Major 1099 Forms & Where To Use Them

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The deadline for a company to send you a W-2 or 1099 was January 31st. Since that date is more than a week behind us, you should have all of your forms and you should be able to prepare you taxes this very moment. If you are expecting a rebate, I’d finish up your taxes this weekend, e-file, request direct deposit, and you could have the funds back to you in less than two weeks. If you’re expecting to pay taxes, maybe you can wait a little bit!

What if you haven’t received them all or don’t know which ones to expect? Below I’ll list all of the major 1099 forms out there, who will be sending what, and what you should do if you haven’t received it yet.

First, you don’t actually need any of your 1099 forms at the time you fill out your taxes. It’s important to have a copy of them in case you are audited but you won’t send any of them with your return. If you e-file, you don’t send anything at all. The IRS will already have their copy of the 1099 anyway so they don’t really need yours. You will, however, need the information on the 1099 since you will need to enter that as income on your return.

So, what 1099s should you expect? Six 1099 forms cover what the majority of taxpayers will be receiving and they are:

  • 1099-INT – This 1099 form primarily covers interest income from banks. A lot of banks have stopped mailing the form and make them available online (such as ING Direct). This is better for the environment and cheaper for them! If you haven’t gotten one you should just check your online account. If you don’t have online account access, you should sign up for it! If its not available online, which is extremely unlikely, call your bank and request your 1099. They should be able to tell you how much interest you’ve earned last year so you can fill out the return without waiting for the form.
  • 1099-B – Typically sent to you from a brokerage, these indicate the proceeds earned or lost from the sale of securities. Again, many brokerages will provide this on the brokerage site itself and not mail out a paper form. You’ll use this information on Schedule D (Capital Gains and Losses).
  • 1099-DIV – This one covers “Qualified and non-qualified dividends” and those values will typically be used on your 1040 form. This will usually come from a brokerage so turn to them for the form if you haven’t received one yet.
  • 1099-SSA – This form will detail your Social Security earnings for the year. If you’ve lost it, you’ll have to request a new one from the Social Security Administration and that will take 10 days.
  • 1099-R – This form details any distributions you’ve received from your IRAs, pensions, and annuities. Since each IRA, pension, and annuity account will send you one, you should request this form from the place you are actually missing it. So if you have a Vanguard account and you received a distribution from a Traditional IRA with them, request a 1099-R from Vanguard. The values on this form will go onto your 1040 as well.
  • 1099-MISC – This is for… everything else. If you performed work as an independent contractor, your “employer” will send you a 1099. Usually they will only send one if you earned more than $600 that year but they will report the income regardless of the amount (it’s an expense on their books, they’re going to take the deduction!). The income from this usually goes on a Schedule C: Profit and Loss from Business. If you need a new one, request it from your “employer.”
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2 Responses to “Major 1099 Forms & Where To Use Them”

  1. Josh says:

    You forgot 1099-G

  2. AJ says:

    The 1099-G is a pretty common one. Used to report government income such as tax refunds or unemployment benefits.
    I also came across the 1099-SA this year, which is less common, but with the rise in Health Savings Accounts, could be seen more often.

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