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Rise Glossary

What is a Form 1099-MISC?

Form 1099-MISC is a tax form used in the United States to report miscellaneous income received by an individual or business during the tax year. Miscellaneous income includes a wide range of income that is not earned as an employee or through a business, such as rent, prizes, or awards.

Form 1099-MISC is used to report the total amount of miscellaneous income received during the tax year. It must be provided to the recipient of the income and to the Internal Revenue Service (IRS) by January 31 of the following year.

Form 1099-MISC is used to report a variety of types of miscellaneous income, including:

  • Rent: Income received from the rental of real estate or personal property
  • Prizes and awards: Money or other property received as a prize or award
  • Medical and health care payments: Payments made to medical and health care providers for services rendered
  • Crop insurance proceeds: Payments made by insurance companies for crop losses
  • Gross proceeds paid to attorneys: Money paid to attorneys for legal services

Form 1099-MISC is not used to report wages or salary earned as an employee. For these types of income, employers are required to report the wages paid to employees on Form W-2. Form 1099-MISC is used to report income received by individuals or businesses that are not employees.