20. Information returns, pensions and other payments. Form: Form 1099-MISC
Employers who make payments to consultants, independent contractors, and others who are exempt from withholding may be required to provide a federal Form 1099-MISC to those individuals, and file the form with the Internal Revenue Service. The IRS has brought back Form 1099-NEC, to be used beginning with 2020 information returns. Refer to IRS information: Forms and Associated Taxes for Independent Contractors; Form 1099-MISC, Miscellaneous Income; Form 1099-NEC, Nonemployee Compensation; and Instructions for Forms 1099-MISC and Form 1099 NEC.
Available from: Internal Revenue Service. Filed with: Internal Revenue Services. How often: Annually.
Public Law 114-113, Division Q, section 201, requires Form 1099-MISC to be filed on or before January 31 when you are reporting nonemployee compensation payments in box 7. Otherwise, file by February 28, if you file on paper, or by April 1, if you file electronically. The due dates for furnishing payee statements remain the same. Refer to the IRS General Instructions for Certain Information Returns (Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G) Employers who pay pensions are required to issue Form 1099R to the recipients. The Internal Revenue Service and the Minnesota Department of Revenue have established special rules applicable to these situations. Minnesota Form W-4MNP should be provided to pension recipients to determine proper Minnesota withholding tax.
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