Form 1099-MISC

1099-MISC1099
In the United States, Form 1099-MISC is a variant of Form 1099 used to report miscellaneous income.wikipedia
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Form 1099

10991099 forms1099-B
In the United States, Form 1099-MISC is a variant of Form 1099 used to report miscellaneous income.
For Form 1099-MISC in particular, businesses are required to submit a Form 1099 for every contractor paid more than $600 for services during a year.

Independent contractor

contractorindependent contractorscontractors
One notable use of Form 1099-MISC is to report amounts paid by a business (including nonprofits ) to a non-corporate US resident independent contractor for services (in IRS terminology, such payments are nonemployee compensation).
In the United States, any company or organization engaged in a trade or business that pays more than $600 to an independent contractor in one year is required to report this to the Internal Revenue Service (IRS) as well as to the contractor, using Form 1099-MISC.

Form 1099-K

1099-K
There may be other forms, such as Form W-2 (for wages) or Form 1099-K (for payments made with a credit card) that must be filed instead. Form 1099-K "Payment Card and Third Party Network Transactions" is a variant of Form 1099 used to report payments received through reportable payment card transactions (such as debit, credit, or stored-value cards) or settlement of third-party payment network transactions.
Form 1099-MISC is a variant of Form 1099 used to report miscellaneous income.

Form 1042

Form 1042-S1042-S
In this case, Form 1042-S is usually issued in place of Form 1099-MISC.
Form 1099-MISC is a variant of Form 1099 used to report miscellaneous income.

Misclassification of employees as independent contractors

independent contractorsIRS Reclassificationemployee misclassification
Employers must report the incomes of employees and independent contractors using the IRS forms W-2 and 1099, respectively.

Native American gaming

Indian gamingIndian casinocasino
Other uses of Form 1099-MISC include rental income, royalties, and Native American gaming profits.

Internal Revenue Service

IRSinternal revenueBureau of Internal Revenue
The form is issued by the payer (e.g. business) and is due to the recipient (e.g. contractor) by January 31 and to the IRS by the last day of February each year for work done during the previous tax year.

Form W-2

W-2W-2 formsForm W-2 series
There may be other forms, such as Form W-2 (for wages) or Form 1099-K (for payments made with a credit card) that must be filed instead.

Form 1040

1040 forms1040 income tax form1040 series
As part of their tax return, independent contractor payees will usually complete a Schedule C (amount from Schedule C will go on line 12 of Form 1040), and Schedule SE (amount from Schedule SE will affect Lines 27 and 57 of Form 1040, and in particular will influence the calculation of Social Security and Medicare taxes).

Social Security (United States)

Social SecuritySocial Security ActSocial Security System
As part of their tax return, independent contractor payees will usually complete a Schedule C (amount from Schedule C will go on line 12 of Form 1040), and Schedule SE (amount from Schedule SE will affect Lines 27 and 57 of Form 1040, and in particular will influence the calculation of Social Security and Medicare taxes).

Medicare (United States)

MedicareMedicare (US)Medicare Catastrophic Coverage Act
As part of their tax return, independent contractor payees will usually complete a Schedule C (amount from Schedule C will go on line 12 of Form 1040), and Schedule SE (amount from Schedule SE will affect Lines 27 and 57 of Form 1040, and in particular will influence the calculation of Social Security and Medicare taxes).

Indian Gaming Regulatory Act

Class IIClass II gamingClass III gaming
However, income from class II or class III gaming as an Indian tribal member must be withheld.

Electronic Federal Tax Payment System

Individuals whose income is primarily from Form 1099-MISC therefore need to send estimated tax payments through the Electronic Federal Tax Payment System (EFTPS) or by paper-filing Form 1040-ES with a check.

Debits and credits

debitcreditdebit and credit
Form 1099-K "Payment Card and Third Party Network Transactions" is a variant of Form 1099 used to report payments received through reportable payment card transactions (such as debit, credit, or stored-value cards) or settlement of third-party payment network transactions.

Credit card

credit cardscreditcredit-card
Form 1099-K "Payment Card and Third Party Network Transactions" is a variant of Form 1099 used to report payments received through reportable payment card transactions (such as debit, credit, or stored-value cards) or settlement of third-party payment network transactions.

Stored-value card

prepaidprepaid cardsstored-value
Form 1099-K "Payment Card and Third Party Network Transactions" is a variant of Form 1099 used to report payments received through reportable payment card transactions (such as debit, credit, or stored-value cards) or settlement of third-party payment network transactions.

Form W-9

W-9W-9 form
When a business pays a contractor in excess of $600 during a tax year, the business is required to file Form 1099-MISC, a variant of Form 1099.

Form 1096

For instance with Form 1099, each variant (such as Form 1099-MISC and Form 1099-K) is treated as a different form.