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1099-MISC Income Tax Overview

The 1099 form is used by taxpayers to report various types of non-salary income to the IRS. There are different 1099 forms for different income types like dividends, interest, miscellaneous work. Businesses and organizations use the appropriate 1099 form to report payments over $600 to taxpayers by January 31 and to the IRS by February 28. Taxpayers must then include the 1099 forms with their tax return.

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20 views2 pages

1099-MISC Income Tax Overview

The 1099 form is used by taxpayers to report various types of non-salary income to the IRS. There are different 1099 forms for different income types like dividends, interest, miscellaneous work. Businesses and organizations use the appropriate 1099 form to report payments over $600 to taxpayers by January 31 and to the IRS by February 28. Taxpayers must then include the 1099 forms with their tax return.

Uploaded by

cute2coolsamir
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

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
reportstock dividends, the 1099-INT to report interest income, the
1099-B to report earningsfrom the sale or redemption of securities,
the 1099-R to report distributions fromretirement 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

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