The 1099-MISC (Miscellaneous) tax form is utilized by businesses to report types of payments, in excess of $600, during the year to the IRS. Form 1099-MISC needs to be mailed by the employer to recipient’s by January 31st. The forms need to be filed with the IRS by February 28th if filing by paper, and March 31st if filed electronically. Any business with over 100 forms must file electronically.
Use Box 1, Rents, for reporting on any rent or lease payments made throughout the tax year for property used in business. Any and all expenses relating to the use of the property are reported in box 1 (IE: taxes on the property).
Use Box 2, Royalties, for reporting on a royalty fee paid in excess of $10 for use within the course of business.
Use Box 3, Other Income, for reporting on payments such as: payments to the beneficiary of a deceased employee, prizes & awards, and punitive damages.
Use Box 4, Federal Income Tax Withheld, for reporting on any federal income tax withheld (IE: backup withholding.)
Use Box 5, Fishing Boat proceeds, for reporting on an individual’s share of the proceeds from the sale of a catch.
Use Box 6, Medical & Health Care Payments, for reporting payments made in the course of business to physicians or other suppliers/providers of medical and/or health care services.
Use Box 7, Check box if Payer made direct sales of $5,000.00 or more of consumer products to a buyer for resale.
Use Box 8, Substitute for reporting payments made in lieu of dividends or interest, for aggregate payments of at least $10 of substitute payments received by a broker for a customer in lieu of dividends or tax-exempt interest as a result of a loan of a customer's securities.
Use Box 9, Crop Insurance Proceeds, for reporting on proceeds paid to farmers by insurance.
Use Box 10 Gross Proceeds Paid to an Attorney, for a payment made to an attorney in the course of your trade or business in connection with legal services.
Use Box 11, Reserved.
Use Box 12, enter the total amount deferred during the year of at least $600 for the nonemployee under all nonqualified plans. The deferrals during the year include earnings on the current year and prior year
Use Box 13, any excess golden parachute payments. An excess parachute payment is the amount over the base amount (the average annual compensation for services includible in the individual's gross income over the most recent 5 tax years). Excess Golden Parachute Payment, for a payment in the nature of a compensation. The payment is to, or for the benefit of, a disqualified individual.
Use Box 14, for payments of income as a nonemployee under an NQDC plan that does not meet the requirements of section 409A.
Boxes 15-17, are used by payers who participate in the Combined Federal/State Filing Program and who are required to file paper copies of form with a state tax department.
For more information, the 1099-MISC instructions can be found here, https://www.irs.gov/pub/irs-pdf/i1099msc.pdf