FINANCIAL ACCOUNTING


TAX ISSUES

1098T

For current information about form 1098t, click here.

1099M

A 1099-M form is the form required by the IRS for institutions to report miscellaneous income paid to individuals. Indiana State University is required to report any payments for services made to someone other than a corporation (i.e., an individual or a partnership) totaling $600 or more per year to the Internal Revenue Service on Form 1099-M. The Finance area within the Controller’s Office produces the 1099-Misc form, sending one copy to the vender and one copy to the IRS.

Some types of non-employee compensation that must be reported by an employer on Form 1099-Misc include:

With the exception of medical payments, only payments to individuals and partnerships are 1099 reportable. Scholarship and fellowship payments are not within the scope of 1099 reporting.

REQUEST FOR PAYMENT PROCEDURES FOR 1099 VENDORS

Request for 1099 reportable payments must be on university check request with the following information:

Include an extra copy of the check request when sending to the Office of the Controller for payment.

Travel and reimbursed expenses must be processed on a separate check request so that these items will not be included on the 1099 and the individual will not be taxed on them.

If the university check request arrives in the Controller's Office without the requested information, the document will be returned.

Purchasing should request that new vendors complete form W-9, Request for Taxpayer Identification Number and Certification. Payments will not be made until this form has been returned to Financial Accounting for processing.

FILING FORM 1099-M WITH THE INTERNAL REVENUE SERVICE

1099 CONTACT PERSON

Bob Anthrop
Manager, Accounts Payable and Property Accounting
(812) 237-3521
Robert.Anthrop@indstate.edu

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