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Should we complete a 1099 for a company we pay monthly parking to?

 
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Best answer 09-09-2019

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Moderator

Hey there, sus0512. I appreciate you checking in with us....

Hey there, sus0512.

I appreciate you checking in with us. I'd be delighted to assist you with your query about 1099-MISC.

A 1099 is usually required if you made or received a payment for more than $600 during the calendar year as a small business or independent contractor. The following payments have to be reported on form 1099-MISC:

  • At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.
  • At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate.
  • Any fishing boat proceeds.
  • Gross proceeds of $600 or more paid to an attorney.
  • Generally, payments to a corporation don't require Form 1099-MISC. Exceptions to this include:  Form 1099-MISC reportable payments to corporations:

    - Medical and health care payments reported in box 6
    - Fish purchases for cash reported in box 7
    - Attorneys' fees reported in box 7
    - Gross proceeds paid to an attorney reported in box 14

To learn more about payments to report and boxes to fill in on the form 1099, you can refer to these articles: 

That will do it. This answer helps you identify the payments you need to report on the form 1099.

Don't hesitate to let me know if you have further questions. I'm here to answer them. Have a wonderful day.

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2 Comments
Moderator

Hey there, sus0512. I appreciate you checking in with us....

Hey there, sus0512.

I appreciate you checking in with us. I'd be delighted to assist you with your query about 1099-MISC.

A 1099 is usually required if you made or received a payment for more than $600 during the calendar year as a small business or independent contractor. The following payments have to be reported on form 1099-MISC:

  • At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.
  • At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate.
  • Any fishing boat proceeds.
  • Gross proceeds of $600 or more paid to an attorney.
  • Generally, payments to a corporation don't require Form 1099-MISC. Exceptions to this include:  Form 1099-MISC reportable payments to corporations:

    - Medical and health care payments reported in box 6
    - Fish purchases for cash reported in box 7
    - Attorneys' fees reported in box 7
    - Gross proceeds paid to an attorney reported in box 14

To learn more about payments to report and boxes to fill in on the form 1099, you can refer to these articles: 

That will do it. This answer helps you identify the payments you need to report on the form 1099.

Don't hesitate to let me know if you have further questions. I'm here to answer them. Have a wonderful day.

View solution in original post

Level 15

intuit Jane Well damn, nice copy and paste, of course it...

intuit Jane

Well damn, nice copy and paste, of course it did not address the question


@ sus

The if the parking lot has inc in its name, no, other wise you will need to hand them a form w-9 and ask them to fill it out.  To be honest I would not worry about it, unless it is someone parking cars in their yard or something like that

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