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Basics of Form 1099MISC

Posted on January 22, 2014 at 4:35 PM

Basics of Form 1099-MISC:


Businesses report their certain payments on Form 1099s.Individuals receive Form 1099s for payments they receive. Most nonemployee payments above $600.00 in a year are reported on Form 1099. Most commonly used form is Form 1099 MISC. We shall confine major part of our discussion to this form. However for the purpose of general information, there are following types of Form 1099:

  1. ·1099-A: Acquisition or Abandonment of Secured Property by the lenders.
  2. ·1099-B: Proceeds from Broker for Saleof Securities and Barter Exchange Transactions
  3.  ·1099-C: Cancellation of Debt
  4.  ·1099-CAP: Changes in Corporate Control and Capital Structure
  5.  ·1099-DIV: Distributions in the form of Dividends, Capital Gains Distributionsand Non-Taxable Distributions paid on stocks.
  6.  ·1099-G: Government Payments
  7.  ·1099-H: Health Insurance Advance Payments
  8.  ·1099-INT: Interest Income
  9.  ·1099-K: Merchant Card and Third Party Network Payments
  10. ·1099-LTC: Long Term Care Benefits
  11. ·1099-MISC: Miscellaneous Income
  12. ·1099-OID: Original Issue Discount
  13. ·1099-PATR: Taxable Distributions Received From Cooperatives
  14. ·1099-Q: Payment from Qualified Education Programs
  15. ·1099-R: Distributions from Pensions, Annuities, Retirement Plans, IRAs, orInsurance Contracts
  16. ·1099-S: Proceeds from Real Estate Transactions
  17. ·1099-SA: Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
  18. ·1042-S: Foreign Person's U.S.Source Income
  19. ·SSA-1099: Social Security Benefit Statement
  20. ·RRB-1099: Payments by the Railroad Retirement Board
  21. ·RRB-1099R: Pension and Annuity Income by the Railroad Retirement Board

Out of all these forms, most commonly used byindividuals and a small business is the Form 1099MISC. During this topic, weshall concentrate on Form 1099MISC.

Form 1099MISC is issued under certain conditionsfor the payments made in the course of trade or business. Personal payments are not reportable.Form 1099MISC is issued for making payments in a year under followingconditions:

  • At least $10 in royalties
  • .At least $600 in rents, services, prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish to a party engaged in catching fish.any fishing boat proceeds
  • Gross payments of $600 or more paid to an attorney.
  • Direct sales of $5000 or more of consumer products to a buyer for resale anywhere other than a permanent retail establishment.
  • Any person from whom you have withheld any federal income tax under the backup withholding rules.
  • Payments made for compensation, vacation pay or any accrued wages for a deceased employee should be reported to the estate or beneficiary of the deceased employee on a form 1099MISC. (These payments should be reported in Box 3).
  • A state that has control over instant and online lottery games issues Form 1099MISC to report commissions paid to licensed sales agents.
  • Escrow agents maintaining owner provided funds for construction projects should file Form 1099MISC for reportable payments of $600 or more.
  • Payments, and tax withholdings, to tribal members of Indian tribes for licensed gaming activities. 

Detailed instructions for filling out Form 1099MISC can befound in Internal Revenue Service web site at under forms and publications tab.

 A Form 1096 should be filed by the issuing person/businesswith the IRS. It is a compilation providing subtotal of all Forms 1099MISCissued by the person/business.



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