Learn More About 1099-MISC
WHAT is a 1099-MISC?
1099-MISC is used to report payments for services performed for a business by people not treated as employees. (Example: Payments to subcontractors, freelancers, rent payments or prizes.) A 1099-MISC form must be provided to the recipient and a copy mailed to, or E-filed with the IRS.
WHY do I File a 1099-MISC?
The IRS requires that all income is reported by businesses and individuals or penalties could apply.
WHO needs to File 1099-MISC?
Any business which pays for various services performed by an individual who is not an employee must file Form 1099MISC. See details or download the Official IRS Instructions below.
WHEN do I File a 1099-MISC?
1099-MISC forms are required to be mailed to the recipient by Jan. 31, and e-filed with the IRS by Mar. 31, or a paper copy mailed to the IRS by Feb. 28 each year.
1099-MISC Reporting Information
| What to Report |
Amount to Report |
| Payments for services performed for a trade or business by people not treated as its employees. Ex: Subcontractors |
$600 or more |
| Direct sales of consumer goods for resale |
$5,000 or more |
| Rent or royalty payments; prizes and awards that are not for services, such as winnings on TV or radio shows |
$600 or more, except $10+ for royalties |
| Payments to crew members by owners or operators of fishing boats, including payments of proceeds from sale of catch. |
All amounts |
| Fish purchases paid in cash for resale |
$600 or more |
| Substitute dividends and tax-exempt interest payments reportable by brokers |
$10 or more |
| Crop insurance proceeds |
$600 or more |
| Gross proceeds paid to attorneys |
$600 or more |
| Payments to a physician, physicians' corporation or other supplier of health and medical services. Issued mainly by insurance plans or medical assistance programs |
$600 or more |
| Section 409A deferrals and income from non-qualified deferred compensation plans |
All amounts ($600+ if deferrals) |
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