Download IRS 1099-MISC Template

The IRS 1099-MISC form is used to report various types of income other than wages, salaries, and tips. This form is essential for independent contractors, freelancers, and certain other payees to accurately document their earnings. Understanding how to fill out the 1099-MISC is crucial for compliance with tax regulations, so be sure to click the button below for guidance on completing the form.

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Misconceptions

The IRS 1099-MISC form is often misunderstood. Here are nine common misconceptions about this form and clarifications for each.

Only businesses need to file a 1099-MISC.
Individuals who pay independent contractors or freelancers may also need to file this form. If payments exceed $600 in a calendar year, reporting is required regardless of business status.
The 1099-MISC is only for reporting income.
This form is used to report various types of payments, including rents, prizes, awards, and other income. It is not limited to just contractor payments.
All payments require a 1099-MISC.
Not all payments need to be reported. For example, payments made to corporations generally do not require a 1099-MISC, with certain exceptions.
Filing a 1099-MISC is optional.
Filing is mandatory if the payment meets the reporting threshold. Failure to file can lead to penalties from the IRS.
The 1099-MISC is the only form for reporting non-employee compensation.
Starting in 2020, the IRS introduced the 1099-NEC specifically for reporting non-employee compensation. The 1099-MISC is still used for other types of payments.
Recipients must report 1099-MISC income on their tax returns.
While recipients should report income received, they are responsible for ensuring their tax returns are accurate. The IRS matches reported income with tax returns.
The 1099-MISC must be filed by January 31.
The deadline for filing the 1099-MISC form is January 31 if reporting non-employee compensation. However, other types of payments may have different deadlines.
Once a 1099-MISC is filed, it cannot be corrected.
Corrections can be made by filing a new 1099-MISC with the correct information. It is important to indicate that it is a correction when doing so.
The IRS does not care about 1099-MISC forms.
The IRS actively monitors these forms to ensure compliance with tax laws. They use the information to verify income reported by taxpayers.

File Details

Fact Name	Description
Purpose	The IRS 1099-MISC form is used to report miscellaneous income, such as payments made to independent contractors or rental income.
Threshold	Businesses must issue a 1099-MISC form if they paid an individual or entity $600 or more in a calendar year.
Filing Deadline	The deadline to file the 1099-MISC form with the IRS is typically January 31 of the year following the payment.
State-Specific Forms	Some states require their own versions of the 1099-MISC form. For example, California has the 1099-MISC form governed by California Revenue and Taxation Code Section 18631.
Penalties	Failing to file the 1099-MISC on time can result in penalties ranging from $50 to $550 per form, depending on how late the form is filed.
Recipient Copy	A copy of the 1099-MISC must be provided to the recipient by January 31, ensuring they can report the income on their tax return.

Key takeaways

When filling out and using the IRS 1099-MISC form, keep these key points in mind:

Know the purpose: The 1099-MISC form is used to report various types of income other than wages, salaries, and tips.
Identify the recipients: Ensure you collect accurate information from all individuals or businesses you paid $600 or more in a year.
Fill out correctly: Include the payer's and recipient's name, address, and taxpayer identification number (TIN) to avoid delays or issues.
File on time: Submit the 1099-MISC form to the IRS by the deadline, which is typically January 31st of the following year.
Keep copies: Retain copies of the 1099-MISC forms for your records, as you may need them for future reference or audits.
Seek help if needed: If you're unsure about any part of the process, consider consulting a tax professional for guidance.

These steps will help ensure that you comply with IRS requirements and avoid potential penalties.

Dos and Don'ts

When filling out the IRS 1099-MISC form, attention to detail is crucial. Here are some important dos and don'ts to keep in mind:

Do ensure that you have the correct recipient's name and taxpayer identification number (TIN).
Do report all necessary payments made to the recipient accurately.
Do use the correct boxes for reporting different types of income.
Do double-check your entries for accuracy before submission.
Do file the form by the IRS deadline to avoid penalties.

Don't forget to keep a copy of the completed form for your records.
Don't use outdated forms; always use the current year's version.
Don't neglect to provide a copy to the recipient by the required date.
Don't leave any required fields blank; incomplete forms can lead to issues.

Common mistakes

Incorrect Recipient Information: One common mistake is providing inaccurate details about the recipient. This includes misspelling names, incorrect addresses, or using the wrong taxpayer identification number (TIN). Double-checking this information can prevent delays and issues with the IRS.
Improper Classification of Payments: People often misclassify the type of payments made. For instance, not all payments to contractors should be reported on the 1099-MISC form. Understanding which payments require reporting is essential to avoid penalties.
Missing or Incorrect Amounts: Failing to accurately report the total amount paid can lead to significant problems. Ensure that all payments are totaled correctly and that the amounts correspond to the correct categories on the form.
Not Filing on Time: Timeliness is crucial when submitting the 1099-MISC form. Many individuals overlook the deadlines, which can result in penalties. Mark your calendar and allow enough time to gather all necessary information before the due date.

What You Should Know About This Form

What is the IRS 1099-MISC form?
The IRS 1099-MISC form is used to report various types of income that are not classified as wages, salaries, or tips. This includes payments made to independent contractors, rent, royalties, and other forms of compensation. If you have received $600 or more from a single payer during the tax year, that payer is required to issue a 1099-MISC to you.
Who needs to file a 1099-MISC?
Businesses, including sole proprietorships, partnerships, and corporations, are responsible for filing a 1099-MISC if they have made qualifying payments. This typically includes payments to freelancers, contractors, or any individual who provided services and was compensated over the $600 threshold. However, payments made to corporations are generally exempt, with some exceptions.
When is the 1099-MISC form due?
The deadline for filing the 1099-MISC form varies depending on how you file. If you are submitting the form electronically, it is due by March 31 of the following year. For paper filings, the deadline is January 31. It is essential to meet these deadlines to avoid potential penalties.
What should I do if I receive a 1099-MISC?
If you receive a 1099-MISC, review the information carefully. Ensure that your name, taxpayer identification number, and the reported amounts are accurate. If you find any discrepancies, contact the issuer to correct the information. Keep the form for your records, as you will need it when filing your tax return.

IRS 1099-MISC Example

Attention:

Copy A of this form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. The official printed version of Copy A of this IRS form is scannable, but the online version of it, printed from this website, is not. Do not print and file copy A downloaded from this website; a penalty may be imposed for filing with the IRS information return forms that can’t be scanned. See part O in the current General Instructions for Certain Information Returns, available at IRS.gov/Form1099, for more information about penalties.

Please note that Copy B and other copies of this form, which appear in black, may be downloaded and printed and used to satisfy the requirement to provide the information to the recipient.

If you have 10 or more information returns to file, you may be required to file e-file. Go to IRS.gov/InfoReturn for e-file options.

If you have fewer than 10 information returns to file, we strongly encourage you to e-file. If you want to file them on paper, you can place an order for the official IRS information returns, which include a scannable Copy A for filing with the IRS and all other applicable copies of the form, at IRS.gov/EmployerForms. We’ll mail you the forms you request and their instructions, as well as any publications you may order.

See Publications 1141, 1167, and 1179 for more information about printing these forms.

9595

VOID

CORRECTED

PAYER’S name, street address, city or town, state or province, country, ZIP

Rents

OMB No. 1545-0115

or foreign postal code, and telephone no.

Form 1099-MISC

Miscellaneous

Royalties

(Rev. January 2024)

Information

For calendar year

Other income

Federal income tax withheld

Copy A

For

PAYER’S TIN

RECIPIENT’S TIN

Fishing boat proceeds

Medical and health care

Internal Revenue

payments

Service Center

File with Form 1096.

RECIPIENT’S name

Payer made direct sales

Substitute payments in lieu

For Privacy Act

totaling $5,000 or more of

of dividends or interest

and Paperwork

consumer products to

recipient for resale

Reduction Act

Street address (including apt. no.)

Crop insurance proceeds

Gross proceeds paid to an

Notice, see the

attorney

current General

Instructions for

Certain

City or town, state or province, country, and ZIP or foreign postal code

Fish purchased for resale

Section 409A deferrals

Information

Returns.

13 FATCA filing

Excess golden parachute

Nonqualified deferred

requirement

payments

compensation

Account number (see instructions)

2nd TIN not.

State tax withheld

State/Payer’s state no.

18 State income

Form 1099-MISC (Rev. 1-2024)

Cat. No. 14425J

www.irs.gov/Form1099MISC

Department of the Treasury - Internal Revenue Service

Do Not Cut or Separate Forms on This Page — Do Not Cut or Separate Forms on This Page

	VOID	CORRECTED
PAYER’S name, street address, city or town, state or province, country, ZIP			1	Rents	OMB No. 1545-0115
or foreign postal code, and telephone no.
			$		Form 1099-MISC		Miscellaneous
			2	Royalties	(Rev. January 2024)			Information
					For calendar year
			$

			3	Other income	4	Federal income tax withheld		Copy 1
			$		$			For State Tax
PAYER’S TIN	RECIPIENT’S TIN		5	Fishing boat proceeds	6	Medical and health care		Department
						payments
			$		$
RECIPIENT’S name			7	Payer made direct sales	8	Substitute payments in lieu
				totaling $5,000 or more of		of dividends or interest
				consumer products to	$
				recipient for resale	$
Street address (including apt. no.)			9	Crop insurance proceeds	10	Gross proceeds paid to an
						attorney
			$		$
City or town, state or province, country, and ZIP or foreign postal code			11	Fish purchased for resale	12	Section 409A deferrals
			$		$
		13 FATCA filing	14	Excess golden parachute	15	Nonqualified deferred
		requirement		payments		compensation
			$		$
Account number (see instructions)			16	State tax withheld	17	State/Payer’s state no.		18 State income
			$					$
			$					$
Form 1099-MISC (Rev. 1-2024)		www.irs.gov/Form1099MISC				Department of the Treasury - Internal Revenue Service

CORRECTED (if checked)

PAYER’S name, street address, city or town, state or province, country, ZIP 1 Rents	OMB No. 1545-0115
or foreign postal code, and telephone no.

			$	Form 1099-MISC		Miscellaneous
			2 Royalties	(Rev. January 2024)			Information
				For calendar year
			$

			3 Other income	4 Federal income tax withheld			Copy B
			$	$			For Recipient
PAYER’S TIN	RECIPIENT’S TIN		5 Fishing boat proceeds	6	Medical and health care
					payments
			$	$
RECIPIENT’S name			7 Payer made direct sales	8	Substitute payments in lieu		This is important tax
			totaling $5,000 or more of		of dividends or interest		This is important tax
			consumer products to	$			information and is
			recipient for resale	$			being furnished to
Street address (including apt. no.)			9 Crop insurance proceeds	10	Gross proceeds paid to an		the IRS. If you are
					attorney		required to file a
			$	$			return, a negligence
			$	$			penalty or other
City or town, state or province, country, and ZIP or foreign postal code			11 Fish purchased for resale	12	Section 409A deferrals		sanction may be
							imposed on you if
			$	$			this income is
			$	$			taxable and the IRS
		13 FATCA filing 14 Excess golden parachute		15	Nonqualified deferred		determines that it
		requirement	payments		compensation		has not been
			$	$			reported.
			$	$
Account number (see instructions)			16 State tax withheld	17	State/Payer’s state no.		18 State income
			$				$
			$				$
Form 1099-MISC (Rev. 1-2024)	(keep for your records)		www.irs.gov/Form1099MISC		Department of the Treasury - Internal Revenue Service

Instructions for Recipient

Recipient’s taxpayer identification number (TIN). For your protection, this form may show only the last four digits of your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN). However, the payer has reported your complete TIN to the IRS.

Account number. May show an account or other unique number the payer assigned to distinguish your account.

Amounts shown may be subject to self-employment (SE) tax. Individuals should see the Instructions for Schedule SE (Form 1040). Corporations, fiduciaries, or partnerships must report the amounts on the appropriate line of their tax returns.

Form 1099-MISC incorrect? If this form is incorrect or has been issued in error, contact the payer. If you cannot get this form corrected, attach an explanation to your tax return and report your information correctly.

Box 1. Report rents from real estate on Schedule E (Form 1040). However, report rents on Schedule C (Form 1040) if you provided significant services to the tenant, sold real estate as a business, or rented personal property as a business. See Pub. 527.

Box 2. Report royalties from oil, gas, or mineral properties; copyrights; and patents on Schedule E (Form 1040). However, report payments for a working interest as explained in the Schedule E (Form 1040) instructions. For royalties on timber, coal, and iron ore, see Pub. 544.

Box 3. Generally, report this amount on the “Other income” line of Schedule 1 (Form 1040) and identify the payment. The amount shown may be payments received as the beneficiary of a deceased employee, prizes, awards, taxable damages, Indian gaming profits, or other taxable income. See Pub. 525. If it is trade or business income, report this amount on Schedule C or F (Form 1040).

Box 4. Shows backup withholding or withholding on Indian gaming profits. Generally, a payer must backup withhold if you did not furnish your TIN. See Form W-9 and Pub. 505 for more information. Report this amount on your income tax return as tax withheld.

Box 5. Shows the amount paid to you as a fishing boat crew member by the operator, who considers you to be self-employed. Self-employed individuals must report this amount on Schedule C (Form 1040). See Pub. 334.

Box 6. For individuals, report on Schedule C (Form 1040).

Box 7. If checked, consumer products totaling $5,000 or more were sold to you for resale, on a buy-sell, a deposit-commission, or other basis. Generally, report any income from your sale of these products on Schedule C (Form 1040).

Box 8. Shows substitute payments in lieu of dividends or tax-exempt interest received by your broker on your behalf as a result of a loan of your securities. Report on the “Other income” line of Schedule 1 (Form 1040).

Box 9. Report this amount on Schedule F (Form 1040).

Box 10. Shows gross proceeds paid to an attorney in connection with legal services. Report only the taxable part as income on your return.

Box 11. Shows the amount of cash you received for the sale of fish if you are in the trade or business of catching fish.

Box 12. May show current year deferrals as a nonemployee under a nonqualified deferred compensation (NQDC) plan that is subject to the requirements of section 409A plus any earnings on current and prior year deferrals.

Box 13. If the FATCA filing requirement box is checked, the payer is reporting on this Form 1099 to satisfy its account reporting requirement under chapter 4 of the Internal Revenue Code. You may also have a filing requirement. See the Instructions for Form 8938.

Box 14. Shows your total compensation of excess golden parachute payments subject to a 20% excise tax. See your tax return instructions for where to report.

Box 15. Shows income as a nonemployee under an NQDC plan that does not meet the requirements of section 409A. Any amount included in box 12 that is currently taxable is also included in this box. Report this amount as income on your tax return. This income is also subject to a substantial additional tax to be reported on Form 1040, 1040-SR, or 1040-NR. See the instructions for your tax return.

Boxes 16–18. Show state or local income tax withheld from the payments.

Future developments. For the latest information about developments related to Form 1099-MISC and its instructions, such as legislation enacted after they were published, go to www.irs.gov/Form1099MISC.

Free File Program. Go to www.irs.gov/FreeFile to see if you qualify for no-cost online federal tax preparation, e-filing, and direct deposit or payment options.

CORRECTED (if checked)

PAYER’S name, street address, city or town, state or province, country, ZIP 1 Rents	OMB No. 1545-0115
or foreign postal code, and telephone no.

			$		Form 1099-MISC		Miscellaneous
			2 Royalties		(Rev. January 2024)			Information
					For calendar year
			$

			3 Other income	4		Federal income tax withheld		Copy 2
			$	$				To be filed with
PAYER’S TIN	RECIPIENT’S TIN		5 Fishing boat proceeds	6		Medical and health care		recipient’s state
						payments		income tax return,
								when required.
			$	$
RECIPIENT’S name			7 Payer made direct sales	8		Substitute payments in lieu
			totaling $5,000 or more of			of dividends or interest
			consumer products to	$
			recipient for resale	$
Street address (including apt. no.)			9 Crop insurance proceeds	10		Gross proceeds paid to an
						attorney
			$	$
City or town, state or province, country, and ZIP or foreign postal code			11 Fish purchased for resale	12		Section 409A deferrals
			$	$
		13 FATCA filing 14 Excess golden parachute		15		Nonqualified deferred
		requirement	payments			compensation
			$	$
Account number (see instructions)			16 State tax withheld	17		State/Payer’s state no.		18 State income
			$					$
			$					$
Form 1099-MISC (Rev. 1-2024)	www.irs.gov/Form1099MISC					Department of the Treasury - Internal Revenue Service

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