A Form 1099 is a type of information return. You will get a 1099 form in the mail if you received certain types of income during the year. Generally, you will have to report the information from a 1099 on your tax return. We have divided the topic of 1099 forms into three pages:
- What are the 1099 form types and requirements?
- How to prepare and file a tax return with a Form 1099?
- How to issue a Form 1099?
Did you receive a 1099 form, or think you'll receive a 1099 in the mail? What if you only earned $10-should you still get a 1099? Does any amount of 1099 income have to be reported on your tax return? Visit the sections below for answers to your 1099 form questions:
While a W-2 reports wages, salaries, and tips, a 1099 reports other kinds of income. There are many varieties of 1099 form, and each one is used to report different, specific types of income.
Form 1099 Types, Reporting Requirements, and Due Dates
The table below lists each type of 1099 form by number and description, reporting requirements (the minimum dollar amount which must be reported), and the due date on which the form should be received by you.
Acquisition or Abandonment of Secured Property
Proceeds From Broker and Barter Exchange Transactions
Cancelation of Debt
Changes in Corporate Control and Capital Structure
Dividends and Distributions
$10 ($600 for liquidations)
Certain Government Payments
Health Coverage Tax Credit (HCTC) Advance Payments
$10 ($600 for some business-related interest)
Merchant Card and Third Party Network Payments
Long-Term Care and Accelerated Death Benefits
$600 for non-employee compensation
($10 for royalties and most other sources)
Original Issue Discount
Taxable Distributions Received From Cooperatives
Payments From Qualified Education Programs
Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
Proceeds From Real Estate Transactions
Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
Railroad Retirement Board Statement
Social Security Benefit Statement
*What is the "Minimum Amount Reported"?
This is the amount the payer (employer, organization, etc) is required to report on a 1099 in order to issue it to you.
Since the IRS considers any 1099 payment as taxable income, you are required to report your 1099 payment on your tax return. For example, if you earned less than $600 as an independent contractor, the payer does not have to send you a 1099-MISC, but you still have to report the amount as self-employment income.
If you are expecting a 1099 and you do not receive it by February 15, the IRS recommends contacting them at 1-800-829-1040. You will be able to use a substitute form to file your return, and you may even still be able to efile it.
How To efile a Tax Return with Form 1099 Income
Start a tax return on eFile.com! We will determine the correct forms to use based on your answers to a simple tax interview. Learn about the many benefits of filing your taxes with eFile.com.
You may also want to see these instructions to prepare and efile a tax return with 1099 income.
If you need to issue a 1099, find out how to prepare and file a 1099 form.
Related Form 1099 Tax Topics:
How Do I File a Tax Return If I Am Self-Employed?
How Do I Prepare a Tax Return with a 1099 Form?
What If I Have to Issue a Form 1099?
What Kinds of Income Are Taxable?
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