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 electronic filing threshold has been decreased to 10 forms. This means that filers with more than 10 forms total (across all form types) must submit an electronic filing.
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 starting your filings as early as possible. This ensures 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 2024 deadlines for tax year 2023 are as follows:
| 2024 Deadlines (TY2023) | IRS Paper File Deadline | IRS E-file Deadline | Recipient Copy / Furnishing Deadline |
|---|---|---|---|
| Form 1099-NEC | January 31, 2024 | January 31, 2024 | January 31, 2024 |
| Form 1099-MISC | February 28, 2024 | April 1, 2024 | January 31, 2024 |
| Form 1099-DIV | February 28, 2024 | April 1, 2024 | January 31, 2024 |
| Form 1099-INT | February 28, 2024 | April 1, 2024 | January 31, 2024 |
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 on our CF/SF list.
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 Form 1096 PDF Guide.
Lastly, be sure to get started on your 1099 filings as soon as possible to ensure that you’re ahead of the deadlines.
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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