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” 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 http://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 I have TT Deluxe. How do I deal with a 1099-Misc from my employer for “Other” compensation in the form of stock in an S Corp? It doesn’t seem like this compensation should be subject to self-employment taxes as I am an employee. Not sure why the company chose to use a 1099. Reply I received a 1099-DIV form which shows total ordinary dividends, qualified dividends, total capital gain distributions. Which turbo tax do I need, deluxe or premier? Reply as far as I know Just the Deluxe Reply I received several 1099-R forms for the division of IRA marital assets during a divorce in 2012. The division of these assets were shown as non-taxable transactions in the divorce decree. No money has ever been taken from these divisions on my part, so why do you indicate that 1099-Rs (per se) are taxable transactions? This comes as a REALLY big surprise to me because I am not expecting to pay taxes on hundreds of thousands of dollars when two people divide up marital assets such as these during a divorce Reply HELLO I HAVE A QUESTION I’VE ALWAYS BEEN FILLING SINGLE HEAD OF HOUSEHOLD WITH A W-2 LAST YEAR WAS THE SAME W-2 BUT WITH THE DIFFERENCE THAT I GOT MARRIED IN SEP 2011 SO WE FILED AS MARRIED JOINT, NOW WE HAVENT BEEN LIVING TOGETHER SINCE APRIL OF 2012 AND I WAS GETTIN PAID CASH WICH MEANS I WAS GIVEN A 1099 NOW IM CONFUSED HOW I WOULD FILED IM NOT LEGALLY DIVORCE AND I WOULD LIKE WHICH WILL BE THE CORRECT FILING STATUS? Reply Hi Camero – You may be able to back to Head of Household if your spouse did not live with you at all in the last six months of 2012. TurboTax will help you determine your correct filing status. This link has more information. Hope it helps! ^CT http://turbotax.intuit.com/support/go/GEN84056 Reply Can you guys help me out..I work as a private caregiver & gets paid twice a month.The question is what should I do with filing my taxes?I have saved all my receipts on my all my expenses.Does that count? Reply What about Inheritense money we reeived to pay off bills to clear our credit report? Also I have guardianship of my grandson and reveive 660. per month for his care through his Mothers DisabilitY? I receive partial disability because I am married but due to cancer and chemo, he has been off work since September of 2012, receiving short term disability? Reply I received 1099 certain govenrment form for the state tax refund I received from the state that was taken out of my paycheck in 2011. I never itemized it it was a standard deduction that I used so never filed the schedule A form. I was told that it would not be a taxable income so I was told it does not need to be added to my return. From my research it is saying that I would not and just to keep it for my records. Reply Hi Dominic – You have it right. You’re only taxed on a state refund this year if you deducted your state taxes last year. Hope that clarifies! ^CT Reply I made a withdrawl from my 401k during 2012. I am presently retired. Is turbotax (deluxe) the correct program to use? Thank you. Reply Hi Douglas, Yes, TurboTax deluxe can handle your 401K withdrawl. Thank you, Lisa Greene-Lewis Reply Happy Monday and thanks for the tax tips! I love a three day weekend-now if only the kiddo wasn’t fighting off a cold! Hope this finds you doing super awesome and hopefully enjoying some rest and sunshine! Ciao ciao for now~ Sincerely, Cherelynn P.S. Remember, TEEN WEEK starts Feb 1st and the giveaways are HUGE plus celeb written teen posts! Reply How can I get a copy of my 2011 tax return that I file with turbo tax last year. I will be file a 1099misc. This year and I need to known what my state tax refund was for 2011 so I can use it as a deduction because it was kept for medical expenses . Thank you Reply Leave a ReplyCancel reply Browse Related Articles Uncategorized What Is Deferred Compensation & How Is It Taxed? Investments How Does an Inherited IRA Work? Work Choosing Your Business Structure: 5 Types of Businesses… Tax Deductions and Credits Are HOA Fees Tax Deductible? What You Need to Know Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains
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 http://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
I have TT Deluxe. How do I deal with a 1099-Misc from my employer for “Other” compensation in the form of stock in an S Corp? It doesn’t seem like this compensation should be subject to self-employment taxes as I am an employee. Not sure why the company chose to use a 1099. Reply
I received a 1099-DIV form which shows total ordinary dividends, qualified dividends, total capital gain distributions. Which turbo tax do I need, deluxe or premier? Reply
I received several 1099-R forms for the division of IRA marital assets during a divorce in 2012. The division of these assets were shown as non-taxable transactions in the divorce decree. No money has ever been taken from these divisions on my part, so why do you indicate that 1099-Rs (per se) are taxable transactions? This comes as a REALLY big surprise to me because I am not expecting to pay taxes on hundreds of thousands of dollars when two people divide up marital assets such as these during a divorce Reply
HELLO I HAVE A QUESTION I’VE ALWAYS BEEN FILLING SINGLE HEAD OF HOUSEHOLD WITH A W-2 LAST YEAR WAS THE SAME W-2 BUT WITH THE DIFFERENCE THAT I GOT MARRIED IN SEP 2011 SO WE FILED AS MARRIED JOINT, NOW WE HAVENT BEEN LIVING TOGETHER SINCE APRIL OF 2012 AND I WAS GETTIN PAID CASH WICH MEANS I WAS GIVEN A 1099 NOW IM CONFUSED HOW I WOULD FILED IM NOT LEGALLY DIVORCE AND I WOULD LIKE WHICH WILL BE THE CORRECT FILING STATUS? Reply
Hi Camero – You may be able to back to Head of Household if your spouse did not live with you at all in the last six months of 2012. TurboTax will help you determine your correct filing status. This link has more information. Hope it helps! ^CT http://turbotax.intuit.com/support/go/GEN84056 Reply
Can you guys help me out..I work as a private caregiver & gets paid twice a month.The question is what should I do with filing my taxes?I have saved all my receipts on my all my expenses.Does that count? Reply
What about Inheritense money we reeived to pay off bills to clear our credit report? Also I have guardianship of my grandson and reveive 660. per month for his care through his Mothers DisabilitY? I receive partial disability because I am married but due to cancer and chemo, he has been off work since September of 2012, receiving short term disability? Reply
I received 1099 certain govenrment form for the state tax refund I received from the state that was taken out of my paycheck in 2011. I never itemized it it was a standard deduction that I used so never filed the schedule A form. I was told that it would not be a taxable income so I was told it does not need to be added to my return. From my research it is saying that I would not and just to keep it for my records. Reply
Hi Dominic – You have it right. You’re only taxed on a state refund this year if you deducted your state taxes last year. Hope that clarifies! ^CT Reply
I made a withdrawl from my 401k during 2012. I am presently retired. Is turbotax (deluxe) the correct program to use? Thank you. Reply
Happy Monday and thanks for the tax tips! I love a three day weekend-now if only the kiddo wasn’t fighting off a cold! Hope this finds you doing super awesome and hopefully enjoying some rest and sunshine! Ciao ciao for now~ Sincerely, Cherelynn P.S. Remember, TEEN WEEK starts Feb 1st and the giveaways are HUGE plus celeb written teen posts! Reply
How can I get a copy of my 2011 tax return that I file with turbo tax last year. I will be file a 1099misc. This year and I need to known what my state tax refund was for 2011 so I can use it as a deduction because it was kept for medical expenses . Thank you Reply