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Which copy of form 1099-MISC do we keep?

The 1099-MISC has Copy A, B, C, 1 and 2.

Copy A is sent to the IRS along with the 1096.

Copy B is sent to the recipient and the recipient keeps that copy.

The payer or the business issues the 1099-MISC forms to vendors/contractors should retain Copy C.   You don’t have to print and store.  Instead, you can retain a PDF of copy of these forms.

Copy 1 is sent to the State Tax Department.

Copy 2 is to be filed with recipient’s state income tax return, when required.

 

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Erich J. Ruth

Erich J. Ruth provides technical support for National Software which is the parent company for 1099FIRE. 1099FIRE develops and markets a comprehensive range of products that enables any size of business or institution to effectively manage and comply with year-end filing requirements. 1099FIRE is an employee-owned company located in Phoenix, Arizona.

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  1. Gordon Crosson
    February 6th, 2014 at 08:09 | #1

    I serve on the board of the condominium association where I live. Recently, the board decided to change from using a property manager to self-management. Since i am retired and have prior management experience, I agreed to serve as the manager of the property. My monthly association fees are credited for performing these services. Should I receive a 1099-MISC form?

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  2. February 6th, 2014 at 10:18 | #2

    I believe so. And you can double check with a local accountant. But you are receiving a payment (in the form of a credit) for performing services. If the amount of payment you receive is $600 or more in the calendar year, then it has to be reported.

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  3. Kelly Holston
    January 28th, 2020 at 13:38 | #3

    Why are the 1099 forms sold with only three copies (A,B and C) when it appears five copies are needed? Two the recipient, one to the state, one to the IRS and one to keep.

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  4. January 28th, 2020 at 14:30 | #4

    Your only required to mail Copy B. The other copies can be sent but are
    not required.

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