Form 1099-MISC, Miscellaneous Income, is used to report payments for services performed for a business by people not treated as its employees, such as payments to subcontractors, rent payments or prizes. A 1099-MISC form must be provided to the recipient and a copy mailed to or E-Filed with the IRS.
Who needs to file a Form 1099-MISC?
File Form 1099-MISC, Miscellaneous Income, 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.
One must also file Form 1099-MISC if direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.
Where do I file a Form 1099-MISC?
If you are filing 250 or more returns you are required to file electronically. The IRS encourages you to file electronically even if you are filing less than 250 returns. ExpressTaxfilings.com is the easiest way – we transmit it all to the IRS for you! If you choose, you can print paper copies and mail them to the IRS and recipient. Find the mailing address and other detailed Form 1099-MISC information at www.irs.gov/uac/Form-1099-MISC.
What is the deadline to file Form 1099-MISC?
The E-File deadline is March 31st. If you choose to paper file, the deadline is February 28 and you are required to file Form 1096, Annual Summary and Transmittal of U.S. Information Returns. The deadline to furnish Form 1099-MISC to recipients is February 15.
ExpressTaxFilings offers affordable pricing options and top notch customer support for E-Filing Form 1099-MISC. For questions, contact the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email us at support@ExpressTaxFilings.com.