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Retirement tax questions
No that is not correct. You (or your business) should not receive any type of 1099 reporting payments made for goods purchased nor are individuals required to report 1099s at all. You need to contact the issuer again and ask them to void the 1099.
Per the IRS, Form 1099-NEC is issued "for each person in the course of your business to whom you have paid the following during the year":
- Services performed by someone who is not your employee
- Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish
- Payments to attorneys (including law firms or other providers of legal services)
See here for the payments in the course of your business that require filing a Form 1099-MISC.
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‎January 27, 2023
7:45 AM