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1099-MISC Form

The 1099-MISC Form is an IRS tax form used to report payments made from a company to contractors or consultants.

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1099-MISC Form

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Tips and instructions for use

The 1099-MISC is an 8 page document, but there’s only one form that needs be filled out (the document includes several copies of the same form, which are filed in the Payer’s records, sent to the Payee, and submitted to both the IRS and your state’s tax department.

When completing the form, you’ll need to identify yourself (the Payer), the consultant or contractor you’ve paid (the Recipient), and the details of amounts you’ve paid over the past year.

Filing

As the Payer, you’ll need to file the 1099-MISC form with the IRS and your state’s tax office by the deadline, which varies depending on the year and filing method chosen.

You’ll also send the “Payer” section of the form to the listed “Recipient” so that they may complete their annual tax return.

Helpful information

Many 1099-MISC Forms found online use the IRS’ informational copy, with the second page printed in red. Do not use this copy for your filings or you’ll be subjected to penalties by the IRS.

You’ll need to complete and file a 1099-MISC if:

  • You paid royalties or broker payments instead of dividends or tax-exempt interest in an amount greater than $9
  • You paid or provided more than $600 in rents, service fees to non-employees, prizes, benefits payments (healthcare, for example), cash payments for fish, attorney’s fees, or fishing boat proceeds.

FAQ

What is a 1099-MISC Form?

The 1099-MISC Form is an IRS tax form used to report payments made from a company to contractors or consultants. The 1099-MISC is unique in that it must be submitted to both the IRS and the consultant or contractor receiving payment.

Why do need a 1099-MISC form?

    • If you’re a company:
      If you pay a consultant or subcontractor more than $600 in a given year, you must report it to the IRS using a 1099-MISC form.

    • If you’re a consultant or contractor:
      You’ll use the 1099-MISC forms that your clients send you when preparing your tax return, to calculate your taxable income.

What is Form 1099-MISC used for?

Form 1099-MISC is called Miscellaneous Information and is intended to report certain forms of payments: rents, prizes, and awards, healthcare payments, payments to an attorney, and a few others. It is usually filed along other 1099 forms and is checked against 1040 and W-2.

What is difference between a 1099 and 1099-MISC?

There are two types of 1099 form: the 1099-NEC (Non-Employee Compensation) and 1099-MISC. The NEC one is intended to report money paid out to contractors. The MISC one is for miscellaneous expenses (e.g. healthcare payments, rents, royalties, and prizes).

Who gets a 1099 tax form?

A non-corporation taxpayer that earned more than 600 dollars (net income) from non-employment sources (e.g. contract work, dividends, interest payments, etc.) over the course of a calendar year will receive the 1099 form or forms, depending on their exact income and expenses.

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