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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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