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In this video, we will guide you on what Form 1099-MISC is all about and how to fill it
out.
Form 1099-MISC, Miscellaneous Information, is an Internal Revenue Service form used to
report miscellaneous income from individuals and entities that have been paid $10 or more
in royalties, or $600 or more in other types of miscellaneous income during a tax year.
You may use Form 1099-MISC to report income from the following:
Awards, Guest Speakers or Lectures,
Honorariums, Legal Services,
Medical or Dental Services, Performances,
Prizes, Rents,
Research Subjects (Travel or mileage expenses are not reportable),
Royalties, and Other Related Services.
To fill out Form 1099-MISC:
First, enter your full legal name.
Then, enter your full address, including city or town, state or province, country, and ZIP
or postal code.
Enter your active telephone number.
Enter your Tax Identification Number or T-I-N.
Enter the recipient’s T-I-N.
Enter the full legal name of the recipient.
Enter the street address and apartment number of the recipient.
Check the Foreign Account Tax Compliance Act (FATCA) box if you are a U.S. citizen reporting
on Form 1099-MISC to comply with the account reporting requirement under Chapter 4 of the
Internal Revenue Code.
You can also check the box if you are a Foreign Financial Institution (FFI) reporting payments
to a U.S. account pursuant to an election.
The recipient’s account number should be filled out if you check the FATCA filing requirement
box, and if your recipient has multiple accounts.
Enter “X” if the IRS informed you twice within three tax years that the payee provided
an incorrect TIN.
Enter the amount paid for rents from real estate such as significant services to the
tenant, sold real estate as a business or rented personal property as a business.
Enter the amount paid for royalties from oil, gas, or mineral properties; copyrights; and
patents.
Enter the amount paid for other income such as the beneficiary of a deceased employee,
prizes, awards, taxable damages, Indian gaming profits, or other taxable income.
Enter the amount of federal income tax withheld from the recipient.
As a payer, you should backup withhold if the recipient did not furnish his or her TIN.
Enter the amount paid for a fishing boat crew member who is considered self-employed.
Enter the amount paid for medical and health care payments.
Check the box if you paid for consumer products totaling $5,000 or more for resale, on a buy-sell,
a deposit-commission, or other bases.
Enter the amount paid for substitute payments instead of dividends or tax-exempt interest.
Enter the amount paid for crop insurance proceeds.
Enter the gross amount paid to an attorney in connection with legal services.
Enter the amount paid for the purchase of fish for resale from any person involved in
the transaction of catching fish.
Enter the amount paid for current year deferrals as a non-employee under a Non-qualified Deferred
Compensation (NQDC) plan subject to section 490A, United States Internal Revenue Code,
requirements; and other earnings on current or prior-year deferrals.
Enter the amount paid for total compensation of excess golden parachute payments subject
to a 20% excise tax.
Enter the amount of income as a non-employee under an NQDC plan that does not meet the
section 490A requirements.
Any taxable amount that is included in Box 12 is also included in this box.
State tax withheld reporting boxes.
You can use these boxes to report payments up to two states.
In box 15, enter the amount of state income tax you withheld; in box 16, enter the state
or payer’s state number; in box 17, enter the amount of state income.
To learn more about this form or find other fillable templates, visit www.pdfrun.com.