Featured:
Allergies
Grilling Guide
eHow Now Blog

What Is A Form 1099 Used For?

A Form 1099 is considered an information return by the United States Internal Revenue Service. It's used to report income earned in each calendar year for tax purposes. There are 13 different types of 1099 forms used for a variety of information reporting requirements. Employers and employees must furnish these forms to the IRS.

  1. 1099-MISC

    • The 1099-MISC reports miscellaneous income, which includes freelance work, nonemployee fees, rents, director's fees, royalties and attorney's fees, as well as direct sales of $5,000 or more of consumer goods for resale.

    1099-G

    • A 1099-G is used to report certain government and qualified state tuition program payments. These items include unemployment benefits, taxable grants, and state and local income tax refunds.

    1099-B

    • A 1099-B reports proceeds from broker and barter exchange transactions, which include sales or redemptions of securities or commodities.

    1099-DIV

    • A 1099-DIV reports distributions and dividends, such as capital gain and nontaxable dividends that were paid on stock.

    1099-S

    • Gross profit from the sale or exchange of real estate must be reported on Form 1099-S.

    1099-INT

    • Any interest earned during the year must be reported on a Form 1099-INT.

Related Searches:

Resources

Comments

You May Also Like

  • What Is a 1099-G Form Used For?

    The 1099 series of forms is used to record special income payments that are not traditional wage and salary. There is more...

  • What Is a 1099 Tax Form Used For?

    1099 tax forms are one of the many ways the IRS receives information about a person's income for the year. The amount...

  • What Is a 1099 Form Used for?

    A 1099 form is used for reporting non-employee compensation to the IRS, and it is generally filed for contract work that has...

  • What is a Form 1099C Used for?

    The U.S. tax code is not known for its simplicity. Among the more complicated aspects of the tax laws is reporting income...

  • What Are 1099 Tax Forms Used For?

    Federal 1099 forms are a set of information returns that must be filed with the Internal Revenue Service. They are used to...

  • Rules for Filing 1099 Forms

    Use Form 1099 to report business activities. tax time image by Gale Distler from Fotolia.com

  • How to Read Your Form 1099-DIV

    Many investors who receive dividend income are confused by the way this income is broken down on the 1099-DIV form. This article...

  • Information on Why Corporations Use Form 1099

    A corporation utilizes a Form 1099 to report to the Internal Revenue Service (IRS) payments made to independent contractors and consultants, payments...

  • How to Prepare a 1099 Form for Someone

    Most workers who go into an office and receive a paycheck are considered employees, and they are issued W-2s at year-end that...

  • 1099 Form FAQ

    1099 Form FAQ. People often have questions about filing tax forms because the IRS regulations can be confusing and complicated. The Internal...

  • What Is a 1099 Tax Form?

    A 1099 tax form is used by employers, lenders and others to report income to an individual that is not a part...

  • About 1099 Requirements

    You've received a mysterious document with the number "1099" on it. There are some intriguing letters after the number--"INT," "MISC," "SA" or...

  • What Are Independent 1099 Sales Reps?

    If you get paid mainly on a commission basis, you probably are an independent sales representative. At the end of the year,...

  • Form 1099-DIV Instructions

    If you earn part of your annual income from dividends, you will receive a 1099-DIV form from each bank, brokerage firm and...

  • Form 1099 Reporting Requirements

    IRS form 1099 is used to report various types of payments to anyone other than a direct employee. In fact, there are...

  • Who Must File 1099 Forms?

    There are multiple types of Form 1099, and there different types of income that are reported using the form. Recipients of income...

  • What Happens If You Forget to File a 1099 Form?

    Form 1099 refers to an IRS information return that must be filed by businesses each calendar year. Businesses use Form 1099s to...

  • Can a Post Office Box Be Used on W9 Forms?

    W9 forms are used to request and verify taxpayer identification numbers for U.S. citizens. The form often is used by freelancers, independent...

  • How to Read Your Form 1099-B

    Receiving a 1099-B form doesn't have to be the end of the world. This article shows you how to read the numbers...

  • How to Fill Out IRS Form 1099-DIV

    IRS Form 1099-DIV is sent to those taxpayers who received dividend or distribution income during the current tax year, such as that...

Related Ads

thumbnail
Featured