Form 1099-MISC is a tax form used to report payments of $600 or more to individuals and businesses for various services. You need to file it for services like rent, prizes, medical payments, royalties, and more. Additionally, if you directly sell at least $5,000 of consumer products for resale, you must use this form. Reporting these payments accurately is crucial for tax compliance. File Form 1099-MISC on time to stay on top of your tax responsibilities.