Form 1099-NEC for the following payment types:
- Services performed by independent contractors or others - not employees of your business (formerly box 7 of form 1099-MISC)
Form 1099-MISC for the following payment types:
- Rent (Box 1)
- Royalties, (Box 2), $10 or more in royalties (or broker payments in lieu of dividends or tax-exempt interest)
- Other Income such as Prizes and awards (see IRS Instructions for Form 1099-MISC, Box 3)
- Backup withholding or federal income tax withheld (Box 4)
- Crewmembers of your fishing boat (Box 5)
- To physicians, physicians’ corporation or other supplier of health and medical services (Box 6)
- Substitute dividends or tax-exempt interest payments and you are a broker (Box 8)
- Crop insurance proceeds (Box 9)
- Gross proceeds of $600 or more paid to an attorney (Box 10)
Form 1099-A, Acquisition or Abandonment of Secured Property
Form 1099-B, Proceeds from Broker and Barter Exchange Transactions
Form 1099-C, Cancellation of Debt
Form 1099-CAP, Changes in Corporate Control and Capital Structure
Form 1099-DIV for Dividends or other distributions to a company shareholder
Form 1099-G, Certain Government Payments
Form 1099-INT for Interest on a business debt to someone (excluding interest on an obligation issued by an individual)
Form 1099-K for Payments to merchants or other entities in settlement of reportable payment transactions, that is, any payment card or third-party network transaction
Form 1099-LTC, Long Term Care and Accelerated Death Benefits
Form 1099-OID, Original Issue Discount
Form 1099-PATR, Taxable Distributions Received from Cooperatives
Form 1099-Q, Payments from Qualified Education Programs
Form 1099-R for Distribution from a retirement or profit plan or from an IRA or insurance contract
Form 1099-S, Proceeds from Real Estate Transactions
Form 1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
You are NOT required to file information return(s) if any of the following situations apply:
- You are not engaged in a trade or business.
- You are engaged in a trade or business and
- the payment was made to another business that is incorporated and was not for medical or legal services (Do file 1099-MISC for payments to a Partnership, LLC (unincorporated LLC), LLP, sole proprietor, individual and corporations for medical and legal services) or
- the sum of all payments made to the person or unincorporated business is less than $600 in one tax year
Due dates:
1099-NEC forms are due to recipients and IRS by January 31, 2024. For all other payments reported on other 1099’s, file by February 28, 2024.
Information needed to file 1099-MISC:
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Your entity's legal name, address, tax ID #, phone # and contact name
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Each payee's name, address, tax ID#, total paid in calendar year, category of payment.
IRS Form W-9 is used to request payee legal name, tax ID # and entity type. Provide this IRS form to every vendor / payee you are going to or did make a payment to. Payors are required to backup up withhold Federal Income Tax (at 24% when a payee does not provide a TIN). Retain completed W-9 forms in your record. See attached W-9.
