Simplifying businesses’
filing of 1099 and other information return forms.

Choosing the Correct 1099, 1098, 1095, or W-2 Forms

Do you need help choosing which forms you need to file with the IRS? Below are the basic reasons for filing all of the forms we support at eFile360:

• 1099-MISC is the most common form utilized. It is used to report payments made to contractors by business entities.
• Banks and other financial institutions must file Form 1099-INT with the IRS for each person to whom they have paid interest during the year.
• The Form 1099-DIV is used to report dividends and other distributions payments to investors
• Form 1099-C form is used to report debt cancellations of $600 or more if the debtor is an individual, corporation, partnership, trust, estate, association, or company. It must be filed regardless of whether the debtor is required to report the debt as income or not.
• The 1099-S form reports the sale or exchange for money, indebtedness, property, or services of any present or future ownership interest in any improved or unimproved land, permanent structures, residential, commercial, industrial building, stock in a cooperative housing corporation or non-contingent interest in standing timber.
• The 1099-B form, also known as the Proceeds From Broker and Barter Exchange Transactions form, reports the sale of stocks, bonds, commodities, regulated futures contracts, foreign currency contracts, forward contracts, debt instruments, and more.
• The 1099-R form reports distributions from pensions, annuities, retirement and profit-sharing plans, IRAs, insurance contracts, disability payments under life insurance contracts, charitable gift annuities, and more. This form must be filed for distributions of $10 or more.
• Form 1098 is used to report mortgage interest of $600 or more received during the year in the course of trade or business from an individual, including a sole proprietor. The $600 threshold applies separately to each mortgage
• Form 1098-T reports transactions for a student’s tuition payment. Insurers must file Form 1098-T for each individual to whom reimbursements or refunds of qualified tuition and related expenses are made
• Form 1098-MA is used to provide information to the IRS and to homeowners regarding mortgage payments made by the homeowners and mortgage assistance payments made with funds allocated from the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (HFA Hardest Hit Fund) or the Emergency Homeowners’ Loan Program.
• Form W-2 is used to report wages paid to employees and the taxes withheld from them.
• Form 1095-B is used to report certain information to the IRS and taxpayers about individuals who are covered by minimum essential coverage and therefore are not liable for individual shared responsibility payments.
• Form 1095-C is used to report insurance coverage provided by a business entity. Form 1095-C also lists all dependents of employees who are covered by employer-provided insurance.