Form 1099 – Information

To start with the basics, corporations, small businesses, and other employers in the United States rely on tax forms to record the income their employees earn throughout the year. The form 1099 is the Internal Revenue Service’s form used specifically for non-salaried employees such as freelancers, consultants, and other independent contractors to report any earnings that are not salaried income.

What Is a Form 1099?

A Form 1099 is a type of “information return”. You get a form 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 form 1099 on your tax return. 

Is a Form 1099 the Same as a W-2?

While a W-2 reports wages, salaries, and tips, a 1099 form reports other kinds of income. There are many varieties of form1099s, and each one is used to report different, specific types of income.

What Are the Form 1099 Types, Reporting Requirements, and Due Dates?

The table below lists each type of form 1099s by number and description, reporting requirements (the minimum dollar amount which must be reported), and the due date on which the form should be sent or mailed.

 
Form
 
Title
 
What To Report
 
Amounts To Report
 Due Date
To IRS
To Recipient (unless indicated otherwise)
 
1099-LTC
Long-Term Care and Accelerated Death Benefits
Payments under a long-term care insurance contract and accelerated death benefits paid under a life insurance contract or by a viatical settlement provider.
 
All amounts
 
February 28*
 
January 31
1099-MISC
Miscellaneous Income
Rent or royalty payments; prizes and awards that are not for services, such as winnings on TV or radio shows (including payments reported pursuant to an election described in Regulations section 1.1471-4(d)(5)(i)
(A) or reported as described in Regulations section 1.1471-4(d)(2)(iii)
(A)).
 
$600 or more, except
$10 or more for royalties
 
 
 
 
 
 
 
 
 
 
 
February 28* Note: If any payments for nonemployee compensation are reported in box 7, the due date is January 31 for both paper and electronic returns.
 
 
 
 
 
 
 
 
 
 
January 31**
(Also, use to report direct sales of $5,000 or more of consumer goods for resale.)
Payments to crew members by owners or operators of fishing boats including payments of proceeds from sale of catch.
 
All amounts
Section 409A income from nonqualified deferred compensation plans (NQDCs).
All amounts
Payments to a physician, physicians’ corporation, or other supplier of health and medical services. Issued mainly by medical assistance programs or health and accident insurance plans.
 
$600 or more
Payments for services performed for a trade or business by people not treated as its employees (including payments reported pursuant to an election described in Regulations section 1.1471-4(d)(5)(i)(A) or reported as described in Regulations section 1.1471-4(d)(2)(iii)(A)).
Examples: fees to subcontractors or directors and golden parachute
payments.
 
 
$600 or more
Fish purchases paid in cash for resale.
$600 or more
Crop insurance proceeds.
$600 or more
Substitute dividends and tax-exempt interest payments reportable by brokers.
$10 or more
February 15**
Gross proceeds paid to attorneys.
$600 or more
February 15**
A U.S. account for chapter 4 purposes to which you made no payments during the year that are reportable on any applicable Form 1099 (or a
U.S. account to which you made payments during the year that do not reach the applicable reporting threshold for any applicable Form 1099) reported pursuant to an election described in Regulations section
1.1471-4(d)(5)(i)(A).
 
 
All amounts (including $0)
 
 
January 31**
1099-OID
Original Issue Discount
Original issue discount (including amounts reported pursuant to an election described in Regulations section 1.1471-4(d)(5)(i)(A) or reported as described in Regulations section 1.1471-4(d)(2)(iii)(A)); market discount subject to an election under section 1278 (b).
 
$10 or more
 
February 28*
 
January 31**
1099-PATR
Taxable Distributions Received From Cooperatives
Distributions from cooperatives passed through to their patrons including any domestic production activities deduction and certain pass-through credits.
 
$10 or more
 
February 28*
 
January 31
1099-Q
Payments From Qualified Education Programs (Under Sections 529 and 530)
Earnings from qualified tuition programs and Coverdell ESAs.
 
All amounts
 
February 28*
 
January 31
1099-QA
Distributions from ABLE Accounts
Distributions from ABLE accounts.
All amounts
February 28
January 31
1099-R
Distributions From Pensions, Annuities, Retirement or
Profit-Sharing Plans, IRAs, Insurance
Contracts, etc.
Distributions from retirement or profit-sharing plans, any IRA, insurance contracts, and IRA recharacterizations (including payments reported pursuant to an election described in Regulations section 1.1471-4(d)(5)(i)
(B) or reported as described in Regulations section 1.1471-4(d)(2)(iii) (A)).
 
 
$10 or more
 
 
February 28*
 
 
January 31
1099-S
Proceeds From Real Estate Transactions
Gross proceeds from the sale or exchange of real estate and certain royalty payments.
Generally, $600 or more
February 28*
February 15
1099-SA
Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
Distributions from an HSA, Archer MSA, or Medicare Advantage MSA.
 
All amounts
 
February 28*
 
January 31
1099-A
Acquisition or Abandonment of Secured Property
Information about the acquisition or abandonment of property that is security for a debt for which you are the lender.
 
All amounts
 
February 28*
(To Borrower) January 31
1099-B
Proceeds From Broker and Barter Exchange Transactions
Sales or redemptions of securities, futures transactions, commodities, and barter exchange transactions (including payments reported pursuant to an election described in Regulations section 1.1471-4(d)(5)(i)(A) or reported as described in Regulations section 1.1471-4(d)(2)(iii)(A)).
 
All amounts
 
February 28*
 
February 15**
1099-C
Cancellation of Debt
Cancellation of a debt owed to a financial institution, the Federal Government, a credit union, RTC, FDIC, NCUA, a military department, the
U.S. Postal Service, the Postal Rate Commission, or any organization
having a significant trade or business of lending money.
 
$600 or more
 
February 28*
 
January 31
1099-CAP
Changes in Corporate Control and Capital Structure
Information about cash, stock, or other property from an acquisition of control or the substantial change in capital structure of a corporation.
 
 
Over $1,000
 
 
February 28*
(To Shareholders) January 31, (To Clearing Organization) January 5
1099-DIV
Dividends and Distributions
Distributions, such as dividends, capital gain distributions, or nontaxable distributions, that were paid on stock and liquidation distributions (including distributions reported pursuant to an election described in Regulations section 1.1471-4(d)(5)(i)(A) or reported as described in Regulations section 1.1471-4(d)(2)(iii)(A)).
 
$10 or more, except
$600 or more for liquidations
 
 
February 28*
 
 
January 31**
1099-G
Certain Government Payments
Unemployment compensation, state and local income tax refunds, agricultural payments, and taxable grants.
$10 or more for refunds and unemployment
February 28*
January 31
1099-INT
Interest Income
Interest income (including payments reported pursuant to an election described in Regulations section 1.1471-4(d)(5)(i)(A) or reported as described in Regulations section 1.1471-4(d)(2)(iii)(A)); market discount subject to an election under section 1278(b).
 
$10 or more ($600 or more in some cases)
 
February 28*
 
January 31**
1099-K
Payment Card and Third Party Network Transactions
Payment card transactions.
All amounts
 
 
February 28*
 
 
January 31
 
Third party network transactions.
$20,000 or more and 200 or more transactions
*The due date is March 31 if filed electronically.
**The due date is March 15 for reporting by trustees and middlemen of WHFITs.

IRS Cat. No. 27976F

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