Time to Report Miscellaneous Income with Form 1099 MISC
Form 1099 MISC: Miscellanious Income
It’s that time of year again. After opening your presents, it’s time to wrap up your annual tax returns. In this blogpost we’ve prepared some useful tips for completing the IRS form 1099-MISC. What has changed in requirements and due dates for the 2016 fiscal year?
Who needs to submit form 1099 MISC?
This form 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 only for independent contractors.
Is form 1099 MISC accompanied by other forms?
Form 1099-MISC for the 2016 tax year contains three copies to send to the IRS, state tax department, the recipient (another party, such as an attorney or a provider of services). In addition, there is another copy for the payer.
When is form 1099 MISC for 2016 due?
Due dates for 2016 fiscal year have been changed. For filing form 1099-MISC with the IRS, the due date is January 31, 2017, not February 28, as it was last year. Filing form 1099-MISC with workers and service providers is due on January 31 as usual.
Where do I send form 1099 MISC?
You can upload an e-file at the official IRS website and send e-copies to other recipients or you can print out completed copies and mail them.
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 of rents, royalties, other income, 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. Learn more about filling out every section of the 1099-MISC with these instructions from Fitsmallbusiness.com.
With PDFfiller’s editing tools, completing 1099-MISC will take no time at all. Fill out this form and other annual tax returns for 2016 tax year from our catalog, all collected here for your convenience.