Fill out Form 1099 MISC to report miscellaneous income paid. For the 2021 tax season, you must file and furnish the recipients by January 31st. The deadline to file it with the IRS is February 28th.
Make it your priority to furnish the recipient of Form 1099 MISC first, then you can file Form 1096 to report it to the IRS. Learn more about Form 1096 to file with Forms 1099.
If you’ve never filed a Form 1099 MISC but another 1099, you should have no trouble filing one. All Forms 1099 fall under the information returns and are used for reporting various types of income paid. Form 1099 MISC is commonly used by business owners to report income paid to individuals that aren’t an employee. However, the use of Form 1099 MISC is nowhere limited to it.
Those who paid more than $600 during 2020 in following types of payments must file Form 1099 MISC to report the income.
- Prizes and awards
- Medical and health care payments
- Payments to an attorney
- Crop insurance proceeds
These are just to name a few. Any miscellaneous income paid must be reported using Form 1099 MISC. If you’ve paid miscellaneous income to someone in 2021, you must report this in 2022. Having said that, the 2020 payments are going to be reported in 2021.
Form 1099 MISC Printable
Form 1099 MISC can be filed on paper or online. How you should file it comes down to how you’re going to furnish the recipient. If a paper Form 1099 MISC is more appropriate, file it on paper. In either way though, e-filing it might be a better option as it’s going to take less of your time.
If you must file a paper Form 1099 MISC though, you can get it for free. This version of Form 1099 MISC can only be filed on paper. Use the buttons on the upper right corner of Form 1099 MISC for the 2020 taxes to print out. You can also sort out which pages you want to print.
Download and preview Form 1099 MISC for the 2021 tax season below.
e-Filing Form 1099
Form 1099 MISC along with all the other Forms 1099 can be filed through IRS Free File. If your income is less than $69,000, you automatically qualify to file for free. If more, you may want to check whether or not you qualify from here.
One thing you should know about Free File is it closes after October. So you must file Forms 1099 MISC by October 2021. If you’re filing it at a later date than January 31st, you will be subject to late penalties anyways.
As of now, the penalties for filing Form 1099 MISC vary. If you’re late for up to 30 days, the penalty is $50. If later than 30 days up until August 1st, the penalty reaches to $110. For Forms 1099 MISC filed after August 1st, the penalty is $270.