What does 1099 Reqd mean? I am to answer yes or no

[jbeasley2 · Accepted solution]

If you are seeing the question, Did you make any payments that required you to issue a form 1099? , you may need to issue 1099's if:

You may have to file information returns (for example 1099-MISC) for certain payments of fees and other non-employee compensation, interest, rents, royalties, real estate transactions, annuities, and pensions.

You may also have to file an information return if you sold $5,000 or more of consumer products to a person on a buy-sell, deposit-commission, or other similar basis for resale.

For more information about requirements for 1099 information returns, see the IRS General Instructions for Certain Information Returns.

https://www.irs.gov/pub/irs-pdf/i1099gi.pdf