Who must file?
Payments incurred in trade or business must be reported on 1099 MISC if payments are made in the amount of at least $600 or more for rent, services, prizes and awards, and other income payments. According to the law, trade or business is generally an activity to make profit. Personal payments are not reportable. Organizations subject to file 1099 MISC include trust of qualified pension or profit-sharing plans of employers, certain organizations exempt from tax under section 501(c) or (d), farmers’ cooperatives that are exempt from tax under section 521, and widely held fixed investment trust and non-profit organizations. Payments by federal, state, or local government are subject to these reporting requirements as well.
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