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Printable Form 1099-MISC New Orleans Louisiana: What You Should Know

Filing a Federal Form 1099 on Your Louisiana Tax Return An individual can pay tax on amounts paid to an entity in which the individual is the owner for an amount that exceeds 600 if the individual and the entity are a person or partnership and if: • No person or partnership pays more than 600 in interest or other compensation to the entity (i.e., it is not owned by a tax dependent); • No trust, foundation or corporation pays more than 600 in interest or compensation to the entity (i.e., it is not owned by a taxpayer); or • The entity is a foreign person to which no U.S. resident is a “controlled foreign corporation” as defined in the Code. The individual is required to complete and file Form 1099-MISC. However, the payment can be made in any state. An information return for an individual who has paid a payment of interest or other compensation under this provision is filed with the Louisiana Department of Revenue; the payment amount and date of payment must be reported (noted on line 8 of Form 1099-MISC) on Form 502. If the same information is not reported on Form 502, a return must also be filed (including Form 502) with a State Division of Taxation within 6 months of that date. The return is used by the Department of Revenue to ensure adequate information on the payment of interest or other compensation is maintained and the individual making the payment is assessed any tax liability from the payment. A person or partnership who fails to report on Form 502 that the payment is made must pay 600, and if the person or partnership pays any other amount between the amount shown on Form 502 and 600, the amount required to be reported is 600 minus the amount actually paid. However, the information reporting requirement may be suspended while the return remains with the State Division of Taxation, if, before the suspension, the individual has made an original payment into a trust, foundation or charity controlled by the person or partnership and that individual is the one making a payment.

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