IRS Tax Form 1099-MISC, Miscellaneous Income

Verified by ABBYY

The Form 1099-MISC, Miscellaneous Income skill extracts data from Forms 1099-MISC, which are filed for each person to whom a payer has paid during the year:

  • At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.
  • At least $600 in:
    • Rents.
    • Prizes and awards.
    • Other income payments.
    • Medical and health care payments.
    • Crop insurance proceeds.
    • Cash payments for fish (or other aquatic life) purchased from anyone engaged in the trade or business of catching fish.
    • Generally, the cash paid from a notional principal contract to an individual, partnership, or estate.
    • Payments to an attorney. o Any fishing boat proceeds.

In addition, Forms 1099-MISC are used to report that a person has made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.

The Form 1099-MISC, Miscellaneous Income skill is a preview skill. It has been trained on a small document set and is intended to be used by citizen developers as a quick-start basis for processing Forms 1099-MISC. The skill may require further training on your specific documents in order to be used in production scenarios.

Benefits
  • Vantage document skills are extraction models, based on ABBYY's purpose-built AI, designed and trained to extract key data from business documents.
  • Preview Document Skills provide a quick-start basis for conducting proof of concept and automating document-centric processes, without wasting time to train a new skill from the ground up. In most preview skills the main data fields have been labeled and the skill has been trained on a small document set to provide a starting point for further training on customer side. Preview skills generally come at no additional cost, but consume page volume from the base Vantage Core Skills volume.
  • Includes validation and data normalization rules. Further business rules can be added as required.
  • Can be augmented by human-in-the-loop review and verification based on accuracy thresholds, missing or incorrect information.
  • Requires further training in order to ensure sufficient accuracy levels on customer-specific documents. Training can be done up-front or during runtime as documents arrive and go through manual verification.
Processes with this connector
Transfer data to other systems
Related skills
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Contributor:
ABBYY
Published:
2 April 2024
Last updated:
2 October 2024
Purchase terms
Free
Specifications
English
United States
Preview