forms must be received via mail or electronic filing on or before January 31 of the following year to the SSA. Employee Benefits. We calculated the federal, state and local taxes for the two highest-paid players on every NFL team. ago • Edited 9 mo. e. Brock Osweiler’s 2016 tax filing was about as simple as you can get for an NFL player: With the Texans he played home games in income-tax-free Texas and paid other states based just on the. Our analysis also. This means that NFL players are covered by many of the same provisions as other types of employees. File taxes with no income. You can add to that FICA and/or self-employment tax (15. Human resources professionals,. We will issue a W-2G form each time a player has a payout of $600 or more (no reduction for the wagered amount) and a return that is 300X the amount wagered. Employers use 1099s and W-2s to record earnings and deductions for various workers. Otherwise, be an employee with a W2. November 30, 2021. A 1099 employee will not have any of these taxes nor their income taxes withheld; W2 employees have their taxes withheld from each paycheck. NFL NBA Megan Anderson Atlanta Hawks Los Angeles Lakers Boston Celtics Arsenal F. Reporter. It is still very early. Two of these are 1040, U. We would like to show you a description here but the site won’t allow us. A 1099 and a W2 are akin in that they are both end of year forms indicating monies paid for the year to either a contractor (1099) or an employee (W2). Each type is used to report a different kind of payment or transaction, including income earned as an independent contractor. is the licensing and marketing arm of the NFLPA. Based on my research so far, I understand that if I go for 1099, I am responsible to pay for Social and medicare taxes, but at the same time, I have freedom to select the correct health insurance plan and reimburse along with other work expenses. 65% of $52K in extra self employment taxes). The difference between IRS Forms W-9 vs 1099 is that the former is given to contractors for the purpose of collecting personal information, while the latter is for reporting wages to the IRS. And if you fail to. Click My employer reported this extra money on a 1099-MISC in addition to or instead of a W-2 for my regular pay. Employees use this information to prepare their annual tax returns. Taxes. individual income tax return, and 1099, miscellaneous income or 1099, nonemployee compensation – shortened to 1099-MISC and 1099-NEC, respectively. NFL players are employees covered by a collective bargaining agreement negotiated by their union, the NFLPA, part of the AFL-CIO, which indicates specific different civil protections compared to an office job. Situations covered (assuming no added tax complexity): W-2 income. If you're a 1099, you pay the full 12. If IRS intervention still doesn't produce the form you need and you want to file by the tax deadline, fill out Form 4852 . NBA players file 16 to 20 tax returns. You could also convert the 1099 wage to its W2 equivalent by subracting that 6. I have checked to make sure all the numbers are reported as they should be on the return, so it is not that they don't match. JeffreyR77. Part of your social security and Medicare taxes will be covered by your employer. Machines, pigments, disposables. 1099-MISC: Miscellaneous – This form must be filed for any independent contractor that has several clients, or has been paid over $600 for work. W-2 employees sign an agreement for an extended period of time for ongoing employment, while 1099. Let’s discuss TIN Matching Frequently Asked Questions (FAQs) to understand more about the IRS TIN Matching Process and how it works. Key Takeaways. Only accept a 1099 if the pay is 8% or more than a similar W-2 job. Your choice determines if their tax information is reported with a W-2 or 1099 form. If the pay from being a contractor (1099) minus the cost of health insurance, minus the X weeks of salary for vacation is noticeably greater than the pay from being an employee (w2), then do that. It shouldn’t be a preference one way or the other, W2 is the correct way for a nanny to be paid per the IRS. I would base this decision on how much health insurance costs and how much vacation you'd get as an employee (w2). $5,738) to be better off. Amended tax return. Filing a W2 and 1099 in the Same Year Can Seem DifficultThis video will take you through the W-2 and 1099 forms that are sent to you by your employer and used to file your taxes. You should not do 1099. Are they 1099 employees or W2? With tax season upon us, I'm wondering: how and when do players actually get their checks (or direct deposits)? I assume signing bonuses are. Taxes. iconoclast63 • Retired Dealership Finance Director • 9 mo. TurboTax will guide you through entering income for form 8919 line 6. According to the IRS, there may be times when a person works as both a self-employed and an employee for the same company. I've checked and double-checked the W-2 (1) and 1099s (2) that I've uploaded. They receive pay in accord with the terms of their contract and get a 1099 form to report income on their tax return. Consider the tax write-offs you can take. The degree of independence of the worker. For the latter, the two most common forms used are 1099-NEC. Since Uber provides this information directly to the IRS, you don’t have to include the 1099s forms with your tax return. The summary data contains information processed by the IRS during the 2012-2019 calendar years; this generally consists of filings for the 2011-2018 fiscal years, but may include older records. Taxes for W-2 vs. If I received a 1099 I would have to ability to write off the expense and depreciation of the technology that I am purchasing, a portion of home office costs along with a portion of my internet bill. Contract workers will use a 1099-MISC to report payments your business makes to them. Form 1099-K shows the value of the transactions the PSE has processed for you in the past year. garynk87 • 8 mo. Keep in mind that the transcript you receive from the IRS will only. Here's a brief on what is W2 Contract and Corp to Corp with the difference in W2 vs C2C. Seriously, don't you have something better to do than giving the NFL higher ratings–over paid players and a satanic 1/2 time. " Ignore the note that says not to enter compensation for which you will receive a 1099. The 1099 form we’re talking about is formally known as a 1099-MISC and means miscellaneous income that you’ve accrued during the year. ToastNeo1.