Filing a 1099-MISC Tax Form

Tax Form 1099-MISC is commonly used among self-employed professionals to report profits from services performed for other organizations. If you are a sole-proprietor and were paid more than $600 for services during a given tax year, the business you worked for is required to send Tax Form 1099-MISC.

You must file Form 1099-MISC for each person to whom you have paid during the year:

• At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest
• At least $600 in rents, services, prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payment for fish you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
• Any fishing boat proceeds; or
• Gross proceeds of $600 or more paid to an attorney

For more information about the 1099-MISC tax form, please visit the following websites:

‘ www.banks.com/taxes/what-is-tax-form-1099misc

‘ www.bankrate.com/financing/taxes/1099-or-no-report-your-income

 

---