IRS 1099 MISC Tax Form- What’s updated in 2022? In the previous tax year 2021, the IRS has revived back “1099 NEC Form”. Most the taxpayers think is the 1099 MISC Form going away. But, along with bringing back the old 1099 NEC form, the IRS has revised back 1099 MISC boxes. Along with the prior year’s changes, the IRS has updated Federal 1099 MISC in 2022.
Form 2021 tax period, you can use 1099 MISC tax Form box 7 & Form 1099 NEC box 2 to report direct sales of consumer products. Know about the updates made in the 1099 MISC Tax return & report the payments to the IRS.
1099 Miscellaneous Form Title Changed
As per the IRS 2022 instructions, the “IRS 1099 MISC Form” title has been changed. Previously, it was known as the “Miscellaneous Income Form”. But from 2022, it calls as the “Miscellaneous Information Tax Form”. Therefore, the change has occurred only in the title. Furthermore, it doesn’t influence the reporting threshold or payments reported on the form.
1099 MISC Box 11 Added
Along with the change in the title of Form 1099 MISC, the IRS also added box 11 which was reserved in the prior years. Also, use box 11 to report payments made under section 6050 R. This means cash payments made for the purchase of fish for resale purposes can report on 1099 MISC box 11.
In the prior year, cash payments made to purchase fish from an individual involved in the trade of catching fish were reported on 1099 NEC. But from 2022, use “IRS 1099 MISC box 11” to report cash payments made for purchasing fish instead of 1099 NEC box 1.
Federal 1099-MISC Boxes in 2022
As per the IRS norms, 1099 MISC boxes have been revised for the tax year 2022. Check out the details about the payments report in the boxes:
|1||Enter the amount of $600 or more paid as real estate rentals, machine rentals, and pasture rentals.|
|2||Amount of $10 or more paid as royalties from oil, gas, or other mineral properties, & for intangible properties.|
|3||Report $600 or more paid as prizes or awards, not for services performed, deceased employee wages, payments to tribal members, punitive damages, H-2A visa agricultural worker.|
|4||Enter the amount withheld under backup withholding rules.|
|5||Report the fishing boat proceeds of $600 or more.|
|6||Payments of $600 or more are made to a physician or other provider of medical or health care services.|
|7||Check the box if the payer made any direct sales of $5,000 or more of consumer products for resale. Don’t enter the dollar amount in this box.|
|8||Enter the aggregate payments of $10 or more instead of dividends or tax-exempt interests in this box.|
|9||Crop insurance proceeds of $600 or more are given to the farmers.|
|10||Gross proceeds of $600 or more are paid to attorneys for performing legal services.|
|11||Total cash payments of $600 or more are made to an individual involved in the trade of catching fish.|
|12||Enter the total deferred amount of $600 or more made to a non-employee under non-qualified plans.|
|13||Report the excess golden parachute payments in this box.|
|14||Use this box to report nonqualified deferred compensation.|
|15-17||Provide state information if you withheld any state taxes in these boxes.|
Is there a change in the 1099 Miscellaneous deadline?
No, the deadlines remained the same. As per the IRS guidelines, IRS 1099 MISC Tax Form due dates are given below:
- Submit 1099 MISC Copy A to the IRS through the paper file by February 28th, 2023 & e-file by March 31st, 2023.
- Furnish 1099 MISC Form Copy B with boxes 8 & 10 to the recipients by February 15th, 2023.
- Recipient Copy B of 1099 MISC without boxes 8 & 10 issued by January 31st, 2023.
Form 1099 Miscellaneous Online Filing
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