IRS Form 1099-MISC Miscellaneous Income

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IRS Form 1099-MISC Miscellaneous Income

What Is IRS Form 1099-MISC?

IRS Form 1099-MISC, Miscellaneous Income, is a fiscal document used by organizations that made payments to individuals and companies that were not treated as employees over the course of the tax year.

Alternate Name:

  • Tax Form 1099-MISC.

If you manage a business and you had to deal with health care expenses, royalties, or prizes you paid to other parties, you have the responsibility to report these payments as well as the taxes you have deducted.

This statement was issued by the Internal Revenue Service (IRS) in 2019 - previous editions of the instrument are now obsolete. An IRS Form 1099-MISC fillable version is available for download below.

Check out the 1099 Series of form to see more IRS documents in this series.

What Is a 1099-MISC Form Used For?

Complete and submit Form 1099-MISC to inform tax organzations about different types of compensation you have paid over the calendar year whether you paid rent to the owner of your office or storage facility or had legal expenses paid to an attorney. These payments are not reported on other returns which is why it is necessary to keep track of all the payments over twelve months and confirm they meet the reporting thresholds. Additionally, this document must be sent to the individual or entity that received the payment to remind them about the extra income they have earned during the year.

Make sure you send two copies of the form to the recipient of your payments by January 31 - they will need time to prepare their own tax documentation. Form 1099-MISC deadline for filing with fiscal authorities is February 28 if you opt for a paper return - those who submit the information electronically will have extra time to handle the paperwork and will have to file the form by April 1.

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When to Use 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.

How to Use 1099-MISC Form?

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:

  • Copy 1 is sent to the recipient's state tax department;
  • Copy B must be retained by the recipient;
  • Copy 2 must be attached to the recipient's state tax return; and
  • Copy C is kept by the payer.

The form 1099-MISC fillable version is available on the IRS website.

When Is Form 1099-MISC Due?

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:

Download IRS Form 1099-MISC Miscellaneous Income

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