- Membership
- Certification
- Events
- Community
- About
- Help
Reporting threshold for beneficiary payments
January 12, 2023
Q. Does the $600 threshold apply to reporting beneficiary payments on the 1099-MISC form/ We have a deceased employee who passed away in 2022 and was paid a vacation payoff of $420 to their beneficiary in 2023. Since it is under $600, do we still report it on the For 1099 to the beneficiary?
A.
(Answered by IOFM's third-party tax experts)
Yes, the $600 threshold for reportable payments made in the calendar year applies to payments reportable in box 3 "Other income" of Form 1099-MISC.
95970
Become A Member
Join IOFM today as a Professional, Business, or Enterprise Member — or upgrade your Starter Membership — to get access to this content and thousands of other Articles, Webinars, Expert Answers, Resource Downloads, and more!
Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know.
Ask The Expert is a member resource of IOFM and all advice provided is subject to site’s Terms of Use.
What are you waiting for?
