What is a 1099 Form?
When you’re filing your taxes, you have to organize all financial paperwork for your 1040 to be filed correctly. Many people are familiar with W-2s, but they may not be aware of another financial document needed- 1099s. What are they for exactly? What kinds of 1099s can I expect to receive? I’ll answer these questions to help you file taxes easier.
1099s – What are They?
While W-2s record your salaries and wages, 1099 forms are for other sources of income such as independent contractors income, unearned income like dividends and interest over the course of the year, and HSA distributions.
Some of our financial institutions have the option of downloading the forms which allows us to get the 1099s faster. We take advantage of it for convenience; if you have that option, I highly recommend going that route.
Types of 1099s
There are many different types of 1099 forms you can receive during tax time. These variants are based on the income source. Here are just some of the more common ones:
- 1099-C: Cancellation of Debt
- 1099-CAP: Changes in Corporate Control and Capital Structure
- 1099-DIV: Dividends and Distributions
- 1099-G: Government 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-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
- 1042-S: Foreign Person’s U.S. Source Income
- SSA-1099: Social Security Benefit Statement
The 1099s most taxpayers are familiar with are 1099-INT, 1099-DIV, and 1099-MISC. Since I’m self-employed, I keep track of what 1099s to expect from my contracts. As they come in I put them in an accordion folder until it’s time to file our taxes. It’s an easy system that helps me have everything ready.
If you want to learn more about 1099-MISC forms and how it affects you, the IRS has a wonderful resource on it.
Your Taxes and 1099s
Did you receive a 1099 this tax season? Which one did you receive? If you’re self-employed, how do you keep track and organize all your 1099s?
Have product questions? We have your answers.
I did some holiday seasonal work for the month of Dec 2012 none for 2013 – when I requested a 1099 from the guy I worked for he said they run on a fiscal year and that I wouldn’t need to file those taxes until 2014 and I would receive a 1099 in January 2014- I am so confused and I don;t know how to proceed ..can anyone help me
Do I pay income tax on trust distribution income from a settled estate? (received a 1099 misc.)
The trust was included in the estate tax return and taxes were paid when the estate was settled last year. Why do I have to pay taxes again on the distribution income?
I have a booth at an antique store. The owner collects sales tax on all purchases and says they will send me a 1099 at the first of the year. Why would they send me a 1099? I am not employed by the store – only a reseller. BTW, I didn’t get one this year like they said.
I know I owe taxes on the monies earned (minus my costs) but is there anything I should fill out on my 1040? What form?
I’m 73 yrs. old and my wife is 70 yrs. old this year. We have been receiving 1099 -R from our pensions (we each have two). I’m using TurboTax (TT) and this year when I entered my two 1099-R’s TT asked if this was a Minimum Required Distribution (MRD) because I am over 70 and 1/2. If I answer yes it asks if the amount is part or all of the MRD.
I answered this question correctly for the 1099 – R from my Fidelity 403b because the give me the MRD for my first withdrawal, but I not sure how to answer the question for my pensions. What is the effect if I answer No?
I wrote a children’s book which is due to be published THIS year,, but I paid an illustrator in 2012. Do I have to issue him a 1099 MISC? (and he’s in Canada, does that make a difference?)
Where do I enter information from a 1099-CAP in Turbo Tax? I have been through it and cannot locate anywhere it asks for that particular 1099.
How will a 1099c affect my taxes for the following year. I am thinking of settling a debt of 6000 dollars by paying it off for 2500 dollars. Is that a good idea or will that hurt me in the long run to pay off this debt because they say they must tell me that a possible 1099c with be submitted. Any help in this matter would be greatly appreciated!!!
An SSA1099 form came to the house for my son who passed in July due to cancer. He lived with me. Am I suppose to file it for him? What do I do with it?
Hi Linda,
Sorry about your loss. You will have to file it if he received other taxable income, because if he received other taxable income then the social security income may be subject to tax. If he didn’t receive any other taxable income then you won’t have to file it.
Thank you,
Lisa Greene-Lewis
My husband was injured and went on short term disability. We had to borrow 10,000 from 401 k in order to pay our bills. The medical bills came to over 7500.00. Can we claim a hardship, and get a tax break???
Is there a deadline for a business to request a contractor to fill out a 1099misc?
I was employed by a very poorly run company for only two months. I was receiving personal business checks, and never signed anything with the company stating I am employed by them etc. After working for them I found out that I was paying for all extra expenses for traveling and supplies on my own. They told me to keep those receipts for tax deductions and told me I can pay taxes quarterly or however I would like. They call me today asking for my information for a 1099. Is that the correct form? I was basically an employee on their payroll so to speak. The reason I left the company is they were taking over a month to send me my checks and were not holding up their end since they were not doing financially well.
my husband has a 1099 misc form from his payer for independent contracting. i put his tax in using home and business on turbo tax. do i have to enter it in both the business and the personal part of it? Or do I just enter it in the business.. when i do both its coming back he owes
Hi Nicole,
You should only enter it under business income not both. Make sure you take it out of personal. Also claim any expenses he had related to the business.
If you have more questions you can ask our tax experts your question for free. Contact them by going to the “Help Along the Way” tab, Ask your question, then go to “Contact Us”
Thank you,
Lisa Greene-Lewis
I received a 1099-R form. It shows I paid taxes out on it prior to the deduction from the account. Would this still have to be filed?
I received a 1099-misc. I was reimburse for gas payment for taking my special needs to drs app. was doest this mean?
i had to do a short sale of my home and recieved a 1099-A from the second mortgage holder .
What does this 1099-A actually represent, from the stand point of the bank (mortgage holder)
and my stand point the homeowner.?
I am working with a man that has Autisum, and his mother wonts me to be a caregiver for him 5 hours a day, for $8.30 an hour, and drive him to the movies, bowling, the park. etc… and she will not give me a gas allowence? She says, she wonts a copy of my ss card, cause she is gonna give me a 1099 to file out . Do i save my gas receipts!!!
Hi Starla,
Yes, you should save your gas receipts as well as any other receipts associated with your business as a caregiver. She should be issuing a 1099 to you for what she pays you. Then you will have to file a schedule C, which is for people who are self-employed. Please check back when you get ready to file, as TurboTax easily guides you through this process and we also have tax experts available to help.
Thank you,
Lisa Greene-Lewis
blog.turbotax.intuit.com
My wife receives money from a trust fund. We get paid out roughly $4000 a month. Are taxes are filed for us by the mangers of the trust.
We are trying to move into a new apartment and need a 1099. Where would I get this?? Would the people doing are taxes have them??
THANKS!!
Hi Sean,
You should receive a K-1 from the administrators of the trust so I would call them and request it. If you do have K-1 income, it should flow through(be reported)on your tax return. The K-1 should have come to you and not the people doing your taxes unless they usually have it sent there.
In the future, you may want to try TurboTax. TurboTax guides you through the necessary entries and we have free tax advice from tax professionals if you use our tax software.
Thank you,
Lisa Greene-Lewis
I’m an independent contractor for a company and have a 1099-MISC, I’m wondering what the best turbo tax program to use is? Would the basic suffice or should I use the home and business?
Hi Alex,
Basic will suffice, however deluxe or home and business is better to use if you are an independent contractor.
Thank you,
Lisa Greene-Lewis
Do I actually need to submit copies of all 1099s for NJ State if I file by mail?
Hi Rich,
On your federal tax return you should include your 1099s and on your state tax return you only need to include them if state taxes were deducted.
Thank you,
Lisa Greene-Lewis
My husband received a 1099 misc i think and it was for some gift cards that he had gotten I am not too sure as to what to do next?
Please Help..
Hi Heather,
The income on the 1099-Misc has to be claimed as other income. In TurboTax go to the federal taxes tab, wages and income, click explore on my own, scroll down to the other income section, click start in the income from 1099-misc section.
Thank you,
Lisa Greene-Lewis
I received a 1099 for money received from my employer as a gift. How much taxes am I paying on this gift?
Hi Michelle,
It depends on your other income and deductions. You will pay taxes based on your tax rate after considering your total income and deductions.
Thank you,
Lisa Greene-Lewis
I an confused…I read the IRS publication and I believe it states that you do not have to report rental income received for 2011? We rented out our home in 2011 and received rent each month…do I have to report this on my taxes and should receive a 1099 form from my renter?
Hi Jessica,
Yes you are required to report the rental income on schedule E, but you can also deduct expenses related to your rental like, mortgage interest, property taxes, repairs, improvements, and depreciation. TurboTax Premier will guide you through those entries.
Thank you,
Lisa Greene-Lewis
I just received a 1099 form from my renter…was she supposed to issue this? We ended up having a horrible relationship & she was kicked out & I think she is trying to give me a hard time by sending this 1099 – I do not file the 1099 with my tax return, correct? She gave me three copies. She does not file any of these with her tax return either does she?
I have tried to efile and I was sent back a notice that my return was rejected due to my federal withhodlings & 1099 not matching what was sent to the IRS. All I have received are my W-2s and that is what I used. I am not expecting any 1099s, so I am unsure what has been left out. Please contact me to let me know.
Hi Mary,
If you don’t receive the missing form, you can contact the IRS to find out what 1099s have been reported at 800-829-1040.
Thank you,
Lisa Greene-Lewis
So who exactly would issue a “1099-S”?
Thanks Bill
Or let me rephrase… If you settle on a property that was a primary residence for one person and a non-primary residence for another. Who issues the 1099-S?
Thanks in advance for the response.
Bill
Whoa! Thanks for the information! I’ve got a website that helps people save on their taxes. Your readers might be interested
Problem solved. Turbotax Home and Business walked me through it.