Prepare Form 1099-MISC for IRS Reporting

Once you are ready to begin your tax filing, you must gather the required information to prepare Form 1099-MISC. This includes information for the business, or payer, and recipient, or payee, as well as the amounts paid to the recipient.

Form 1099-MISC, Miscellaneous Information, is used to report various types of miscellaneous income, such as rents, prizes and awards, and other income payments.

What information is needed to prepare form 1099-MISC?

Business Information

To prepare Form 1099-MISC you will need to include the following information:

  • Federal Employer ID Number
  • Business Name
  • Business Address

Recipient’s Information

Before completing a form for any non-employee, have them fill out a W-9 form. A W-9 form, like W-4s for employees, will provide you with the relevant information for the recipient such as their name, address, and tax identification number.

Payment Amounts

The IRS instructs that a 1099-MISC form must be completed each person who, in the previous tax year, has been paid for certain amounts. It is recommended to view the IRS instructions for the amount types and their corresponding box number, as these are susceptible to change year to year.

There are some notable exceptions to payments that are not required to be reported on a Form 1099-MISC. However, there are or may be some exceptions to the exceptions. It is always best to consult your tax advisor to determine if you should send out a Form W-9 to request information to a payee.

Next Steps

Once you have gathered information to prepare form 1099-MISC you can:

Or you can learn more about Form 1099-MISC filing and become a master at reporting using our downloadable 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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