Income and Investments A Look at 6 Common 1099 Forms Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by Philip Taylor Published Jan 14, 2013 2 min read When you earn wages, tips, or a salary, your employer will send you a W-2 form detailing your income over the past year. The Form 1099 is used by the IRS to report all other forms of income you’ve received. 1099-MISC – The 1099-MISC, arguably the most common 1099, was created to cover all sorts of miscellaneous income such as freelancer income and work as an independent contractor. If you’ve received any sort of income over $600 form any source, be looking for a 1099-MISC in the mail leading up to April. 1099-INT – For those of you who’ve earned income from interest, such as investment or savings accounts, you will be using the 1099-INT to report this income to the IRS. This form details exactly how much interest income you’ve earned. 1099-S – Another 1099 that seems to be gaining in popularity as of late is the 1099-S form, which details real estate transactions. This form is pretty straight forward, and you should receive the 1099-S from your broker explaining your income from your real estate deals. 1099-C – The 1099-C reports any of your debts that were cancelled in the past year. As an example, if your credit card company settled the debt that you owed by forgiving $3000, then you would be required to report that amount as income on your tax return. 1099-R – For those of you who have been planning for the future, the 1099-R will find it’s way into your mailbox if you have taken money out of your retirement account or pension plan. Yes, those withdrawals are likely considered income. 1099-DIV – One of the last more “common” 1099 Forms is the 1099-DIV, which will be important to you if you have earned income based on dividends and distributions from your stock portfolio. A Wise Approach The overall purpose of the 1099 is to make sure that you, your source of income, and the IRS are all in agreement about your earnings. For a complete, comprehensive, and expert look at all 20+ 1099s, you can talk to a Turbo Tax professional about which forms you should be expecting. Remember that all your sources of income will not arrive on one 1099 form. Previous Post A Visual Guide to Taxing Bonuses [Infographic] Next Post Does March Madness Boost Employee Morale and Productivity [Infographic]? Written by Philip Taylor More from Philip Taylor 24 responses to “A Look at 6 Common 1099 Forms” « Older Comments Does anyone know if I can use the TT Deluxe version if I have one mutual fund that gives me about $150.00 in ordinary dividends?? Reply My husband received a 1099 misc. form from a former employee. Upon his retirement he was a warded $100.00 a month to pay for health insurance as a severance pay. It keeps putting it into a business for him. I have asked company about this and they said IRS told them to put it on a 1099 Misc. form. Is this correct? Reply I have several 1099 MISC forms and TT keeps putting them into a business when this was money earned freelancing. I can tell TT not to put this into business income? Reply Hi Don, If you are issued a 1099-misc and you’re a freelancer you are considered to have your own business and a schedule C has to be produced, which is why TurboTax is including this as business income, which is what it is. As a freelancer you are not considered a W-2 employee, you are considered a contractor. The good thing is you will also be guided through expenses related to your business that can be deducted such as mileage to see clients, supplies for your business, equipment, and a home office. Please see this article for more information https://blog.turbotax.intuit.com/2013/07/15/3-tax-tips-for-freelancers/ Thank you, Lisa Greene-Lewis Reply I am using the Turbo Tax basic. My total income is $4500 +. I have a 1099-misc for $25. If I do not have any expenses for this 1099, do I need to purchase an upgrade for Turbo Tax basic? Reply I filed my taxes and claimed 2 kids. i was receiving return of approx $5000. I then realized i had to file additional income as an independent contractor for $6000. And i claimed $3300 in work tools. It brought my refund down to $900. How is this possible??? What am i being taxed on thats bringing it down so much?? Reply I did some contract work for a local business, I only made $80 in 2013 – since its under $600, I do NOT need to file anything additional? Reply My First year of pension started 6/1/13. I was told it is qualified plan but not and RMD. When I answer this way I have two routes, value in 2a is correct or Check if its right, big difference on where it goes and refund. Which way should I go Thanks Reply I filed my taxes this morning thru turbotax. I just checked the mail and there’s a 1099-MISC form! What do I do since I already filed?? Reply I have been using Turbo Tax for several yrs now, however, this yr. I have Form 1099-S. There doesn’t seem to be a Form 1099-S in the 2013 Deluxe TurboTax software. What is up with this? I sold a 2nd home in 2013, that had previously been used for rental for a couple of yrs. It was no longer rental since 2010. So, I’d like to know what software I should use and where to find the 1099-S form on the software. Reply « Older Comments Leave a ReplyCancel reply Browse Related Articles Tax Tips What Is a 1099 Form? Reporting Your Income for Taxes Income and Investments What is an IRS 1099 Form? (Definition & Form Differences) Self-Employed How to File Self-Employment Taxes (Understanding the Forms & Process) Tax Tips 1098 vs 1099 forms Explained (Difference Between These Tax Forms) Self-Employed 1099-MISC vs 1099-NEC vs 1099-K: Understanding the Differences Taxes 101 What is a 1099 Form? Self-Employed 1040 vs 1099 Forms: What’s the Difference? Self-Employed What is the Form 1099-NEC? Self-Employed I Only Received One Paycheck from My Summer Side-Gig. Am I Self-Employed? Self-Employed I Received Form 1099-MISC… But I Don’t Own a Business!
Does anyone know if I can use the TT Deluxe version if I have one mutual fund that gives me about $150.00 in ordinary dividends?? Reply
My husband received a 1099 misc. form from a former employee. Upon his retirement he was a warded $100.00 a month to pay for health insurance as a severance pay. It keeps putting it into a business for him. I have asked company about this and they said IRS told them to put it on a 1099 Misc. form. Is this correct? Reply
I have several 1099 MISC forms and TT keeps putting them into a business when this was money earned freelancing. I can tell TT not to put this into business income? Reply
Hi Don, If you are issued a 1099-misc and you’re a freelancer you are considered to have your own business and a schedule C has to be produced, which is why TurboTax is including this as business income, which is what it is. As a freelancer you are not considered a W-2 employee, you are considered a contractor. The good thing is you will also be guided through expenses related to your business that can be deducted such as mileage to see clients, supplies for your business, equipment, and a home office. Please see this article for more information https://blog.turbotax.intuit.com/2013/07/15/3-tax-tips-for-freelancers/ Thank you, Lisa Greene-Lewis Reply
I am using the Turbo Tax basic. My total income is $4500 +. I have a 1099-misc for $25. If I do not have any expenses for this 1099, do I need to purchase an upgrade for Turbo Tax basic? Reply
I filed my taxes and claimed 2 kids. i was receiving return of approx $5000. I then realized i had to file additional income as an independent contractor for $6000. And i claimed $3300 in work tools. It brought my refund down to $900. How is this possible??? What am i being taxed on thats bringing it down so much?? Reply
I did some contract work for a local business, I only made $80 in 2013 – since its under $600, I do NOT need to file anything additional? Reply
My First year of pension started 6/1/13. I was told it is qualified plan but not and RMD. When I answer this way I have two routes, value in 2a is correct or Check if its right, big difference on where it goes and refund. Which way should I go Thanks Reply
I filed my taxes this morning thru turbotax. I just checked the mail and there’s a 1099-MISC form! What do I do since I already filed?? Reply
I have been using Turbo Tax for several yrs now, however, this yr. I have Form 1099-S. There doesn’t seem to be a Form 1099-S in the 2013 Deluxe TurboTax software. What is up with this? I sold a 2nd home in 2013, that had previously been used for rental for a couple of yrs. It was no longer rental since 2010. So, I’d like to know what software I should use and where to find the 1099-S form on the software. Reply