1099 Form Types

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For many Americans, the only income they receive from year to year comes in the form of a paycheck and the only tax return forms they file are the typical 1040 forms and W-2 documents sent to the Internal Revenue Service (IRS). However, many types of income require other forms. The bulk of them require a 1099 form. This form comes in many varieties, and each serves a specific purpose.

1099-A

If you are a lender and you have acquired or abandoned secured property, you must submit a 1099-A form.

1099-B

Report barter exchange income, sales of securities and commodities and futures transactions on a 1099-B.

1099-C

On Form 1099-C you report the cancellation of debt owed to a financial institution when it totals $600 or more. Qualified institutions include the federal government, a credit union, the U.S. Postal Service or any other organization having a significant trade or business that involves lending money.

1099-DIV

Report distributions in the form of dividends, capital gains distributions and nontaxable distributions paid on stock on a 1099-DIV.

1099-G

On Form 1099-G you report unemployment compensation payments, state and local tax refunds, agricultural payments, taxable grants and earnings from a qualified state tuition program.

1099-INT

Report interest income of $10 or more on a 1099-INT.

1099-LTC

The 1099-LTC is required for reporting payments under a long-term care insurance contract and accelerated death benefits paid under a life insurance contract.

1099-MISC

In most cases, income reported on a 1099-MISC comes from $600 or more in nonemployee compensation for work performed, but it also is required for many other forms of income. It is needed to report $60 or more in prizes or rewards for winnings from TV and radio shows, crop insurance proceeds of $600 or more, gross proceeds paid to attorneys, payments to a physician and payments to crew members of fishing boats.

1099-MSA

Form 1099-MSA is required for reporting distributions from a medical savings account or the Medicare plus Choice MSA.

1099-OID

Use the 1099-OID to report original issue discounts of $10 or more.

1099-R

Report distributions from retirement or profit-sharing plans and any IRA or insurance contracts of $10 or more on a 1099-R.

1099-S

The 1099-S is used to report sales of real estate totaling $600 or more.

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