1099 is a tax form which is used by independent contractors, business owners or even self employed employees. 1099-Misc form is used for anyone working for you but one who cannot be categorized as an employee. If a person who is working for you, but cannot be categorized as an employee and still earns more than $600, then you need a 1099-MISC form.
If you are the one who makes royalty income, then you surely need a 1099-MISC form. If your royalty income is more than $10, you must surely need to file a 1099 MISC form.
1099 forms are needed to keep an eye on income or are needed for tax filing. 1099-MISC form contains details about the income but it may also keep an eye on whether federal, state or any other taxes on income are deducted or not. 1099 MISC form should be filled accurately so IRS can appropriately tax contractor’s income.
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