IRS Form 1099

IRS Form 1099

IRS Form 1099 is actually a whole group of forms that are used to report income that’s not a salary.  There are lots of these forms, some well known and others a little more rare.

IRS Form 1099 can be income as an independent contractor, income from interest on bank accounts you hold, income in the form of dividends from investments, distributions from a retirement account, social security benefits, and so on.

The one thing in common with all types of income reported on the various types of IRS form 1099 is that they are all taxable.

Common Types of IRS form 1099s

  • Miscellaneous Income 1099 MISC
  • Interest Income 1099 INT
  • Dividend Income 1099 DIV

Lesser Known Types of IRS form 1099

  • Long Term Care and Accelerated Death Benefits 1099-LTC
  • Merchant Card and Third Party Payments 1099 K
  • Proceeds from Broker and Barter Exchange Transactions 1099 B
  • Acquisition or Abandonment of Secured Property 1099 A
  • Cancellation of Debt 1099 C

 

Comments and Questions