IRS 1099-MISC Pasadena Texas 2014-2025

IRS 1099-MISC 2025 Pasadena Texas: What You Should Know

January 2022) — IRS Form 1099-MISC (Rev. January 2022): The new Form 1099-MISC replaces Form 1088 or 1099-MISC (as appropriate) for reporting certain payment types on Form 8952. For more information, see the Instructions for Form 1099-MISC (Rev. January 2022) and Form 1099-MISC: What it Does. If you use Form 8952 for the reporting of backup withholding on Forms 1099 and 1097, follow the instructions on Form 8951. Payments by check, money order, or money transfer. If you receive a payment using a check, money order, or money transfer, you have to file Form 1099 even if you do not report the amount on your tax return for the year. Payments by credit card. If you make any payment of 10 or more, whether you report on your tax return the amount of any such payment, you use Form 1099-MISC as your backup withholding source for reporting payment types 5.21a, 5.24, and 5.25. The Form 1099-MISC can be mailed to: Payments by electronic funds transfer. If you receive an electronic funds transfer payment using the EFT (electronic funds transfer) feature of a bank, financial institution, credit union, or other financial institution, you don't need to file a paper Form 1099 for the purposes of the backup withholding requirements. However, a financial institution that receives such a payment (which is a reportable payment) must file Form 1099 for its own reporting purposes. To help you decide which payments you report on your tax return, you should consider this chart or another chart that uses terms for your particular situation. If you receive a payment made through electronic funds transfer, you generally report all payments on Form 1099-MISC (unless you choose to use a different form). This chart uses terms for payments made through Electronic Funds Transfer or electronic funds transfer to report payment types 5.21b, 5.22c, and 5.23. If you are required by federal law to file a paper Form 1099, check with your filing agency to determine whether you meet the requirement to report any payments. If you do not, file Form 8951 instead of Form 1099. You also could have to file additional Form 1099s for the same payment types.

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