1099 Miscellaneous Income

1099 Miscellaneous Income

Office of Financial Affairs (OFA) creates and remits IRS Form 1099-MISC for all state-wide vendors paid through the MAGIC system. These forms rely on data input by state agencies to ensure accuracy in the amounts reported. As a part of the centralized process, OFA generates and remits quarterly exception reports for items related to 1099 reporting. Examples of these reports include the following: grant payments to individuals, some journal entry adjustments, etc. Only agencies identified as impacted by these exception items are provided reports.

In some cases for some state agencies, payments may be processed outside of MAGIC that should be reported on a 1099 . If the payment is not processed within MAGIC, agencies are responsible for ensuring taxable vendor payments are reported under the agencies Employer Identification Number using an agency defined process.

For more information please refer to Section 24 of the Mississippi Agency Accounting Policies and Procedures or "MAAPP" Manual.

 

For additional questions or assistance related to 1099-MISC reporting, please contact:

Darryl Bowen -DFA Fiscal Analyst
darryl.bowen@dfa.ms.gov
601-359-3012