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What Is Form 1099-MISC?

IRS Form 1099-MISC is used to report miscellaneous payments made. For the tax year 2020, 1099-MISC Form has changed. In the past, one of the miscellaneous payments to report on Form 1099-MISC Box 7 was payments made to independent contractors. Those payments will now be reported on For, 1099-NEC.

When You Need to File Form 1099-MISC?

  • If you paid at least $600 in cash payments for:
    • Rent
    • Prizes and awards
    • Other income payments
    • Medical and health care payments
    • Crop insurance proceeds
    • Payments to an attorney
    • Fish (or other aquatic life) purchased from anyone in the business of catching fish
  • If you paid at least $10 in royalties
  • If you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment (place of business that remains unmoving for a considerable amount of time, and includes places like hotels or grocery stores; opposite of a permanent retail establishment could be a mobile business)

IRS Form 1099-MISC Deadlines 2020

Forms must be transmitted to the IRS before the deadline. The due date for eFiling for Form 1099-MISC is March 31, 2021. If the due date falls on a weekend or holiday, it will be due the next business day.

How to eFile 1099-MISC Form for the Year 2020?

Tax1099 is the go-to source for your 1099 filings. You can eFile Form 1099-MISC Online for the year 2020 using Tax1099. Don’t wait for the deadline eFile Now.!