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Who gets tax Form 1099-M?

Updated: 9/15/2023
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14y ago

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There is no Form 1099-M. But there is Form 1099-MISC(Miscellaneous Income), which reports certain kinds of payments. Following are some of the reasons why you receive Form 1099-MISC. If you're self-employed, you'll receive Form 1099-MISC to report income paid to you for work or services. The person or entity giving you this form doesn't consider you an employee, so they didn't withhold tax (income, social security, Medicare) from your earnings. That's why they gave you a Form 1099-MISC, not a Form W-2.

You also will receive a 1099-MISC form if you received at least $10 in royalties or broker payments instead of dividends or tax-exempt interest. If you're in the business of catching fish, then the amount that you receive for the sale of fish is reported to you on Form 1099-MISC. You also will receive a 1099-MISC form if you received payments as the beneficiary of a deceased employee or prizes, taxable damages, or Indian gaming profits. If you're serving in the National Guard or Armed Forces for 30 or fewer days and you received payments from a former employer, then you'll receive a 1099-MISC form for that.

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