Title: Miscellaneous Income (Form 1099-MISC)

Acronym: IRS

Description: File Form 1099-MISC for each person to whom the institution has paid during the year: at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest; at least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate; any fishing boat proceeds, gross proceeds of $600, or more paid to an attorney during the year, or withheld any federal income tax under the backup withholding rules regardless of the amount of the payment. Also, use this form to report that the institution has made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment. Payers who are required to file form 1099-MISC with the Internal Revenue Service (IRS) must also file with the State of Michigan and with the payee's city of residence if that city imposes an income tax. File the paper copy of the 1099-MISC with the Sales, Use and Withholding Taxes Annual Return (Form 5081) (Record XX), along with any paper W-2's.

Agency: Federal Government

Direct Agency: Internal Revenue Service (IRS)

1099-MISC Form Information (includes links to form and instructions): https://www.irs.gov/uac/about-form-1099misc

Due Date: Various

Due Month: Various

Status: Active

Status Date: 0000-00-00