What Are 1099 Forms?
The Internal Revenue Service has numerous 1099 forms for reporting income other than wages earned from an employer. The IRS requires the payer to file this form with the IRS and to provide a copy to the payee, the person who received the income, once every calendar year. The form sometimes reports the payment of nontaxable income.
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Form 1099-MISC
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The purpose of Form 1099-MISC is tor report miscellaneous income paid to certain individuals. A company must report the payment of $10 or more in royalties or broker payments in lieu of dividends; the payment of $600 or more for rents, services from an independent contractor, prizes or awards and payments the company made to an attorney; or proceeds earned from a fishing boat. Reporting requirements do not apply to personal payments. Only entities engaged in a trade or business for profit must use this form to report the payment of miscellaneous income.
Form 1099-INT
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Form 1099-INT is for reporting interest income. The payment of $10 or more, not necessarily categorized as interest, must be reported if the payment is made to a person's account by certain entities, including savings and loan associations, credit unions and building and loan associations. A trade or business must report the payment of $600 or more if paid in the course of the business for interest on delayed death benefits by an insurance company, interest accrued on damages or interest paid on a federal or state income tax refund. The form is also used to report any early withdrawal penalty on interest or principal and to report the payment of interest earned on U.S. Savings Bonds and Treasury bonds, bills and notes.
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Form 1099-DIV
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Form 1099-DIV is for reporting dividend income. Reportable dividend income includes the payment of $10 or more in dividends or other distributions on stock; the withholding of and payment of a foreign tax on dividends and other distributions on stock; the withholding of any amount of federal income tax on dividends under the backup withholding rules; or the payment of $600 or more as part of liquidation.
1099-S
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Form 1099-S is for reporting transactions that involve the sale or exchange of real estate. This form applies to transactions involving a sale or exchange for money, indebtedness, property or services. The transaction must involve a present or future ownership interest in improved or unimproved land or a permanent structure, such as a residential or commercial building, a condominium unit or an interest in a cooperative housing corporation.
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