What If I Received a Form 1099?

 

We have divided the topic of 1099 forms up into 3 pages:
1. This page is intended for those who received a Form 1099.
2. Go here if you might need to issue a Form 1099
3. Go here for a general overview of 1099 forms and requirements.

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?

Entering 1099 information using the efile.com online tax software is as easy as A, B, C!

A:  Click "My Forms" on the left menu, then enter 1099 in the forms search box to see a list of all available 1099 forms.

B:  View the list of 1099 forms and click "Add a Form" next to the one you have: 

Form 1099-SSA - Social Security Benefits
Form 1099-R - Pensions
Form 1099-MISC - Miscellaneous Income
Form 1099-C - Debt Cancellation
Form 1099-G - Unemployment Compensation
Form 1099-R - Special Tax Treatment
Form 1099-B - Capital Gains and Losses
Form 1099-INT - Interest Income for Schedule B
Form 1099-DIV - Dividend Income for Schedule B
Form 1099-RRB - Railroad Retirement Benefits
Form 4852 - Substitute for Form W-2/1099-R

C: Enter the information from your paper form in the corresponding spaces on the screen. See the "Help" box on the upper right of the screen for more information about each entry.

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?

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