1099-MISC Guidelines

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The IRS form 1099-MISC is an information return that essentially reports payments that are not otherwise reported on any other IRS form. Discover why the types of income reported on the 1099-MISC must be from business income with information from an independent CPA in this free video on tax help.

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Video Transcript

My name is Miranda Chook and I'm a CPA and this segment is about the IRS form 1099 miscellaneous and the filing deadline for the 2008 tax year is February 15th for payers to prepare this information return and send it to recipients and a copy to the IRS. Now as I mentioned it is an information return and it basically reports payments not otherwise reported on any other IRS form. That's it's name, 1099 miscellaneous. But the types of income that will be reported on it are business income, it's not for personal payments. Now instructions to the form 1099 miscellaneous do include some reporting exceptions that the payers want to pay some attention to so that there may be lesser reporting requirements although as a recipient, you still may owe taxes on it. So please refer to a experienced financial adviser to see how this affects your specific circumstances.


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