1099-MISC
Independent contractor paperwork
A 1099-MISC is a U.S. tax form reporting miscellaneous income—payments that don't fit neatly into other 1099 categories.
Historically it reported freelance and contract work, but since 2020 those payments go on 1099-NEC.
The MISC form now covers rent, royalties, prizes, awards, and other irregular income: The landlord received a 1099-MISC for rental payments.
Income declaration document
- IRSFederal tax collector
- independent contractorSelf-employed person hired temporarily
- freelancerSelf-employed service provider
- self-employmentWorking for yourself
reporting · deadline · January · payer · recipient · threshold · copy · submission
Employer-issued tax form
- employeeHired organizational member
- contractorHired construction professional
- misclassificationErroneous categorical assignment
- gig economyWork based on temporary contracts
side hustle · Form 1099 · series · K-1 · split · separation · reclassification · comparison
Ongoing payments to creators
- rentsPays for temporary occupancy
- prizesAwards for achievement
- awardsFormal honors bestowed
- crop insuranceProtection against agricultural losses
attorney fees · golden parachute · taxable · earnings · revenue · proceeds · reportable · other income
Punishment for wrongdoing
- correctionFixing of mistakes
- amendedChanged to improve
- late filingDocument sent past deadline
- auditFormal accounts examination
recordkeeping · verification · accuracy · due diligence · enforcement · notice · fine · abatement
tax form
Income declaration document
- IRSFederal tax collector
- independent contractorSelf-employed person hired temporarily
- freelancerSelf-employed service provider
self-employment · reporting · deadline · January · payer · recipient · threshold · copy · submission · mailing
W-2
Employer-issued tax form
- employeeHired organizational member
- contractorHired construction professional
- misclassificationErroneous categorical assignment
gig economy · side hustle · Form 1099 · series · K-1 · split · separation · reclassification · comparison
royalties
Ongoing payments to creators
crop insurance · attorney fees · golden parachute · taxable · earnings · revenue · proceeds · reportable · other income
penalty
Punishment for wrongdoing
- correctionFixing of mistakes
- amendedChanged to improve
- late filingDocument sent past deadline
audit · recordkeeping · verification · accuracy · due diligence · enforcement · notice · fine · abatement · waiver