Form 1099 MISC Instructions
for 2023 Tax Year

Box 13:

FATCA Filing Requirement check box is now on Form 1099 MISC Box 13

Box 14:

Excess golden parachute payments

Box 15:

Nonqualified deferred compensation

Box 16 to 18:

Report state or local income tax withheld from the payments

Box 1: Rents

Report payment of $600 & above paid as rent.

Box 2: Royalties

Report any payments over $10 made to an individual for royalties from oil, natural gas, mineral properties, or Intellectual properties (Copyrights and patents) during the tax year.

Box 3: Other income

Report income paid as prizes, awards, or any payments made to a deceased employee's beneficiary.

Box 4: Federal income tax withheld

Report backup withholding tax for payments to be made to a contractor. If a contractor furnishes an incorrect TIN, the payer is required to withhold a certain percentage of payment.

Box 5: Fishing boat proceeds

Report payments made to fishing boat operators and crew members who are
considered self-employed.

Box 6: Medical and health care payments

Report payments made to physicians, medical and health insurance providers, and other healthcare service providers. This doesn't include payments made for prescription drugs.

Box 7: Payer made direct sales totaling $5,000 or more of consumer products to the recipient for resale

Check this box if you sold a consumer product for a total value of $5000 or more for resale or buy-sell.

Box 8: Substitute payments in lieu of dividends or interest

Report average substitute payments of $10 or more made in lieu of dividends or tax-exempt interest for a customer's securities loan. Substitute payments include interest accrued on securities.

Box 9: Crop insurance proceeds

Report the crop proceeds of $600 or more paid to a farmer by an insurance company, unless the farmer informed the insurance companies that expenses have been capitalized under section 278, 263A or 447.

Box 10: Gross proceeds paid to an attorney

Report the total amount of $600 or more paid to an attorney for legal services.

Box 11: Fish Purchased for Resale

Report Payment for Fish Purchased for Resale in this box.

Box 12: Section 409A deferrals

Report current year deferrals of a nonemployee under a nonqualified deferred compensation (NQDC) plan if it is subject to section 409A and any earnings on current and prior year deferrals.

Box 13: FATCA Filing Requirement

Check the FATCA filing requirement on 1099-MISC, the payer is reporting on this Form 1099 to satisfy its chapter 4 account reporting requirement.

Continue entering the payments that you made to the recipient and taxes withheld, if any, from the payments made to the recipient.

Box 14: Excess golden parachute payments

Report excess golden parachute payments subject to a 20% excise tax.

Box 15: Nonqualified deferred compensation

Report payments under an NQDC plan that do not meet the requirements of section 409A. Any payment reported in box 12 is currently taxable and is also included in this box.

Box 16 to Box 18

Report state or local income tax withheld from the payments