A Form 1099 is considered an information return by the
United States Internal Revenue Service. It's used to report income earned in
each calendar year for tax purposes. There are 13 different types of 1099 forms
used for a variety of information reporting requirements. Employers and
employees must furnish these forms to the IRS.
1099-MISC
The 1099-MISC reports miscellaneous income, which includes
freelance work, nonemployee fees, rents, director's fees, royalties and
attorney's fees, as well as direct sales of $5,000 or more of consumer goods
for resale.
1099-G
A 1099-G is used to report certain government and qualified
state tuition program payments. These items include unemployment benefits,
taxable grants, and state and local income tax refunds.
1099-B
A 1099-B reports proceeds from broker and barter exchange
transactions, which include sales or redemptions of securities or commodities.
1099-DIV
A 1099-DIV reports distributions and dividends, such as
capital gain and nontaxable dividends that were paid on stock.
1099-S
Gross profit from the sale or exchange of real estate must
be reported on Form 1099-S.
1099-INT
Any interest earned during the year must be reported on a
Form 1099-INT.
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