Get the 1099-MISC Form in editor
What is 1099-MISC form?
The 1099-MISC form is one of the types of forms that were created for US citizens to report about the incomes and expenses. It is necessary to define the level of taxes the individuals have to pay.
What I need 1099-MISC form for?
You need to fill the 1099-MISC form in two cases:
- If you make payments to freelancers or independent contractors, spending no less than $600 within one year;
- If you pay no less than $10 in royalties or broker payments instead of dividends or tax-exempt interest.
You do not need to submit the form if you made the payments that do not relate to business purposes.
Filling out 1099-MISC form
As the 1099-MISC form has to be received by a number of different institutions (IRS, the recipient of income, state tax department, and so on), there are several copies. On the right side of each copy, you will see a note stating where you need to send this document, so be very attentive!
In general, each copy contains the field related to personal information, such as the company’s name, address, recipient’s name, and so on. Besides this, you need to calculate and fill the number of rents, royalties, nonemployee compensations, and other expenses.
Organizations that work with 1099-MISC form
- Businesses that make more than $600 payments to independent contractors or freelancers within a year;
- Businesses that pay more than $10 in royalties or broker payments (instead of dividends or tax-exempt interest).
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