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What payments are subject to backup withholding?

April 26, 2017backup PAYMENTS Subject withholding

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What payments are subject to backup withholding?

1 Answer

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• Rent and commissions, fees or other form of compensation for services, and other fixed or determinable gains, profits, or income payments reportable on Form 1099-MISC, Miscellaneous Income. • Interest reportable on Form 1099-INT, Interest Income. • Dividends reportable on Form 1099-DIV, Dividends and Distributions. • Gross proceeds reportable on Form 1099-B, Proceeds From Broker and Barter Exchange Transactions. • Royalties reportable on Form 1099-MISC, Miscellaneous Income. • Gross Proceeds paid to attorneys reportable on Form 1099-MISC, Miscellaneous Income. • Grant payments made by governments reportable on Form 1099-G.