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Where do I report Form 1099-MISC?

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Question
Where do I report Form 1099-MISC?

Answer

To enter your 1099-Misc, click on the Income Tab and then 1099-Misc on the income page.

 

  • At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest (see Box 8);
  • At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a national principal contract to an individual, partnership, or estate;
  • Any fishing boat proceeds; or
  • Gross proceeds paid to an attorney (see Payments to attorneys).

In addition, use Form 1099-MISC to report that you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment. You must also file Form 1099-MISC for each person from whom you have withheld any Federal income tax under the backup withholding rules regardless of the amount of the payment.

Be sure to report payments in the proper box because the IRS uses this information to determine whether the recipient has properly reported the payment.

Exceptions. Some payments are not required to be reported on Form 1099-MISC, although they may be taxable to the recipient. Payments for which a Form 1099-MISC is not required include:

  • Generally, payments to a corporation; but see payments reportable to corporations on page MISC-2;
  • Payments for merchandise, telegrams, telephone, freight, storage, and similar items;
  • Payments of rent to real estate agents, but see Regulations section 1.6041-1(e)(5), Example 5;
  • Wages paid to employees (report on Form W-2, Wage and Tax Statement);
  • Business travel allowances paid to employees (may be reportable on Form W-2);
  • Cost of current life insurance protection (report on Form W-2 or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.); and
  • Payments to a tax-exempt organization, the United States, a state, the District of Columbia, a U.S. possession, or a foreign government.

For more information, see 1099-MISC Instructions.


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Views: 2275 Created on: Jun 15, 2013
Date updated: Dec 10, 2018
Posted in: Income

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