Do You Need a 1099 Misc Form to File Taxes?

Tax forms.

The IRS form 1099 Misc is prepared by businesses. A copy of the information on the form is sent to the Internal Revenue Service, and a copy is sent to the individual tax filer listed on the form.

Purpose of the 1099 Misc Form

The 1099 Misc is used to report miscellaneous earnings to the IRS. It is most commonly used by a business to report money paid to individuals who were never actually employees of the company but were instead hired on a contract basis. The 1099 also is used to report any payment of $600 or more that is considered income.

1099 Misc Filer Responsibilites

Any business or individual that does not have you registered as an employee with a W-4 filed with IRS and that pays you over $600 in cash, goods or services is required to file a 1099 Misc with the IRS. They are required to have the 1099 Misc to you by January 31 of the next tax year.

1099 Misc Receiver Responsibilities

If you receive a 1099 Misc, you are required to report the income listed to the IRS, and you need the form to file your taxes. If you did not work as an independent contractor during the tax year being filed, you do not need a 1099 Misc form to prepare your taxes or file them.

1099 Misc Receiver Responsibilities

References

• IRS: 1099 Misc
• IRS: 2010 Instructions for Form 1099-MISC