How Do You Fill Out a Form 1099-MISC for 2014?


Quick Answer

For 2014, a payer uses Form 1099-Misc to report royalties of at least $10, rents, attorney fees or medical expenses of at least $600, or fishing boat proceeds of any amount, states the Internal Revenue Service. He does not include rents paid for office space or paid to real estate agents.

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Full Answer

The payer writes his name, address and phone number, and the recipient's name and address, in the appropriate boxes without numbers. If the payer is a company, the federal identification number is the tax I.D. for the company. If the payer is a person, it is the Social Security number. The same applies for the recipient's identification number. If this is the only 1099-MISC given to this recipient, the payer may leave the account number blank, explains the IRS. In most cases, he may leave the box labelled "2nd TIN notice" blank.

The payer then enters the appropriate amounts in boxes numbered one through six. In box seven, he enters payment made for services if the recipient is not an employee. In box eight, he enters any amount of at least $10 paid in lieu of dividends or interest, as of 20 Box 13 receives any amount of parachute payment that exceeds the base, explains the IRS. Boxes 15a and 15b may be blank in simple cases. Boxes 16 through 18 receive state codes, if the payer wants the information to be forwarded to the state tax authorities.

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