IRS Form 1099-MISC (Miscellaneous Income), is used to report payments for services performed for a business with people (contractors) not treated as its employees, such as payments to subcontractors, rent payments or awards. A Form 1099-MISC Form must be issued to the recipient and a copy mailed to or e-filed with the IRS.
Who must file:
File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year: At least $10 in royalties (for box 2) or broker payments in lieu of dividends or tax-exempt interest (box 8); At least $600 in:
1. Rents (box 1).
2. Services performed by someone who is not your employee (including parts and materials), box 7.
3. Prizes and awards (see instructions for boxes 3 and 7).
4. Other income payments (box 3).
5. Medical and health care payments (box 6).
6. Crop insurance proceeds (box 10).
7. Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish (box 7).
8. Generally, the cash paid from a notional principal contract to an individual, partnership, or estate (box 3).
9. Payments to an attorney. See Payments to attorneys.
10. Any fishing boat proceeds (box 5).
In addition, use Form 1099-MISC to report that you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment (box 9). You must also file Form 1099-MISC for each person from whom you have withheld any federal income tax (report in box 4) under the backup withholding rules regardless of the amount of the payment.
Important Note: Be sure to report each payment in the proper box because the IRS uses this information to determine whether the recipient has properly reported the payment.
How to E-FILE IRS Form 1099-MISC:
Register or Sign in to your account
Select a new 1099-MISC Form or Click on New filing
Enter Payer, Recipient and federal details of miscellaneous income Including Boxes 1-10 of Form 1099-MISC
Enter state info as per the state requirement.
Verify the info in the Cart or unsubmitted forms page
Submit the Form 1099-MISC with the IRS and complete your requirement
IRS 1099 Deadline for 2020
File 2020 1099 misc form IRS should receive by January 31, 2021, if you are reporting payments in box 7. Otherwise, file by April 1, 2020. Payers must issue 1099 - MISC form Copy B to recipients on or before January 31, 2021
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File Form 1099-MISC on paper or electronically by January 31, 2021, if you are reporting nonemployee compensation in box 7. Payers must issue 1099-MISC form Copy B to recipients on or before January 31, 2021