IRS Form 1099-MISC Miscellaneous Information

Form 1099-MISC Instructions

Follow these IRS Form 1099-MISC Instructions to outline various types of compensation your business paid:

1. Check the appropriate box that applies in your case - you may void the form you filed before or confirm you have corrected the details as soon as you discover errors in the previous document . Specify the calendar year described in the form.

2. Identify the payer - list the name, taxpayer identification number, and mailing address . List the same information to clarify who the recipient of the payment is. Note that you need to add the number of their account if you maintain several accounts that bear the name of the recipient.

3. Indicate the amount of rent you paid if the amount equals or exceeds $600 . When it comes to royalties, you are required to report all payments of $10 and more. List other types of income you have paid if they cannot be included in categories with the threshold is $600 as well - for example, this field is for different awards and prizes and items someone won at a game show.

4. Enter the amount of income tax you deducted from payments . Fishing boat operators must state the proceeds every crew member received. Elaborate on the amount of payments related to health care and confirm whether the amount of direct sales you have made met the $5.000 threshold.

5. Record the amount of substitute payments brokers got for their customers instead of dividends and interest, indicate the proceeds paid to farmers by insurance providers, list the amount of money paid to legal professionals, and enter the amount of cash payments people involved in the catching fish business received from you.

6. Check the box if you have to comply with the Foreign Account Tax Compliance Act filing requirement, state the amount of excess parachute payments, and clarify how much deferred compensation you paid out . Write down the abbreviation of your state, the state payment amount, and the tax deducted on the state level.

7. Prepare four copies of the document - keep one of them in your records, send two copies to the recipient (they will retain one instrument and submit the other with their income statement), and submit one copy to the IRS . Note that paper returns of this kind must be accompanied by IRS Form 1096, Annual Summary and Transmittal of U.S. Information Returns.

Where to Mail Form 1099-MISC?

Taxpayers are supposed to submit Form 1099-MISC using the address based on the location of their business:

1. If you carry out operations in Alabama, Arizona, Arkansas, Delaware, Florida, Georgia, Kentucky, Maine, Massachusetts, Mississippi, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Texas, Vermont, or Virginia, file the paperwork with the Internal Revenue Service, Austin Submission Processing Center, P.O. Box 149213, Austin, TX 78714 .

2. Companies that conduct their business in Alaska, Colorado, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, North Dakota, Oklahoma, Oregon, South Carolina, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming need to send the documentation to the Department of the Treasury, IRS Submission Processing Center, P.O. Box 219256, Kansas City, MO 64121-9256 .

3. Mail the instrument to the Department of the Treasury, IRS Submission Processing Center, 1973 North Rulon White Blvd., Ogden, UT 84201 if your entity is located in California, Connecticut, District of Columbia, Louisiana, Maryland, Pennsylvania, Rhode Island, or West Virginia.

4. In case your main place of business is abroad, submit the papers to the Internal Revenue Service, Austin Submission Processing Center, P.O. Box 149213, Austin, TX 78714 .

IRS 1099-MISC Related Forms:

Apart from IRS 1099-MISC, the IRS Form 1099 series comprises of the following 19 variants:

• 1099-A, Acquisition or Abandonment of Secured Property. Use this form to provide information on the acquisition or abandonment of the property serving as security for the debt where you are the lender. There are no limits as regards to the amount.
• 1099-B, Proceeds from Broker and Barter Exchange Transactions. This form is used to report sales or redemptions of securities, commodities, futures transactions, and barter exchange transactions in all amounts.
• 1099-C, Cancellation of Debt. This form is filed by the lender and is used to report a $600 minimum in the cancellation of a debt owed to a financial institution, the federal government, a credit union, a military department, the U.S. Postal Service, or any organization having a significant money-lending trade or business. The IRS treats the debt cancellation as income, which may be taxable to the debtor.
• 1099-CAP, Changes in Corporate Control and Capital Structure. This form is filed by the corporation and is used to report information about cash, stock, or any other property obtained through the acquisition of control, or to declare a substantial change in the capital structure of a corporation. Only amounts over $1,000 are to be reported.
• 1099-DIV, Dividends and Distributions. An investment fund company uses this form to report their distributions and dividends that were paid on stock and liquidation distributions during the year. These payments are different than the income earned by the company from selling stocks; it is a payment of the corporation's earnings directly to shareholders. The minimum amount to be reported is $10, and $600 for liquidations.
• 1099-G, Certain Government Payments. This form is filed by a government agency and is used to report at least $10 in compensations for unemployment, state and local income tax refunds, taxable grants, and agricultural payments made during the year.
• 1099-H, Health Coverage Tax Credit (HCTC) Advance Payments. This form is used to report health insurance premiums that were paid on behalf of certain individuals.
• 1099-INT, Interest Income. This form is used to report interest payments. Taxpayers receive this form from the government, financial institutions, or banks where they have interest-bearing accounts. In some cases, the minimum amount to be reported is $10, and others $600.
• 1099-K, Payment Card and Third Party Network Transactions. Banks and other payment processors use this form to report payment card transactions in any amount, and third party network transactions of at least $20,000 and a minimum of 200 transactions.
• 1099-LS, Reportable Life Insurance Sale. This form is used to report amounts paid in a reportable policy sale in any amount.
• 1099-LTC, Long-Term Care and Accelerated Death Benefits. This form is used to report payments made in compliance with a long-term care insurance contract and accelerated death benefits paid in compliance of a life insurance contract or by a viatical settlement provider, in any amount.
• 1099-OID, Original Issue Discount. The issuer of the debt instrument or broker uses this form to report a minimum $10 original issue discount (the issuer of the debt instrument or broker uses this form to report a minimum $10 original issue discount, which is a form of interest).
• 1099-PATR, Taxable Distributions Received From Cooperatives. This form is used to report at least $10 in distributions from cooperatives.
• 1099-Q, Payments from Qualified Education Programs. This form is used to report earnings from qualified tuition programs and Coverdell Education Savings Accounts.
• 1099-QA, Distributions from ABLE Accounts. This form is used to report the distributions from Achieving a Better Life Experience (ABLE) accounts, in any amount.
• 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. This form is used to report the distributions obtained from retirement or profit-sharing plans, any Individual Retirement Arrangement (IRA), insurance contract, and IRA recharacterization, in at least $10 amount.
• 1099-S, Proceeds from Real Estate Transactions. This form is used to report at least $600 in gross proceeds from sales or exchanges of real estate and certain royalty payments.
• 1099-SA, Distributions from an HSA, Archer MSA, or Medicare Advantage MSA. This form is used to report any amount of distributions from a Health Savings Account or an Archer or Medicare Advantage Medical Savings Account.
• 1099-SB, Seller's Investment in Life Insurance Contract. The issuer of a life insurance contract uses this to report the seller's investment in the contract, in any amount.