What is a Form 1099-MISC?

Created by Anil Kumar Kumar Kotla, Modified on Thu, 25 Jan at 12:03 AM by Anil Kumar Kumar Kotla

The Form 1099-MISC reports miscellaneous income. A 1099-MISC is usually issued for those who have at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.

For those receiving 1099-MISC due to royalties or broker payments in lieu of dividends, It is likely that you may receive a consolidated 1099 form from your bank. A consolidated Form 1099 may combine up to five separate 1099 forms (1099-B, 1099-DIV, 1099-INT, 1099-MISC, and 1099-OID) into one tax reporting document and will show your reportable income and transactions for the tax year from the issuer.

A 1099-MISC can also be issued for direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.

It may also be filed for people who have at least $600 in any of the following:

Rents
Prizes and awards
Other income payments
Medical and health care payments
Crop insurance proceeds
Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish
Generally, the cash paid from a notional principal contract to an individual, partnership, or estate
Payments to an attorney
Any fishing boat proceeds

Beem currently supports 1099-MISC other income entries and 1099-MISC income that can be classified as business income.

For coverage details and other important legal information about Filer, you can read more here.

Additional Resources:

How do I get my 1099-MISC?

This content is provided for informational purposes only and should not be construed as tax, legal, financial, accounting, or other advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need advice specific to you.

Any third-party links are provided for informational purposes only. The third parties and their sites are not endorsed by Beem and Beem is not responsible for, and has no control over, their content, privacy policies, or terms of service