Information about Form 1099-MISC

You may be wondering what that Form 1099-MISC (Statement for Recipients of Miscellaneous Income) you received is all about. As its name implies, this form is used to report miscellaneous income – that is, income that doesn't "belong" on a different form, like a W-2 or 1099-INT form.

Form 1099-MISC is typically used to report the following types of income, although it can be used for any kind of miscellaneous income:

• Payments of $600 or more for services performed for a trade or business by people not treated as its employees (such as subcontractors).
• Prizes or awards ($600 or more)
• State and Federal tax withheld in conjunction with any of the other activities reportable on the form.
• Rent payments
• Royalty payments ($10 or more)
• Substitute dividend and tax-exempt interest reportable by brokers ($10 or more).
• Payments to a physician, physicians' corporation or other supplier of health and medical services, issued mainly by medical assistance programs or health and accident insurance plans ($600 or more).
• Payments to fishing boat crew members coming from sale of catch.
• Crop insurance proceeds.

Form 1099-MISC income is entered in different places in TurboTax, depending on the nature of the income. To find out where to enter yours, use the forms search feature in TurboTax.

It's important to remember that you still need to report all of your income even if you did not receive a 1099-misc.