Form 1099-MISC: Miscellaneous Income
It’s that time of year again. After opening your presents, it’s time to wrap up your annual tax returns. In this post we’ve prepared some useful tips for completing the IRS Form 1099-MISC addressing changes to requirements and due dates for the 2017 fiscal year.
Who needs to submit form 1099-MISC?
The IRS Form 1099-MISC is an annual return for individuals and employers who need to inform the IRS of income other than wages, tips and compensation.
What kind of income do I report with form 1099-MISC?
Miscellaneous income is reported annually as a part of annual income for taxation purposes. Form 1099-MISC in particular serves to declare paid royalties, rents, payments for services, prizes, awards and direct sales of consumer products for resale. Both individuals and business entities use this form. Employers use Form W-2 to report payments to their employees, while form 1099-MISC serves the same purpose for independent contractors.
Is form 1099-MISC accompanied by other forms?
Form 1099-MISC for the 2017 tax year contains three copies to be sent to the IRS, state tax department, the recipient (another party, such as an attorney or a provider of services). In addition, there is a fourth copy for the payer.
When is form 1099 MISC for 2017 due?
For filing form 1099-MISC with the IRS, the due date is January 31st, 2018. Filing form 1099-MISC with employees and service providers is due on January 31st as well.
Where do I send form 1099-MISC?
An employer or accountant can complete Form 1099-MISC using PDFfiller’s intuitive editing tools. 1099-MISC forms can be filed to the IRS in a single click right from a PDFfiller account and copies of the 1099-MISC form can be emailed to the independent contractor.
How do I fill out form 1099-MISC?
Besides general information and the contact information of the filer and the recipient, there are 17 sections to fill out with the amounts for rents, royalties, other incomes, federal income withheld, fishing boat proceeds, medical and health care payments, nonemployee compensation, substitute payments in lieu of dividends or interest, direct sales for resale, crop insurance proceeds, gross proceeds paid to an attorney, excess golden parachute payments, state tax withheld and state income.