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Form 1099-MISC

Below are some new developments and information related to Forms 1099 MISC for 2020 reporting:

Redesigned Form 1099-MISC.

Due to the creation of Form 1099-NEC, we have revised Form 1099-MISC and rearranged box numbers for reporting certain income.

Changes in the reporting of income and the form’s box numbers are listed below.

  • Payer made direct sales of $5,000 or more (checkbox) in box 7.

  • Crop insurance proceeds are reported in box 9.

  • Gross proceeds to an attorney are reported in box 10.

  • Section 409A deferrals are reported in box 12.

  • Nonqualified deferred compensation income is reported in box 14.

  • Boxes 15, 16, and 17 report state taxes withheld, state identification number, and amount of income earned in the state, respectively.

From the IRS: File Form 1099-MISC for each person to whom you have paid during the year:

  • At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.

  • At least $600 in:

    • 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.

In addition, use Form 1099-MISC to report that you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.

Download the current Form 1099-MISC HERE

Instructions HERE

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