New 1099 MANUAL PROCESSS

1. New 1099 MANUAL PROCESSS

2. 1099 Manual Process for Payments Made Outside of BEN Financials for 2014 • Process for U.S. Citizens • Process only applies to payments made to individuals outside of Ben Financials (i.e. petty cash, gift cards, prizes, etc.) • Track payments and collect W-9 forms for all such payments throughout the calendar year • A spreadsheet has been created by AP for this purpose. It can be found on the forms section of the Comptroller’s website. • At calendar year end, print spreadsheet and attach W-9s and send to AP for those individuals who have reached the $600 threshold. The spreadsheet should also be emailed to joycers@upenn.edu. • For U.S. Citizens, any amounts of $600 or more must be reported by the University to the IRS on form 1099-MISC.

3. 1099 Manual Process for Payments Made Outside of BEN Financials for 2014 • Process for Foreign Nationals • Process only applies to payments made to individuals outside of Ben Financials (i.e. petty cash, gift cards, prizes, etc.) • The following documentation should be collected and forwarded to AP anytime a Foreign National receives a payment outside Ben Financial of $100 or more: • Name and address of the student • Value of the prize • Foreign National Information Form • Copies of student’s I-94 card, visa, passport, and I-20/DS-2019 or I-797 • For Foreign Nationals, the University is required to withhold 30% tax of the full amount of the prize. The prize amount will be reported to the IRS and to the student on form 1042-S.

4. Questions?