In most situations, if you receive a Form 1099-C from a lender after negotiating a debt cancellation with them, you'll have to report the amount on that form to the Internal Revenue Service as taxable income. Certain exceptions do apply.
However, if you have made a payment of $600 or more to an individual or LLC, then you need to fileForm 1099-MISC, which will include attorney fees, awards, healthcare, royalties, and rent. Here, the due date is March 1 if filed by paper, and March 31 if filed electronically. Payro...
Note: Beginning in 2020, the 1099-MISC has been replaced by the 1099-NEC for non-employee compensation. Video transcript: Hi, I'm Arye from TurboTax with some helpful information about when to issue a 1099-MISC tax form. Do you operate a trade or business and are won...
More in Small Business Taxes Business Tax Deadline Guide for 2025When the IRS Classifies Your Business as a HobbyThe Home Office DeductionStarting a BusinessPenalties for Missing the 1099-NEC or 1099-MISC Filing DeadlineThe above article is intended to provide generalized financial inform...
January 31, 2025 - Certain 1099 forms are sent. Various 1099 forms, and forms 1099-NEC,1099-MISC, and 1099-K are used to report payments that typically don’t come from an employer, such as if you work as an independent contractor, gig worker, or self-employed person or if you...