What is a Form 1099-MISC?
A 1099-MISC is a type of tax form. It is used to report miscellaneous income for individuals and companies who have been paid $600 or more in non-employee service payments during a calendar year with the exception of royalty payments of $10 or more.
What type of payments are reported on a Form 1099-MISC?
Examples of payments reported on a 1099-MISC include:
- Guest Speakers / Lectures
- Legal Services
- Medical / Dental Services
- Research Subjects (travel/mileage expenses are not reportable)
- Other Services
What is the difference between a Form W-2 and a Form 1099-MISC?
The Form W-2 is used by employers to report wages, tips and other compensation paid to an employee. The Form W-2 is provided by the employer to the employee and the Social Security Administration.
A Form 1099-MISC is used to report payments made in the course of a trade or business to another person or business who is not an employee. The form is required when payments of $10 or more in gross royalties or $600 or more in rents or compensation are paid. The payer provides this form to the Internal Revenue Service (IRS) and the person or business that received the payment.
When is the Form 1099-MISC distributed?
Accounts Payable will distribute the 1099-MISC no later than January 31. Forms 1099-MISC are mailed via the U.S. Postal Service and are not available electronically. Please allow time for delivery.
Whom do I contact with questions about Form 1099-MISC?
Please contact firstname.lastname@example.org.
This includes questions related to amount, payment detail, incorrect Tax ID, name listed on the form or if the form was lost or never received.
Whom do I contact with questions regarding how to report the amounts from Form 1099-MISC on my tax return?
Please direct these questions to your tax professional or to the IRS. Please visit www.irs.gov for additional information.