Page 37 - tmp
P. 37
TAX YEAR
2019
Form 1099-MISC,
Miscellaneous Income,
Reporting
Form 1099-MISC, Miscellaneous In addition, use Form 1099-MISC to report that you
Income, Reporting made direct sales of at least $5,000 of consumer prod-
ucts to a buyer for resale anywhere other than a perma-
Filing Due Date nent retail establishment.
Form 1099-MISC is due to the IRS by January 31 of the fol-
lowing year when you are reporting non-employee com- You must also file Form 1099-MISC for each person
pensation payments in box 7. Otherwise, file by February from whom you have withheld any federal income tax
28 if filing by paper, or March 31 if filing electronically. under the backup withholding rules regardless of the
The due dates for furnishing payee statements is January amount of the payment.
31 of the following year.
Trade or Business Reporting Only
Who Must File Report on Form 1099-MISC only when payments are
File Form 1099-MISC, Miscellaneous Income, for each made in the course of your trade or business. Personal
person to whom you have paid during the year: payments are not reportable. You are engaged in a trade
• At least $10 in royalties or broker payments in lieu of or business if you operate for gain or profit. However,
dividends or tax-exempt interest, nonprofit organizations are considered to be engaged
• At least $600 in: in a trade or business and are subject to these report-
– Rents, ing requirements. Other organizations subject to these
– Services performed by someone who is not your reporting requirements include trusts of qualified pen-
employee (including parts and materials), sion or profit-sharing plans of employers, certain or-
– Prizes and awards, ganizations exempt from tax under section 501(c) or
– Other income payments, 501(d), farmers’ cooperatives that are exempt from tax
– Medical and health care payments, under section 521, and widely held fixed investment
– Crop insurance proceeds, trusts. Payments by federal, state, or local government
– Cash payments for fish (or other aquatic life) you agencies are also reportable.
purchase from anyone engaged in the trade or busi- Exceptions: Some payments do not have to be reported
ness of catching fish, on Form 1099-MISC, although they may be taxable to
– Generally, the cash paid from a notional principal the recipient. Payments for which a Form 1099-MISC
contract to an individual, partnership, or estate, is not required include payments to a corporation (in-
– Payments to an attorney. See Payments to Attorneys, cluding a limited liability company (LLC) that is treated
later, or as a C or S corporation). But see Reportable Payments to
– Any fishing boat proceeds. Corporations, later.
