Income tax Form 1099 is the form used by individuals to report the income they receive besides salaries, tips, and wages. There are a series of forms under Form 1099.
Form 1099-A is meant for reporting either acquisition or Abandonment of secured property.
Form 1099-B is meant for reporting income that is received from brokers as well as from barter exchange transactions.
Form 1099-C is meant for reporting cancellation of debt.
Form 1099-CAP is meant for reporting changes made to both capital structure and corporate control.
Form 1099-DIV is meant for reporting dividends and distributions.
Form 1099-G is meant for reporting government payments.
Form 1099-H is meant for reporting health insurance advance payments.
Form 1099-INT is meant for reporting interest income.
Form 1099-K is meant for reporting income got from merchant card and also from third party network payments.
Form 1099-LTC is meant for reporting long term care benefits.
Form 1099-Misc is meant for reporting miscellaneous income.
Form 1099-OID is meant for reporting original issue discount.
Form 1099-PATR is meant for reporting taxable distributions that were received from cooperates.
Form 1099-Q is meant for reporting payments received from qualified educational programs.
Form 1099-R is meant for reporting distributions from sources like annuities, pensions, IRAs, retirement plans, and insurance contracts.
Form 1099-S is meant for reporting proceeds received from real estate transactions.
Form 1099-SA is meant for reporting proceeds received from HSA, Medicare Advantage MSA, archer MSA.
Three copies of this form must be made. First is for the payer, second is for the payee and third is for the IRS. Payees must get these forms by the end of January. The IRS must get these forms by the end of February.
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