IRS Form 1099-MISC, Miscellaneous Income is an Internal Revenue Service (IRS) form used to report non-employee compensation. Independent contractors, freelance workers, sole-proprietors, and self-employed individuals receive one from each business client who paid them $600 or more in a calendar year.
This form - also known as the IRS Miscellaneous Income form - is also used for payments of $10 or more in royalties or payments in lieu of dividends and tax-exempt interests reportable by brokers. It is also used to report payments of $600 or more for crop insurance proceeds and fishing boat proceeds, among other payments. Moreover, it is used to report direct sales of at least $5,000 of consumer goods for resale.
The form is issued yearly by the IRS and was last revised in 2020. Use this link to download Form 1099-MISC.
At the end of the year, if you are an independent contractor or self-employed individual, you should receive this form from each client who hired and paid you at least $600 throughout the calendar year, and you may attach the form to your tax return. The IRS requires that you report all of your income and pay income tax on it, and you must do so even if you did not receive a 1099-MISC form or earn $600.
The IRS provides separate Instructions for Form 1099-MISC. The IRS Form 1099-MISC instructions are as follows:
The four black parts of the form must be completed and printed when reporting miscellaneous income:
The form 1099-MISC fillable version is available on the IRS website.
The IRS Form 1099-MISC due date is January 31, 2020, if you are reporting nonemployee compensation (NEC) payments in box 7, whether the filing is done on paper or electronically. For all other reported payments, Form 1099-MISC must be filed by February 28, 2020, if filed on paper, or by March 31, 2020, if filed electronically.
The due date for furnishing statements to recipients (if amounts are reported in box 8 or 14) is February 18, 2020.
IRS 1099-MISC Related Forms:
Apart from the IRS 1099-MISC Form, the IRS Form 1099 series comprises of the following 19 variants:
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