{"id":1163,"date":"2022-10-10T07:10:53","date_gmt":"2022-10-10T07:10:53","guid":{"rendered":"https:\/\/blog.tax1099.com\/?p=1163"},"modified":"2025-12-30T12:20:52","modified_gmt":"2025-12-30T12:20:52","slug":"form-1099-misc-changes-all-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.tax1099.com\/blog\/form-1099-misc-changes-all-you-need-to-know\/","title":{"rendered":"Changes To Form 1099-MISC: All You Need To Know"},"content":{"rendered":"

The IRS has announced that it plans to make some changes to Form 1099-MISC. After two years, the IRS has come up with yet another update for Form 1099-MISC. So what is it? Let’s talk about it<\/strong>.<\/p>\n

\"Form
Form 1099-MISC Changes 2022-23<\/figcaption><\/figure>\n

Overview Of Form 1099-MISC<\/h2>\n

Form 1099-MISC, commonly used for reporting miscellaneous information, reports payments such as rent, cash prizes, awards, healthcare payments, and more.<\/p>\n

The primary purpose of issuing a 1099-MISC is to report certain payments made to contractors. Form 1099-MISC reports fees paid to an attorney, any direct sales of consumer products totaling more than $5,000 for resale, and more.<\/p>\n

Until 2019, Box-7 of Form 1099-MISC was used for reporting compensations made to nonemployees.<\/p>\n

However, at the beginning of 2020, IRS restored Form 1099-NEC<\/a>, which required payers to report non-employee compensations amounting to $600 or more, made in a tax year, on the newly restored form 1099-NEC.<\/p>\n

Box 7 was replaced with Form 1099-NEC, and now, Box 7 on the 1099-MISC form is used for reporting direct sales of $5000 or more for resale.<\/p>\n

What Are The Changes To 1099-MISC For The Tax Year 2022-23?<\/h2>\n
\"Form<\/figure>\n

Unlike the drastic changes that were made to Form 1099-MISC in 2020, the current changes to Form 1099-MISC for the 2022-23 tax year are much more subtle.<\/p>\n

Let\u2019s take a look at them.<\/p>\n

Changes To Box 13<\/h3>\n

Before 2022, Box 13 was used for reporting excess golden parachute payments, and now it denotes the Foreign Account Tax Compliance Act (FATCA<\/a>) filing requirement.<\/p>\n

Note: The FATCA filing requirement has always been a part of Form 1099-MISC. However, it now has a designated space within the form in Box 13.<\/p>\n

Changes To Box 14<\/h3>\n

Box 14 was previously used for reporting nonqualified deferred compensations, but now it is used for reporting excess golden parachute payments.<\/p>\n

Changes To Box 15<\/h3>\n

Previously, Box 15 reported the state tax withheld, but now it reports non-qualified deferred compensation information.<\/p>\n

Changes To Box 16<\/h3>\n

Box 16 was used for reporting the payer’s state number, but with the new update, it\u2019s used for reporting the state-withheld taxes.<\/p>\n

Changes To Box 17<\/h3>\n

Box 17 was previously used to report the state income, and now it is used to report the state\/payer’s state number.<\/span><\/p>\n

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“New rules in place! File accurately and stay on the IRS\u2019s good side”<\/h3>\n
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Submit Correct 1099-MISC
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Form 1099-MISC filing deadline<\/h2>\n

Here are the 1099-MISC deadlines<\/a> for the 2023 tax year based on the deadlines issued by the IRS for the 2022-23 tax year.<\/p>\n

\n\n\n\n\n\n\n\n
Filing Method<\/strong><\/td>\nDeadlines\u00a0<\/strong><\/td>\n<\/tr>\n
Recipient Copy (No Data in Box 8 or 10)<\/td>\n31 January 2023<\/td>\n<\/tr>\n
Recipient Copy (With Data in Box 8 or 10)<\/td>\n15 February 2023<\/td>\n<\/tr>\n
Paper Filing<\/td>\n28 February 2023<\/td>\n<\/tr>\n
E-Filing<\/td>\n31 March 2023<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

Know The Requirements For Form 1099-MISC<\/h2>\n