Is the Lyft 1099 form 2018 Different in 2020?

Yes, the Lyft 1099 form 2018 is different from the forms drivers will receive in 2020. The increasing number of independent contractors in the United States, as well as some deadline confusion, has led the IRS to resurrect the 1099-NEC form. Now, those who earn wages as non-employment compensation will receive a 1099-NEC rather than a 1099-MISC. Those who have paid other types of funds, like rents, prizes, awards, and other types of income, will still receive a 1099-MISC. But, for Lyft drivers, 2020 will look different than the 2018.

While individual employers need not worry about Lyft’s tax and wage filings, accountants will need to pay attention. CPA’s have a variety of clients, many of which will be Lyft drivers. If you do accounting work, you’ll need a working understanding of these taxes, as well as a software solution. AMS can help.

Navigating Lyft 1099 form 2018

While Lyft will be distributing a different type of 1099 form in 2020, the 2018 form should be relatively easy to understand. The also company has a Help Center, which may be of use to drivers. Users must utilize the information provided on the Lyft 1099 forms to file annual taxes. However, if you did not receive a Lyft 1099 form 2018, you’ll want to contact the company itself. This could mean that you incorrectly filed taxes for the 2018 season. In that case, you may need to take action to rectify the mistake.

Additionally, remember that businesses and companies must only distribute 1099 forms to those who have made over $600 in a year. If an individual drives for lift on a part-time basis, they may not meet that threshold. In these cases, you should not expect to receive a 1099 form – whether a Lyft 1099 form 2018 or a 1099-NEC in 2020.

Finding a Software Solution for Your Accounting Business

Only Lyft will need to file and distribute 1099 forms to their drivers. This is also true of the Lyft 1099 form 2018. However, many people drive for Lyft, either full or part time. Many of these people work with accountants to file their annual taxes. If you are a Certified Personal Accountant, work at an accounting form, or have a personal practice, you should familiarize yourself with the types of forms rideshare drivers receive.

Additionally, you should invest in a software solution equipped to handle all types of tax and wage filings. We know that many CPA’s invest in their own software tools for a variety of clients. Rideshare drivers are no exception. You should be able to interpret, report, and file any type of form that comes across your desk. This is exactly what AMS can provide.

We have a wide variety of software options to suit whatever needs you may have. Plus, our tools work modularly. This means users only spend money on the services they need. These individual software tools work in concert to provide a comprehensive yet personalized system. Consider any of the products below when building out your perfect accounting software.

Software Solutions from AMS

Our W-2 and 1099 Forms Filer is our only required platform. From there, users pick the services they need. Choose from the tools below to build out your customized accounting software.