Guru's Verification engine ensures consistency, confidence, and trust in the knowledge your organization shares. Learn more.

1099 Form

The 1099 form is used to report non-employment income to the Internal Revenue Service (IRS). Businesses are required to issue a 1099 form to a taxpayer (other than a corporation) who has received at least $600 or more in non-employment income during the tax year.

Form Versions

1099-MISC: The 1099-MISC has different box numbers for reporting certain income, such as money received from prizes or awards. Businesses must send Form 1099-MISC to recipients by January 31st, and file it with the IRS by March 1 (March 31 if filing electronically).
1099-NEC: Form 1099-NEC is for nonemployee compensation of $600 or more to a payee. This form should be filed with the IRS, on paper or electronically, and sent to recipients by February 1st.

There is no automatic 30-day extension to file Form 1099-NEC. However, an extension to file may be available under certain hardship conditions. Also, nonemployee compensation may be subject to backup withholding if a payee has not provided a taxpayer identification number to the payer or the IRS notifies the payer that the Taxpayer Identification Number (TIN) provided was incorrect.

Contact Accounts Payable at accountspayablehelp@newschool.edu or 212-229-5689 x3672 if you have any questions.

You must have Author or Collection Owner permission to create Guru Cards. Contact your team's Guru admins to use this template.