1099 Forms › Form 1099-MISC Changes for the 2023 Tax Year
The IRS recommends e-filing Form 1099 for quicker processing. Get started with an IRS-authorized provider that supports e-filing 1099 Forms with Federal and State agencies. BoomTax will distribute your form copies via Postal Mail and Online Access.
Until the tax year 2019, Form 1099-MISC was utilized to report nonemployee compensation in Box 7. Starting in the tax year 2020, the IRS reintroduced Form 1099-NEC for reporting nonemployee compensation on a separate form. Box 7 on 1099-MISC was repurposed and is now designated for reporting direct sales of $5,000 or more.
For the 2023 tax year, the FATCA Filing Requirement checkbox has been moved to Box 13. Boxes 13-17 from the 2021 version of the form have been renumbered as 14-18 to accommodate this change.
For the 2023 tax year, the IRS has implemented a few changes to Form 1099-MISC. Box 13 has been converted into a checkbox to indicate the Foreign Account Tax Compliance Act (FATCA) filing requirement. This seemingly simple box conversion led to the original boxes 13-17 being renumbered.
The subsequent alterations have been made to Form 1099-MISC for the 2023 tax year:
|Previously used to report excess golden parachute payments
|Currently used to indicate the FATCA filing requirement
|Previously used to report payment under NQDC plans
|Currently used to report excess golden parachute payments
|Previously used to report state-withheld taxes
|Currently used to report payment under NQDC plans
|Previously used to report the payer's state number
|Currently used to report state-withheld taxes
|Previously used to report state income
|Currently used to report the payer's state number
|Currently used to report state income
Form 1099s must be distributed to the recipient on or before January 31st
Paper filing must be filed with the IRS on or before February 28th
Form 1099s must be e-filed directly to the IRS on or before April 1st
Visit our deadlines article to learn more about Form 1099 due dates.
Note: If the filing deadline lands on a Saturday, Sunday, or legal holiday, the due date will automatically be extended to the following business day.
The exception to these deadlines above is for filing Form 1099-NEC. Depending on the filing method, there is a month's advancement on the recipient and IRS copies being January 31st. Get started with BoomTax and file your 1099 with the IRS, state, and mail recipient copies on time. Get Started Now
If you find errors after filing your 1099 return with the IRS, promptly correct the information and submit the corrected Form 1099 and Form 1096 to the IRS. Also, provide your recipient with an updated 1099 showing the updated details. If you need to correct any state or local tax department information, file the form with the appropriate agencies, not the IRS.
Complete the Payer Details section. This includes:
Complete the Recipient Details section. This includes:
Select this box if the following conditions apply to you:
If you have been notified twice within three tax years that the recipient provided an incorrect TIN for filing Form 1099-INT, an “X” can be marked in this box. By checking this box, the IRS will cease sending you notifications for this account. Continue recording the interest payments made to the recipient and state if you withheld any taxes from the recipient.
Include the amounts paid for rent (excluding payments to corporations).
Report any royalty payments of at least $10 from oil, gas, mineral properties, or intellectual property made to individuals during the year.
Enter $600 or more payments from prizes, awards, or research studies.
Report any taxes withheld under Backup withholding due to incorrect TINs provided. The withheld amounts are related to the payments reported in boxes 1 and 2.
Include the earnings from fishing activities.
Document payments made to physicians, suppliers, medical and healthcare services providers, and medical and healthcare insurers under health, accident, and sickness insurance programs However, exclude payments made to pharmacies for prescription drugs.
Mark this Box if the payer sold consumer products with a total value of $5,000 or more for resale or buy-sell purposes.
Enter the total payments of $10 or more made by brokers for dividends or tax-exempt interest as a loan.
Report crop proceeds totaling $600 or more, which were paid to a farmer by an insurance company, except when the farmer has notified the insurer that expenses have been capitalized per sections 447, 263A, or 278.
Record the total amount of $600 or more paid to an attorney for legal services.
Payers should report the amount spent on fish purchased for resale in this Box.
Incorporate the current-year deferrals for a nonemployee under a nonqualified deferred compensation (NQDC) plan, subject to section 409A, as any earnings on the current and previous-year deferrals.
Check this box if the payer is using Form 1099-MISC to fulfill their Chapter 4 account reporting requirement. Include the payments made to the recipient and any taxes withheld from those payments.
Report any excess golden parachute payments subject to a 20% excise tax.
Record payments made under a nonqualified deferred compensation (NQDC) plan that does not meet the requirements of section 409A. Any reportable payment in Box 12 that is currently taxable should also be included in this Box.
Report any state or local income tax withheld from the payments made to the recipient.
Purchasing any BoomTax package will give you everything you need to complete your filing.
Import many companies in one spreadsheet to simplify data input.
We validate your data against hundreds of IRS rules.
No IRS registration or testing required.
Make as many changes as needed for free.
BoomTax is an IRS-authorized provider specializing in business tax forms, including the 1099 Form series, ACA forms, W2 forms, and more. By choosing to e-file Form 1099-MISC with BoomTax, you'll enjoy a range of unique features that ensure a simple, secure, and accurate filing experience.
Takes Only 30 Seconds
BoomTax and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors prior to engaging in any transaction.