The 1099 family of IRS forms is distinguished by two characteristics:
- They are all “information returns” rather than “tax returns.” That is, they inform the taxpayer and/or the IRS regarding transactions which may have a tax effect. Form 1098, for instance, records mortgage interest paid by the taxpayer, which may or may not be deductible on the payer’s tax return. Form 1099-INT, on the other hand, records interest paid to the taxpayer, which may or may not be taxable.
- They are all reported electronically to IRS in a format which is detailed in IRS Publication 1220.
The majority of these information returns include “1099” in their title. However, at least a dozen members of the 1099 family have some other number such as W-2G, 1098-T, etc.
A Family Tree
The following is a complete list of the 1099 Family of information returns as presented in Publication 1220:
- Form 1097-BTC, Bond Tax Credit
- Form 1098, Mortgage Interest Statement
- Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes
- Form 1098-E, Student Loan Interest Statement
- Form 1098-T, Tuition Statement
- Form 1099-A, Acquisition or Abandonment of Secured Property
- Form 1099-B, Proceeds From Broker and Barter Exchange Transactions
- Form 1099-C, Cancellation of Debt
- Form 1099-CAP, Changes in Corporate Control and Capital Structure
- Form 1099-DIV, Dividends and Distributions
- Form 1099-G, Certain Government Payments
- Form 1099-H, Health Coverage Tax Credit (HCTC) Advance Payments
- Form 1099-INT, Interest Income
- Form 1099-K, Merchant Card and Third Party Network Payments
- Form 1099-LTC, Long-Term Care and Accelerated Death Benefits
- Form 1099-MISC, Miscellaneous Income
- Form 1099-OID, Original Issue Discount
- Form 1099-PATR, Taxable Distributions Received From Cooperatives
- Form 1099-Q, Payments from Qualified Education Programs (Under Sections 529 & 530)
- Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans,
- IRAs, Insurance Contracts, etc.
- Form 1099-S, Proceeds From Real Estate Transactions
- Form 1099-SA, Distributions from an HSA, Archer MSA, or Medicare Advantage MSA
- Form 3921, Exercise of a Qualified Incentive Stock Option under Section 422(b)
- Form 3922, Transfer of Stock Acquired Through an Employee Stock Purchase Plan under Section 423(c)
- Form 5498, IRA Contribution Information
- Form 5498-ESA, Coverdell ESA Contribution Information
- Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information
- Form 8935, Airline Payments Report
- Form W-2G, Certain Gambling Winnings
The 1099 Connection Advantage
If you made reportable payments during the past calendar year you may be required to issue the appropriate information returns. 1099 Connection can simplify this process in several ways:
- We charge by the form processed, regardless of type. There are no surcharges for processing multiple form types or multiple filing entities.
- Your input file can include multiple form types. There is no need to split each form type into a separate file.
- Similarly, your input file can contain data for multiple filers. If you are reporting for more than one corporate entity we’ve got you covered.
- If it suits you, you can also submit multiple input files.
- Your data is available on line 24/7 for reference and/or correction. You can quickly locate every form you have issued to a particular recipient – even mixed form types.
- Questions? Our US-based support staff is ready to help when you need it.