The most common 1099 forms are 1099-MISC, 1099-INT, 1099-DIV, 1099-K, 1099-B, 1099-G, and 1099-R.
There are more than a dozen different types of 1099 forms, each with a different purpose and importance. Let’s run through each 1099 form and what they’re used for.
This form is for Acquisition or Abandonment of Secured Property. This is typically used when property has been transferred due to foreclosure.
This form is for Proceeds from Broker and Barter Exchange Transactions. It is used by brokerages and barter exchanges to record customer gains and losses in a tax year – stocks, commodities, regulated futures contracts, foreign currency contracts, forward contracts, debt instruments, options, securities futures contracts, etc.
This form is for Cancellation of Debts. Lenders and creditors file this form if a debt of $600 or more has been canceled.
This form is for Changes in Corporate Control and Capital Structure. This form is used to report shareholders who have received cash, stock, or other property through an acquisition or other significant change in structure of capital.
This form is for Dividends and Distributions. You must file this form if you own stock or securities and receive more than $10 in distributions like dividends, capital gain distributions, or nontaxable distributions paid on stock and liquidation distributions.
This form is for Certain Government Payments. Use this form to report unemployment compensation, state and local income tax refunds, agricultural payments, and grants that are taxable.
This form is for Health Coverage Tax Credit (HCTC) Advance Payments. This form is used to report advance payments of qualified health insurance payments for the benefit of eligible trade adjustment assistance (TAA), alternative TAA, re-employment TAA, or Pension Benefit Guaranty Corporation (PBGC) payees and their qualifying family members.
This form is for Interest Income. Financial institutions are required to file this form if they pay any individual more than $10 in interest during the taxable year.
This form is for Merchant Card and Third Party Network Payments. If a business has at least 200 transactions and a minimum of $20,000 in sales during the year processed by third-party payment processors like PayPal or Google Checkout, this form must be filed.
This form is for Long-Term Care and Accelerated Death Benefits. Claimants of long-term care insurance benefits must report those benefits using this form.
This form is for Miscellaneous Income. The re-emergence of the 1099-NEC has created some confusion as to when to use that form vs. the 1099-MISC, read more here.
This form is for Original Issue Discounts. This OID occurs when a bond is issued for a lower price than its face value and this form must be filed if you have an OID like a bond, debenture, note, certificate, or other evidence of indebtedness.
This form is for Taxable Distributions Received from Cooperatives. For each person to whom a cooperative has paid a minimum of $10 in patronage dividends and other distributions explained within the form.
This form is for Payments from Qualified Education Programs (under sections 529 and 530). This form is for individuals who have received distributions from a Coverdell education savings account (ESA) or a 529 plan.
This form is for Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. This form needs to be filed when an individual has received payment from a retirement plan like an IRS, Roth IRA, or 401(k) plan.
This form is for Distributions from an HSA (health savings account), Archer MSA, or Medicare Advantage MSA. This form is filed for reporting received distributions (payments) from any of these accounts.
This form is for Seller’s Investment in Life Insurance contracts. This form needs to be filed if you are an issuer of a life insurance contract and you received a statement from an acquirer in a reportable policy sale.
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