If you receive certain types of income, you may get a Form 1099 for reporting in your your federal tax return.
These are usually income not earned as wages or distributions from funds or agencies to which the taxpayer is contributing.
If earned as a compensation, usually it may be remuneration paid to a non-employee for service rendered.
These are not reported on Form W2 as these usually are not originated by the taxpayer’s employer.
Form 1099 is information provided by the payer of the income.
Most of the time IRS also gets a filing of the same information from the payer’s end and the information is easily verifiable by the taxman unless the amounts received are below a specified minimum, if any.
The payer should send or provide your Form 1099-series information returns by January 31, of the current tax season for payments made in the previous year.
Here is a list of 1099 Forms:
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, Government Payments
1099-H, Health Insurance Advance Payments
1099-INT, Interest Income
1099-LTC, Long Term Care Benefits
1099-MISC, Miscellaneous Income
1099-OID, Original Issue Discount
1099-PATR, Taxable Distributions Received From Cooperatives
1099-Q, Payment from Qualified Education Programs
1099-R, Distributions from Pensions, Annuities, Retirement Plans, IRAs, or Insurance Contracts
1099-S, Proceeds from Real Estate Transactions
1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
SSA-1099, Social Security Benefit Statement
What information is included in each category of Form 1099?
1099-A, Acquisition or Abandonment of Secured Property
Abandonment
Foreclosures
Form 1099-B, Proceeds From Broker and Barter Exchange
Transactions
Barter exchange income
Broker transactions
Commodities transactions
Sales of Securities
1099-C, Cancellation of Debt
Debt cancellation
Discharge of indebtedness
1099-CAP, Changes in Corporate Control and Capital Structure
Changes in capital structure
Acquisition of control
Form 1099-DIV, Dividends and Distributions
Capital gain distributions
Dividends
404(k) dividend
Liquidation distributions
1099-G, Government Payments
Agriculture payments
Alternate Trade Adjustment Assistance (TAA) payments
Grants, taxable
Income tax refunds, state and local
Refund, state and local tax
Unemployment benefits
Other Tax refunds, state and local
1099-H, Health Insurance Advance Payments
Advance health insurance payments
Health insurance advance payments
Form 1099-INT, Interest Income
Interest income
Tax-exempt Interest income
1099-LTC, Long Term Care Benefits
Accelerated death benefits
Life insurance contract distributions (also reported on 1099-R)
Long-term care benefits
Form 1099-MISC, Miscellaneous Income
Attorney, fees and gross proceeds
Auto reimbursements, non-employee
Awards, non-employee
Bonuses, non-employee
Car expense, non-employee
Commissions, non-employee
Compensation, non-employee
Crop insurance proceeds
Damages
Direct sales of consumer products for resale
Directors’ fees
Fees, non-employee
Fishing boat crew members proceeds
Fish purchases for cash
Golden parachute, non-employee
Health care services
Indian gaming profits paid to tribal members
Medical services
Mileage, non-employee
Non-employee compensation
Non-qualified deferred compensation to non-employee
Prizes, non-employee
Punitive damages
Rents
Royalties
Substitute payments in lieu of dividends or tax-exempt interest
Vacation allowance, non-employee
Form 1099-OID, Original Issue Discount
Original issue discount (OID)
1099-PATR, Taxable Distributions Received From Cooperatives
Income attributable to domestic production activities deduction
Patronage dividends
1099-Q, Payment from Qualified Education Programs
Coverdell Educational Savings Account (ESA) distributions
Qualified tuition program payments
Direct rollovers (also reported on Forms 1099-R, 5498)
1099-R, Distributions from Pensions, Annuities, Retirement Plans, IRAs, or Insurance Contracts
Annuities
Charitable gift annuities
Cost of current life insurance protection
Death benefits
Direct rollovers (also reported on Forms 1099-Q, 5498)
Distributions of Excess deferrals, excess contributions
Individual Retirement Account (IRA) distributions
Life insurance contract distributions (also reported on Form 1099-LTC)
Loans, distribution from pension plan
Military retirement
Non-qualified deferred compensation to Beneficiary
Pensions
Profit-sharing plan
Qualified plan distributions
Re-characterized IRA contributions (also reported on Form 5498)
Retirement
Roth conversion IRA distributions
Savings Incentive Match Plan for Employees (SIMPLE) distributions
Roth IRA distributions
Section 1035 exchange
Simplified Employee Pension (SEP) distributions
1099-S, Proceeds from Real Estate Transactions
Real estate transactions
Royalties Timber, pay-as-cut contract
Sales of Real estate
1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
Archer Medical Savings Account (MSA) Distributions
Health savings accounts (HSA) Distributions
Medicare Advantage MSA Distributions
Form SSA-1099, Social Security Benefit Statement
An SSA-1099 is issued to citizens and residents. For non-resident aliens Form SSA-1042S is sent instead.
PLEASE NOTE: For the latest and definitive information on tax matters always consult the resources provided by the Internal Revenue Service (IRS).
