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.
Whoa! Thanks for the information! I’ve got a website that helps people save on their taxes. Your readers might be interested
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
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
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 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
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
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
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
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