Form 1099-MISC Explained

Historically the form for freelancers, the 1099-MISC is now mostly used for rents, royalties, and prize money.

Common Boxes

• Box 1 (Rents): If you receive rental income, it's reported here. You'll likely need to file Schedule E.
• Box 2 (Royalties): Also generally reported on Schedule E.
• Box 3 (Other income): This often includes prize money, awards, or medical research payments. It goes on Schedule 1, Line 8z.

If you are a freelancer or independent contractor, your income is now reported on Form 1099-NEC instead.