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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, filed to the IRS, and filed to the state agency (where applicable).
WHY do I file 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 the Official IRS Instructions.
WHEN do I file 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. State filing deadlines vary by state, view state 1099 deadlines.
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) |
