What is form 1099-misc?

Answer There are a number of different forms associated with federal income tax preparation in the United States, each with its own specific purpose. One of these forms is the 1099-misc, which you are lik... Read More »

Top Q&A For: What is form 1099-misc

Who is eligible for a form 1099-misc?

Anyone who earns more than $10 in royalty fees or $600 or more from any business (including prizes and awards), must declare this income on a 1099-misc, which refers to miscellaneous income, accord... Read More »

Do I need to pay SE tax on a 1099-MISC Box 3?

Box 3 on Form 1099-MISC does require the taxpayer to pay self-employment taxes on the amount, if the taxpayer did not already pay Social Security and Medicare taxes on this amount.References:IRS: S... Read More »

What happens if you use W-2 instead of 1099-MISC?

A 1099-MISC is an IRS form used for miscellaneous income or income that doesn't clearly fall into another category. A W-2, on the other hand, is a form that employers must send to their employees i... Read More »

Who gets a 1099 Misc?

The 1099-MISC form is a federal tax form for miscellaneous income. Anyone who receives at least $10 in royalties; $600 in rents, service, prizes, awards, medical and health care payments or other ... Read More »