FAQs on Form 1099 Series

When Is Form 1099-MISC Needed?

Form 1099-MISC reports miscellaneous income and is filed for each person to whom a payer paid during the year: At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest; At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate; Any fishing boat proceeds; or Gross proceeds of $600 or more paid to an attorney. You must also file Form 1099-MISC of direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.

Last modified 26 Jul 2017 16:07 EST

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