IRS Form 1099-MISC Guide for 2023 (TY2022)

Before you begin preparing your Form 1099-MISC reporting, it is important that you know what information you need to gather. We’ve compiled the following 4 key topics in our Form 1099-MISC Guide that may help you to correctly and timely complete your filing.

What’s new for Form 1099-MISC?

The 1099-MISC and instructions have been updated in January 2022 from an annual revision to continuous use. They will both be updated as needed.

Box 13 was also assigned to the Foreign Account Tax Compliance Act (FATCA) filing requirement checkbox. This means that the old numbers 13-17 have been shifted to box number 14-18 respectively.

For the most recent instructions, please visit the IRS Form 1099-MISC page.

Form 1099-MISC Guide – Key Topics

Determine who receives a Form 1099-MISC

Forms 1099-MISC are completed for non-employees who have, in the reporting year, been paid by the reporting company for rents, royalties, prizes and awards, and substitute payments in lieu of dividends.

Gather the information to prepare Form 1099-MISC

The information needed for preparing Form 1099-MISC includes the taxpayer names, addresses, and identification numbers for the reporting company (“payer”) and the recipient (“payee”), as well as the amounts paid to the recipient.

Verify your information

It is important that you take the time to review the information you are reporting on your Forms 1099-MISC for accuracy before distributing and filing, including the payment amounts and taxpayer information. This will minimize the risk of incurring penalties and fines.

Distribute and file Form 1099-MISC

The IRS and recipient each require copies of the 1099-MISC form, as well as some state tax departments.Check out our Distribute and File Form 1099-MISC Guide to see where each copy goes.

Form 1099 Deadlines

As a best practice, we recommend getting started on your filings as early as possible. This ensures that you have ample time to collect the required information, complete the necessary forms, and verify the information for possible typos and other errors.

The IRS filing season 2023 deadlines for tax year 2022 are as follows:

2023 Deadlines (TY2022)IRS Paper File DeadlineIRS E-file DeadlineRecipient Copy / Furnishing Deadline
Form 1099-NECJanuary 31, 2023January 31, 2023January 31, 2023
Form 1099-MISCFebruary 28, 2023March 31, 2023January 31, 2023
Form 1099-DIVFebruary 28, 2023March 31, 2023January 31, 2023
Form 1099-INTFebruary 28, 2023March 31, 2023January 31, 2023
Form 1099-MISC Guide – Filing Season 2023 Form 1099 Deadlines (TY2022)


Please note that these are just the federal deadlines. Please verify with your state for any state requirements and the proper submission methods.

Many states participate in the Combined Federal/State Filing program for the submission of Forms 1099-B, DIV, G, INT, K, MISC, NEC, OID, PATR, and R. Check if your state participates here.

Conclusion

Use this Form 1099-MISC Guide along with our Essential Guide and become a master at your 1099-MISC filing. You can also learn more about the transmittal form for Forms 1099 by downloading our PDF Guide below:

BoomTax, The Boom Post, and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors prior to engaging in any transaction.

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