What is a 1099-MISC Form?
A 1099-MISC form is a tax form used to report miscellaneous income that a person or business received during the year.
This form is typically used to report income received from non-employment-related sources, such as rent, royalties, or other types of income.
A related form called the 1099-NEC form is usually used to report payments made to independent contractors or self-employed individuals for services performed for your trade or business.
The payer of the income is responsible for issuing a 1099-MISC form to the recipient, and for filing a copy of the form with the IRS by the end of January, the following year of the payment. The recipient of the income is responsible for reporting the income on their personal income tax return and paying taxes on it.
