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For 2026 payments reported in 2027, the OBBBA update has increased several Form 1099-MISC reporting thresholds from $600 to $2,000, including rental payments, certain Box 3 other income/prizes and awards, medical and health care payments, and crop insurance proceeds.
This increase in reporting threshold does NOT apply to royalties, substitute payments, attorney gross proceeds, fish purchases paid in cash for resale, fishing boat crew proceeds, direct sales, or backup withholding cases.
Form 1099-MISC reports certain types of payments made by businesses that do not fall into other categories, such as rental, prizes, awards, medical, and healthcare payments. It also includes specific types of payments such as gross proceeds paid to attorneys and certain industry-specific payments such as fishing boat proceeds.
Historically, this form has been used to report nonemployee compensation. Today, the contractor and nonemployee service payments are reported on Form 1099-NEC instead. Now, Form 1099-MISC is used for reporting miscellaneous payments from multiple categories, each with different thresholds and special rules.
Quick rule: Identify what type of payment was made. If the payment falls under a Form 1099-MISC category, such as rents, prizes, awards, medical and health care payments, gross proceeds paid to attorneys, or certain industry-specific payments, report it in the correct Form 1099-MISC box. If the payment belongs to another reporting category, use the appropriate form or reporting method for that payment type.
Form 1099-MISC thresholds must be reviewed by payment type. The threshold for a few categories has increased from $600 to $2,000 under OBBBA, while thresholds in other specific boxes with $10, $600, all-amount, and $5,000 rules still apply. This comes into effect for 2026 payments reported in 2027.
Report $2,000 or more in rents, certain Box 3 other income/prizes and awards, medical and health care payments, and crop insurance proceeds. You can continue reporting royalties and substitute payments in lieu of dividends or tax-exempt interest at $10 or more. Gross proceeds paid to attorneys and fish purchases paid in cash for resale still have the same threshold of $600 or more. Fishing boat crew proceeds and Section 409A/NQDC income are reportable at all amounts. Direct sales of consumer products for resale remain a $5,000 checkbox rule. If backup withholding applies, you’ll need to report the payment and withholding even if the payment is below the normal Form 1099-MISC threshold.
Report miscellaneous income like rental income, prizes, or legal settlements in 1099-MISC easily with Tax1099! eFile 1099-MISC Now
Here are the common types of payments that you can report on Form 1099-MISC:
Rental Payment: Paying rent for equipment, office space, or even land that is connected to a trade or business is reported in this form. The reporting is usually done by business tenants or property management companies.
Prizes and Awards: This is a broad category. 1099-MISC can be used to report certain prizes and awards, including contest prizes, promotional awards, or sweepstakes prizes.
Legal Settlements: Payments like legal settlements are also recorded on a 1099-MISC. However, legal settlements are not all reported in the same way. Taxable damages paid to a claimant are generally reported in Box 3, gross proceeds paid to the claimant’s attorney are reported in Box 10, and attorney fees for legal services are reported on Form 1099-NEC. When a settlement includes both a claimant’s payment and an attorney’s payment, each amount should be classified and reported separately.
Before you enter the payment amounts, collect a completed Form W-9 from the recipient. This form can help you confirm the recipient’s name and TIN. If backup withholding applies, withhold 24% from the payment, report the full payment amount in the correct 1099-MISC box, and enter the withheld tax in Box 4. This step helps prevent TIN mismatch notices, correction filings, and avoidable IRS penalties
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