Form 1099 Series Updates for the 2022 Tax Year

With 2022 coming to a close, it’s time to start filing your returns, and sometimes, new years bring changes. The IRS has made a few updates to 1099 Form returns. 

Form 1099-MISC

The IRS has released a new version of Form 1099-MISC. 

In this new version, the checkbox for reporting Foreign Account Tax Compliance Act (FATCA) filing requirements is numbered 13. As a result of this change, the formerly numbered 13-14 boxes on the form have been renumbered to 14-15. You can learn more about the changes to Form 1099-MISC.

Form 1099-INT

Effective starting in the tax year 2022, the title of box 3- Interest on U.S. Savings Bonds and Treas. Obligations has been changed to Interest on U.S. Savings Bonds and Treasury Obligations. You can learn more about Form 1099-INT for tax year 2022 here.

Form 1099-DIV

For 2022, the checkbox for Foreign Account Tax Compliance Act (FATCA) filing requirement is numbered 13. Because of this, the formerly numbered 13-14 box found on the 2021 Form 1099-DIV has been renumbered to boxes 14-18. You can learn more about Form 1099-DIV here.

Form 1099-K

Prior to tax year 2021, the Payment Settlement Entities (PSEs) were required to file Form 1099-K if the gross amount of reportable income exceeds $20,000 and 200 transactions throughout the year. For 2022, the IRS has reduced this 1099-K threshold to $600 regardless of the number of transactions. You can learn more about Form 1099-K here.

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