Form 1099 – Information – Kanter Consulting Group

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

Form 1099 – Information

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