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?
Payer Details: Name, EIN, Address
Recipient Details: Name, EIN/Social Security, and Address
Federal Details: Miscellaneous Income and Federal Tax Withheld
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!