Vendor 1099 Tax Reporting
The University is obligated to report to the Internal Revenue Service (IRS) on Form 1099 all U.S. Citizens and Resident Aliens receiving cumulative remuneration greater than or equal to the annual Form 1099 threshold amount of $600. See IRS Publication 1099 for more information. Accounts Payable is responsible for sending the Forms 1099 to the individual and submitting the electronic file of the 1099s to the IRS.
For more information on international reporting, see Finance's Tax website.
Frequently Asked Questions
A 1099 form is a record of income that an entity or person other than your employer gave or paid you money. The payer (Emory University) fills out the 1099 form and sends copies to the vendor and the IRS.
The IRS Form 1099 is used by a payer to report income given or paid to you during the year to figure out how much income you received during the year and what kind of income it was if the income meets the annual threshold amount. You'll report that income in different places on your tax return, depending on the type of income. Note that even if you do not receive a Form 1099 (reporting threshold is not met), the income may still be taxable to you and should be reported on your tax return.
Many types of people can get a 1099 form for different reasons. For example, independent contractors, freelancers, self-employed and other types of workers who filled out an IRS Form W-9 at the start of the business relationship often get a 1099-NEC showing their earned income. Individuals who receive other types of payments (scholarships, royalties, prizes, other miscellaneous income) often get a 1099-MISC showing income. 1099 forms are issued to these individuals/payees who earn $600 or greater, per IRS regulations.
There are several kinds of 1099 tax forms. The IRS refers to them as “Information returns”. Below are the main 1099 forms that Emory University issues.
| 1099 Type | Description |
|---|---|
| 1099-MISC | Used to report nonemployee earnings from incomes streams like, royalties, rents, prizes, and awards |
| 1099-NEC Nonemployee Compensation | Used to report non-employee compensation. |
The University must mail these forms by the last day of January after the tax year.
Please email Accounts Payable at emory.fsc@emory.edu to request a copy.