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New 1099 MANUAL PROCESSS

New 1099 MANUAL PROCESSS. 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.)

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New 1099 MANUAL PROCESSS

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  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.

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