1099

The 1099 form is the Internal Revenue Services tax form used for taxpayers (i.e. independent contractors, consultants, investors) to report income, whether from work or from investments that is not salaried income. There are many types of Form 1099 so the income provider will have to send a specific 1099 form, based on the types and sources of income earned, to the taxpayer. The applicable 1099 form is sent to both the taxpayer and to the IRS. In turns, the taxpayer will have to attach the 1099 form received in his tax return. The most common 1099 forms are the 1099-DIV to report stock dividends, the 1099-INT to report interest income, the 1099-B to report earnings from the sale or redemption of securities, the 1099-R to report distributions from retirement or profit-sharing plans, and the 1099-MISC to report income earned as an independent contractor. For example, if you are an independent contractor and are receiving an income greater than $600 per tax year, your client is required to send you a form 1099-MISC. Unlike a W-2 form however, no income reported on the 1099-MISC is withheld but income taxes and self-employment tax must be paid on such income. Issuers of 1099 forms must send the 1099 form to the recipients by January 31 and to the IRS by the last day of February (or March 31 if filed electronically).

Below is an list of the specific 1099 forms and their associated titles are:
1099-A - Acquisition or Abandonment of Secured Property
1099-B - Proceeds from Broker and Barter Exchange Transactions
1099-C - Cancellation of Debt
1099-CAP - Changes in Corporate Control and Capital Structure
1099-DIV - Dividends and Distributions
1099-G - Certain Government Payments
1099-H - Health Coverage Tax Credit (HCTC) Advance Payments
1099-INT - Interest Income
1099-LTC - Long-Term Care and Accelerated Death Benefits
1099-MISC - Miscellaneous Income
1099-OID - Original Issue Discount
1099-PATR - Taxable Distributions Received from Cooperatives
1099-Q - Payments from Qualified Education Programs (Under Sections 529 and 530)
1099-R - Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRA, Insurance contracts, etc.
1099-S - Proceeds from Real Estate Transactions
1099-SA - Distributions from a HSA, Archer MSA, or Medicare Advantage MSA