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1099 Tax Forms

November 8th, 2013 No comments

The 1099 IRS forms or information returns are used to report a wide variety of income to the IRS.  Each 1099 IRS form is followed by a few letters to describe the type of information that is being handled:

  • Form 1099-A reports acquistion or abandonment of secured property.
  • Form 1099-B reports the sale of stocks, bonds, mutual funds and other securities.
  • Form 1099-C reports the cancellation of debt.
  • Form 1099-CAP reports change in corporate control and capital structure.
  • Form 1099-DIV reports dividends, qualified dividends, and capital gains distributions.
  • Form 1099-G reports payments from state governments such as unemployment compensation and state tax refunds.
  • Form 1099-INT reports interest income earned.
  • Form 1099-K reports merchant card and third-party payments.
  • Form 1099-LTC reports long term care and accelerated death benefits.
  • Form 1099-MISC reports various types of miscellaneous income including rents, royalties, and non-employee compensation.
  • Form 1099-OID reports original issue discount income.
  • Form 1099-PATR reports patronage dividends paid by a cooperative.
  • Form 1099-Q reports payment from qualified education programs (under sections 529 and 530).
  • Form 1099-R reports distributions from a retirement plan such as an IRA, 401(k) or pension.
  • Form 1099-S reports proceeds from the sale of real estate.
  • Form 1099-SA reports distributions from an hsa, archer msa or medicare advantage msa.

The 1098 series consists of:

  • Form 1098 reports mortgage interest.
  • Form 1098-C reports contributions of motor vehicles, boats and airplanes.
  • Form 1098-E reports student loan interest.
  • Form 1098-T reports tuition.

The 5498 series consists of:

  • Form 5498 reports IRA contributions.
  • Form 5498-ESA reports Coverdell ESA contribution information.
  • Form 5498-SA reports HSA, Archer MSA or Medicare Advantage MSA information.

Other information returns are:

  • Form 1042-S reports foreign person’s us source income subject to withholding.
  • Form 1097-BTC reports bond tax credit.
  • Form 8027 reports employer’s annual information return of tip income and allocated tips.
  • Form 8955-SSA is an annual registration statement identifying separated participants with deferred vested benefits.
  • Form W-2G reports certain gambling winnings.
  • Form W-2 and W-3 reports wages to Social Security.

The list keeps growing.  IRS Form 1099-K is a new form that started in 2012. In 2011, the IRS created IRS Form 3921 and 3922 which reports which employees receive stock upon exercise options.

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