2017 is coming to a close, and the filing deadline for 1099’s is quickly approaching! Now is the time to be gathering all of your information for 1099 –MISC, 1099-INT, and 1099-R filings. Please see below for the IRS requirements to know if you or your business will need to file any of these documents for 2017. If you are required to file, you will need a W-9 form filled out by each payee who meets the IRS requirements to receive at 1099.
The deadline to file 1099’s for the 2017 tax year, with the IRS, is JANUARY 31, 2018.
IRS 1099 REQUIRMENTS:
Form 1099-MISC, Miscellaneous Income
File this form for each person or business entity (non-corporation) to whom you have paid during the year:
- at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest;
- at least $600 in:
- services performed by someone who is not your employee;
- 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;
- generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
- payments to an attorney; or
- any fishing boat proceeds,
In addition, use this form to report that you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.
Form 1099-INT, Interest Income
File this form for each person:
- to whom you paid amounts reportable in boxes 1, 3, and 8 of at least $10,
- for whom you withheld and paid any foreign tax on interest, or
- from whom you withheld (and did not refund) any federal income tax under the backup withholding rules regardless of the amount of the payment.
Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
File this form for each person to whom you have made a designated distribution or are treated as having made a distribution of $10 or more from
- profit-sharing or retirement plans,
- any individual retirement arrangements (IRAs),
- annuities, pensions, insurance contracts, survivor income benefit plans,
- permanent and total disability payments under life insurance contracts,
- charitable gift annuities, etc.