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Learn More About Form 1099-MISC

WHAT is a 1099-MISC?

1099MISC is used to report payments for services performed for a business by people not treated as employees. Payments to subcontractors, rent payments or prizes are examples. A 1099MISC form must be provided to the recipient and a copy mailed to, or e-filed with the IRS.

 

WHY do I File a 1099-MISC?

The IRS requires that all income is reported by businesses and individuals or penalties could apply.

 

WHERE do I File a 1099-MISC?

speedEfiler.com makes it easy to file your 1099-MISC.  If you prefer to print and mail copies yourself, you must file a red copy with the IRS and mail copies to the recipients.

 

WHO needs to File 1099-MISC?

Any business which pays for various services performed by an individual who is not an employee must file Form 1099-MISC.

 

WHEN do I File a 1099-MISC?

1099-MISC forms are required to be mailed to the recipient by Jan. 31, and e-filed with the IRS by Mar. 31, or a paper copy mailed to the IRS by Feb. 28 each year.

 

HOW Much Does it Cost?

Based on the number of filings, prices will vary.  Refer to the pricing chart on the left hand side of this page. 

 

1099-MISC Reporting Information

 What to Report Amount to Report
 Payments for services performed for a trade or business by people not treated as its employees. Ex: Subcontractors  $600 or more
 Direct sales of consumer goods for resale  $5,000 or more
 Rent or royalty payments; prizes and awards that are not for services, such as winnings on TV or radio shows  $600 or more, except $10+ for royalties
 Payments to crew members by owners or operators of fishing boats, including payments of proceeds from sale of catch.  All amounts
 Fish purchases paid in cash for resale  $600 or more
 Substitute dividends and tax-exempt interest payments reportable by brokers  $10 or more
 Crop insurance proceeds  $600 or more
 Gross proceeds paid to attorneys  $600 or more
 Payments to a physician, physicians' corporation or other supplier of health and medical services. Issued mainly by insurance plans or medical assistance programs  $600 or more
 Section 409A deferrals and income from non-qualified deferred compensation plans  All amounts ($600+ if deferrals)

 

W-2 & 1099 Fact Center

For more reporting information, visit the Greatland W-2 & 1099 Fact Center  HERE>
 

LEARN MORE About Other Forms

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