As an independent artist, navigating the intricacies of music distribution and royalty payments can be complex. However, platforms like DistroKid make it easier for artists to get their work out there. In this guide, we will discuss two important aspects for artists using DistroKid: handling DistroKid 1099 tax forms and adding producer credit to your tracks.
If you are an artist signed up with DistroKid, it's crucial to understand the 1099 tax forms. The IRS requires DistroKid to issue a 1099-MISC form to any U.S.-based artist who earns over $600 through the platform. This form reports the income you've made from your music royalties, which you need to declare on your tax return.
DistroKid will typically send your 1099 form by January 31st of the following year. Ensure that your profile information within your DistroKid account is up-to-date, including your mailing address and tax details, to avoid any delays in receiving your form.
When you receive your 1099, check the totals reported for accuracy. The amount on the 1099 form should match your earnings from DistroKid. Use this information while filing your taxes to report your income from music royalties accurately. For those who are unfamiliar with tax processes, seeking advice from a tax professional is highly recommended.
Properly crediting your producers is an essential part of music production. Giving credit where it’s due helps to build a professional reputation and maintain good relationships within the industry. DistroKid allows you to add producer credits to your releases, ensuring that your collaborators receive recognition.
Here’s how you can add a producer credit on DistroKid:
Assigning proper credit acknowledges the hard work of everyone involved in the production process. It can also impact how your music is perceived publicly and professionally. Correctly attributed credits can lead to further opportunities for both the artist and the producer.
Handling your DistroKid 1099 forms and adding producer credits are two crucial aspects of managing your music career effectively. By understanding these processes, you can ensure that your financial records are accurate and that your collaborators receive proper recognition. For more tips on music distribution and promotion, consider exploring what SoundOn has to offer.