Form 1099-MISC is Due March 31, 2022!

If you chose to electronically file Form 1099-MISC, the deadline is March 31, 2022! This deadline is only 3 business days away! 

If you need to e-file Form 1099-MISC, our sister product, TaxBandits, is here to help! With TaxBandits, you can e-file Form 1099-MISC easily and accurately. 

TaxBandits is an IRS-authorized e-filing service that has several resources to make your filing process simple. When e-filing with TaxBandits, clients’ can take advantage of their internal audit, bulk upload options, postal mailing solutions, state filing, and much more!

What is Form 1099-MISC? 

IRS Form 1099-MISC is a tax form used to report the miscellaneous payments made to other self-employed people during the calendar year. Form 1099-MISC is also used to report payments made for rent, fishing boat proceeds, medical and health care payments, prizes, awards, and more. 

Who Must File Form 1099-MISC? 

Individuals that make the following type of payments during the tax year must file Form 1099-MISC

  • At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest
  • At least $600 in the following: 
    • Rents, prizes and awards, other income payments, medical and health care payments, payments to an attorney, crop insurance proceeds, cash paid from a notional principal contract to an individual/partnership/estate, any fishing boat proceeds, section 409A deferrals, nonqualified deferred compensation
  • You should also use Form 1099-MISC to report payments made for direct sales of more than $5,000 of consumer products for resale anywhere other than a permanent retail establishment. 

What Information is Required to E-File Form 1099-MISC? 

  1. Payer Details: Name, EIN, Address 
  2. Recipient Details: Name, EIN/Social Security, and Address
  3. Federal Details: Miscellaneous Income and Federal Tax Withheld 
  4. State Filing Details: State Income, Payer State Number, and State Tax Withheld 

Form 1099-MISC Copies

When filing Form 1099-MISC you must furnish the following copies: 

Copy A- Must be filed with the IRS

Copy 1: Must be filed with the state tax department 

Copy B: Must be furnished with the recipient

Copy 2: Must be filed with the recipient’s state income tax return, when required. 

Copy C: For the payer’s record 

Ready to E-File? 

The March 31st deadline for e-filing Form 1099-MISC is approaching quickly. Start filing your return now to remain IRS compliant and penalty-free! Create your free TaxBandits account and begin filing Form 1099-MISC for the 2021 tax year!

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