While perhaps not as iconic as the W-2, IRS Form 1099 makes up for its lack of name recognition with the diversity of its species.
A statement to report non-employment income, the 1099 fills in the gaps for the many kinds of reportable income the individual taxpayer may receive. Conveniently labeled in A-B-C fashion by combining '1099' and the first letter of the form's title, below are the various forms of income documented using the 1099:
- 1099-A reports the Acquisition or Abandonment of Secured Property
- 1099-B reports Proceeds from Broker and Barter Exchange Transactions
- 1099-C reports Cancellation of Debt
- 1099-CAP reports Changes in Corporate Control and Capital Structure
- 1099-DIV reports Changes in Corporate Control and Capital Structure
- 1099-G reports Changes in Corporate Control and Capital Structure
- 1099-H reports Health Insurance Advance Payments
- 1099-INT reports Interest Income
- 1099-K reports Merchant Card and Third Party Network Payments
- 1099-LS reorts Reportable Life Insurance Sale
- 1099-LTC reports Long-Term Care Benefits
- 1099-MISC reports Miscellaneous Income
- 1099-NEC reports Non-Employee Compensation
- 1099-OID reports Original Issue Discount
- 1099-PATR reports Taxable Distributions Received From Cooperatives
- 1099-Q reports Payment from Qualified Education Programs
- 1099-R reports Distributions from Pensions, Annuities, Retirement Plans, IRAs, or Insurance Contracts
- 1099-S reports Proceeds from Real Estate Transactions
- 1099-SA reports Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
- 1099-SB reports Seller's Investment in Life Insurance Contract
- SSA-1099 reports Social Security Benefit Statement
- RRB-1099 reports Payments by the Railroad Retirement Board
- RRB-1099 reports Pension and Annuity Income by the Railroad Retirement Board
As with the diversity of species of the 1099 form, the minimum amount of income triggering the generation of a Form 1099, issuer, and due dates vary considerably. For instance, the 1099-C (Cancellation of Debt) is issued for amounts as low as $600, while the 1099-CAP (Changes in Corporate Control and Capital Structure) is issued for amounts equal to or in excess of $100 million. Many of the 1099 forms are due to the taxpayer on the January 31st, but the 1099-B (Proceeds from Broker and Barter Exchange Transations) is due February 15th.
If you receive a 1099--A through SB--in the mail and you are unsure of what your obligations are, you can never go wrong by consulting a trained tax professional for your tax preparation questions!
