What is a 1099-MISC?
Form 1099-MISC reports the total amount of payments you received from a company or an individual during the year. It includes your personal information, the payer’s information, and any federal or state withholdings. Different types of payment are found in different boxes.
The most common reason to get a 1099-MISC is because you are self-employed or an independent contractor. This means the company you worked for doesn't consider you an employee. Your income is reported in Box 7 (Nonemployee compensation).
You'll also get a 1099-MISC for prize money, awards or a lawsuit settlement, Box 3 (Other Income). Payments for rent are in Box 1 and royalties are in Box 2.
Enter the information as it appears on the form, and we'll guide you from there.