1099 Tax Form Reminder

It is that time of year when everyone begins to think about tax forms. Please see the following friendly reminders about tax form 1099-MISC, the form used to report miscellaneous income. The 1099-Misc:

  • Is issued to producers with net earnings of $600 or more;
  • It is used to report miscellaneous income, such as income earned as a non-employee, as well as fees, commissions, rents, or royalties paid during the last tax year;
  • May report payments for prizes, awards, legal services, and other non-employee activities.

1099M’s are sent as the same time as the 1099-R’s and 1099-I’s — by January 31, 2017.