What If I Have to Issue a 1099 or 1096 Form?
The topic of 1099 forms is covered in the following three pages:
- What are the 1099 form types and requirements?
- How do I prepare and file a tax return with a Form 1099?
- How do I issue a Form 1099?
If you made certain payments to an employee or other recipient during the Tax Year, you may need file a Form 1099 to the IRS and send a copy to the payment's recipient. Visit the following sections for information on issuing Form 1099 (or 1096):
What Are the 1099 Types, Filing Requirements, and Due Dates?
Can I efile a 1099 Form?
How Do I Prepare and File a 1099?
What Are the 1099 Types, Filing Requirements, and Due Dates?
The table below shows the 1099 forms, the types of income reported on each 1099, the minimum income reporting requirements, and due dates to the recipient and IRS.
| 1099 Form |
Types of Income Reported |
Minimum Reporting Requirement* |
Date Due to Recipient |
Date Due to IRS |
| 1099-A |
- home foreclosures
- property abandonments
|
Any amount |
Jan. 31 |
February 28 |
| 1099-B |
- securities sales
- redemption of securities
- commodities trading
- futures transactions
- barter exchanges
|
Any amount |
Feb. 15 |
February 28 |
| 1099-C |
- canceled or forgiven debt
- discharge of indebtedness
|
$600 |
Jan. 31 |
February 28 |
| 1099-CAP |
- changes in capital structure
- a new acquisition of corporate control
|
Stock or property valued at $100 million |
Jan. 31 |
February 28 |
| 1099-DIV |
- dividends
- distributions of capital gains
- distributions of liquidations
|
$10 ($600 or more for liquidations) |
Jan. 31 |
February 28 |
| 1099-G |
- unemployment benefits
- state and local tax refunds
- alternate TAA payments
- taxable grants
- agricultural payments
|
$10 |
Jan. 31 |
February 28 |
| 1099-H |
- advance payments of health insurance premiums made under the Health Coverage Tax Credit
|
Any amount |
Jan. 31 |
February 28 |
| 1099-INT |
|
$10 ($600 for certain business-related interest income) |
Jan. 31 |
February 28 |
| 1099-K |
- merchant card (credit and debit card) payments
- third party network payments (such as PayPal)
|
$20,000 in total transactions |
Jan. 31 |
February 28 |
| 1099-LTC |
- long-term care insurance benefits
- life insurance distributions
- accelerated death benefits
|
Any amount |
Jan. 31 |
February 28 |
| 1099-MISC |
- non-employee compensation (including contract payments, commissions, reimbursements, awards, and bonuses)
- rental income
- royalties
- attorney fees
- board of directors fees
- medical service fees
- proceeds from direct sales of consumer products for resale
- crop insurance proceeds
- payments to fishing boat crew members
- Indian gaming profits paid to tribal members
- punitive damages awarded in court
- "golden parachutes"
- substitute dividends and tax-exempt interest payments
- income from an NQDC (nonqualified deferred compensation plan) under Section 409A
|
- $600 for non-employee compensation
- $10 for royalties, substitute dividends, and tax-exempt interest payments
- any amount for other sources
|
Jan. 31 |
Feb. 28 |
| 1099-OID |
- original issue discounts, which are a special type of interest repayment
|
$10 |
Jan. 31 |
February 28 |
| 1099-PATR |
- distributions from Co-ops
|
$10 |
Jan. 31 |
February 28 |
| 1099-Q |
- distributions from Coverdell ESAs and Qualified Tutition Programs (QTPs)
- rollovers of these accounts
|
Any amount |
Jan. 31 |
February 28 |
| 1099-R |
- annuities
- pensions
- life insurance contracts
- profit-sharing plans
- retirement plans (IRA, Roth, SEP, SIMPLE, military)
- plan rollovers and conversions
|
$10 |
Jan. 31 |
February 28 |
| 1099-S |
- sales and exchanges of real estate or land
- timber royalties made under a pay-as-cut contract
|
$600 |
Jan. 31 |
February 28 |
| 1099-SA |
- Health Savings Accounts (HSAs)
- Archer MSAs (Medical Savings Accounts)
- Medicare Advantage MSAs
|
Any amount |
Jan. 31 |
February 28 |
| RRB-1099 |
- railroad retirement benefits and Social Security equivalent benefits
|
Any amount |
Jan. 31 |
N/A |
| SSA-1099 |
|
Any amount |
Jan. 31 |
N/A |
*What is the Minimum Reporting Requirement?
You are required to file a 1099 if the sum of all the payments you made during the year to any one recipient was this amount or more.
Can I efile a 1099 Form?
1099 forms are only filed on paper, so you cannot prepare and efile a 1099 online.
How Do I Prepare and File a 1099?
Follow these steps to prepare and file a Form 1099:
- Obtain a blank 1099 form (which is printed on special paper) from the IRS or an office supply store.
- Fill out the 1099. Each Form 1099 comes with 5 copies, so make sure to write or type on the top copy so it transfers down onto each copy, like carbon paper.
- Send Copy A to the IRS, Copy 1 to the appropriate state tax agency, Copy B and Copy 2 to the income's recipient (they get two copies so they can attach one to their return and keep one), and keep Copy C for your records.
- After you have filled out all of your 1099 forms for the year, you need to fill out a Form 1096 as well. Form 1096 summarizes all of your 1099 forms and is filed with the IRS. The mailing address is on the last page of the Form 1096 instructions.
Related Form 1099 Tax Topics:
How Do I Prepare and File a Tax Return with a Form 1099?
What Is a Form 1099?
How Do I File If I Am Self-Employed?
What Income Is Taxable?