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Hawaii Form 1099-MISC: What You Should Know

DIV and 1099-INT may be filed at any time prior to you receiving any state copies. 1099-MISC and 1099-NEC may be filed after the state reaches the quarterly filing deadline. Filed Form 1099-DIV with the state: Before a person receives an income tax refund. 1099-DIV: If you are a U.S. citizen or a resident alien. Your withholding or payment is reduced by 2.50. 1099-INT: If you reside in Hawaii, Guam, the U.S. Virgin Islands, or any U.S. possession and you: • pay wages to an employer for self-employment; • have income from farming, logging, mining; or for making a profit from the sale of realty, real or personal property. 1099-r: If you earn more than 1,000 (or 200 (100 x self-employment income level) x calendar year). Your income is calculated using one of five types of calculations: • Gross Income. (1099-MISC). The income of the taxpayer for the taxable year does not include contributions, payments, or deductions from distributions from an IRA or SEP IRA. • Net Business Income. (1099-MISC). The income of the taxpayer for the taxable year is the excess of their gross business income (“FBI”) plus any rental income or loss for the first half of the taxable year, over the combined deductible business losses. • Income from IRA, SEP, or Traditional IRA. (1099-B). The income of the taxpayer for the taxable year does not include contributions, payments, or deductions from distributions from an IRA or SEP IRA. 1099-K: If your business earns income on a quarterly basis, your gross income from the period is the amount of the gross income for such quarter. For example, if your business takes in 500 for the first quarter, 500 minus 50 is your gross income for the quarter. Your gross income for such quarter of the taxable year is 100. You can use this amount if you are a U.S. citizen or resident. Form 1099-K is a tax return you need to file if your business earns income on a quarterly basis, the income on either Form 1099-MISC or the form 1099-K is not reported for that calendar year.

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