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Form 1099-MISC & Payment Types to Report)

Form: 1099-MISC

Title: Miscellaneous Income (Also, use to report direct sales of $5,000 or more of consumer goods for resale.)

What to Report: Rent or royalty payments; prizes and awards that are not for services, such as winnings on TV or radio shows.

Amounts to Report: $600 or more, except $10 or more for royalties

What to Report:

Payments to a physician, physicians' corporation, or other supplier of health and medical services. Issued mainly by medical assistance programs or health and accident insurance plans.
Payments for services performed for a trade or business by people not treated as its employees. Examples: fees to subcontractors or directors and golden parachute payments
Fish purchases paid in cash for resale.
Crop insurance proceeds.
Gross proceeds paid to attorneys. (Due to IRS February 15th)

Amounts to Report: $600 or more

What to Report:

Payments to crew members by owners or operators of fishing boats including payments of proceeds from sale of catch.
Section 409A income from nonqualified deferred compensation plans (NQDCs).

Amounts to Report: All Amounts

What to Report: Substitute dividends and tax-exempt interest payments reportable by brokers

Amounts to Report: $10 or more (Due to Recipients by February 15th**

Due Date to IRS (unless indicated otherwise): February 28th*

Due Date to Recipient (unless indicated otherwise): January 31**

Payment Types:

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Page Last Reviewed or Updated: 2012-08-04