What If I Received a Form 1099?
Ok, here's the situation: it's tax time, and you are going through all of the tax documents you have received in the mail. You come across a Form 1099. What is a 1099 for? What do you do with it?
Read on to find out what to do if you received a 1099.
What Is Form 1099?
Form 1099 is a tax form that is used to report income that you received, and which you need to report on your tax return. The payer sends the proper 1099 to the IRS, and a copy of the form to you.
There are many different kinds of 1099. Each 1099 is designated by one or more letters (such as 1099-K or 1099-MISC), and each one is used to report different types of income.
See descriptions of each 1099 form.
What Do I Do with My 1099 Form?
When you prepare your tax return, you will need to report all of the taxable income you have received during the tax year. Income information is provided to you on various forms, such as a W-2 or a 1099. A W-2 reports income you earned as an employee, but many other types of income are reported on a 1099 form.
IMPORTANT: Even if you don't receive a 1099 or other tax form, you are still required to report any taxable income on your tax return.
If you have income reported on a 1099, you will need to use Form 1040A efile it or 1040 efile it to prepare your tax return (find out which form 1040 to file). The amounts from your 1099s are generally entered directly on the 1040 itself, or there may be another form involved. The efile.com software will select the correct forms for you and help you to fill them out.
How Do I efile a Tax Return with Income from a 1099?
The easiest way to prepare a tax return with 1099 income is online with the efile.com tax software. You won't have to worry about what forms to fill out and where to enter the numbers from your 1099. The efile software will guide you through entering the information, and the software will do all the math and make sure the correct tax forms are filled out. You can create a free account to get started preparing your tax return:
How Do I Enter Form 1099 Information on efile.com?
Enter your 1099 information using the efile.com online tax software in 5 easy steps!
Note: The instructions below contain images and are not interactive.
1. Log into your efile.com account and click "Review" on the left menu.
2. Scroll down to the "Find a federal form" search box and enter 1099 in the box. Click the magnifying glass or press "Enter"/"Return" on your keyboard.
3. View the list of 1099 forms in the modal box that appears (see image below) and click the light blue link next to or below the form you have.
Here are the 1099 forms we currently have in the efile.com software:
- Form 1099-R - Special Tax Treatment
- Form 1099-G - Unemployment and Government Benefits
- Form 1099-SSA - Social Security
- Form 1099-MISC - Miscellaneous Income
- Form 1099-R - Pensions and Retirement Plan Withdrawals
- Form 1099-DIV - Dividend Income
- Form 1099-INT - Interest Earned
- Form 1099-B - Stock Transactions and Sale of Assets
- Form 1099-C - Debt Cancellation
- Form 1099-RRB - Railroad Retirement Benefits
- Form 4852 - Substitute for Form W-2/1099-R
- Form 8889 - Health Savings Accounts
4. Enter the information from your paper form in the corresponding spaces on the 1099 form screen. See the "Help" box on the upper right of the screen for more information about each entry.
5. Click the green "Save" button at the bottom of the 1099 screen when it's completed.
If you need any further assistance, contact support.
NOTE: A few of the less common 1099 forms do not have separate entry screens and the information must be entered directly on another form. The software will present you with the correct forms based on your answers to a series of "yes" or "no" questions. If you do not know where to enter something, or if you have any trouble at all, please contact support.
What If I Am Not Going to Get a 1099?
It is possible that you were paid such a small amount that the payer is not required to issue you a 1099. Regardless, you are still required to report any taxable income you received. You can enter the information on the appropriate 1099 screen even if you do not have an actual paper form.
See the description and requirements for each 1099 form.
What If I Did Not Receive a 1099 but I Should Have?
You may still be able to efile your tax return. If you should have been sent a 1099 but were not, you can generally use Form 4852 as a substitute. But first you should report the missing form to the IRS and ask for their guidance on how to proceed. You can call IRS taxpayer assistance at 1-800-829-1040.
Related Form 1099 Tax Topics:
What If I Have to Issue a Form 1099?
What Are the Different Kinds of 1099?
How Do I File a Tax Return If I Am Self-Employed?
What Kinds of Income Are Taxable?