The National Directory of Certified Public Accountants

Ask A CPA - Form 1099

1099-MISC - Overview

Generally, any business must file a 1099 if it paid money in excess of $600 to an individual during the year. This includes payment for contract services as well as interest, capital gains or dividends. There are more than 15 different types of Forms 1099, each for reporting different kinds of income. These are forms used by the Internal Revenue Service to track individual income that isn't reported on a W-2 as wages. Contract workers and investors usually have more income on Forms 1099s than on a W-2. The business and entities that make these payments have the obligation to prepare and file Form 1099.

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