Form 1099 Series Updates for the 2022 Tax Year

Read to learn about the updates to 1099 series forms!

changes to form 1099 series for 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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