What is an IRS 1099 Form? – File your Form 1099 Taxes Online

Today we are going talk about form 1099 and how to fill out and how to fill out a 1099 form online. We will also talk about who needs to fill out Form 1099 online and why it’s important.

What is Tax Form 1099?

Form 1099 IRS forms are used for a variety of different reasons.  The Form 1099-B reports the sales of stocks and bonds and mutual funds.  Form 1099-C is a form to fill out if you have had a debt canceled at any time of the year.  The Form 1099-DIV reports all dividends, qualified dividends, and capital gains.  Form 1099-G is to be filled out if any unemployment money was collected throughout the year or if any government funds were given.  Form 1099-INT is the form to fill out if you have any interest to report. 

Form 1099–MISC is the most used form of all 1099 IRS Forms because it is used to show how much independent contractors make in a given year. This form will also be filled out in the event of any rent, royalties, and other money collected in this manner.  So if you own a home and rent it out as a landlord you will need to fill out this form to let the IRS know exactly how much rent has been paid each year to you. The form 1099- MISC is used if you work for yourself and do a special service for another business, such as a general contractor hiring you, or the plumber to do the work. You will report that income using Form 1099-MISC because the money made needs to be taxed as income. 

What are Other Reports Filed with Form 1099?

The form 1099-MSA is a form to fill out if you have a medical savings account that paid out money to you throughout the year. This account is a special account that allows you to have the money used for medical reasons to be not taxed.  This is the form to use to let the IRS know that you utilized these tax savings. Next, is the form 1099-PATR which reports dividends paid by the cooperative, and 1099-OID reports all original issue discounts.  Form 1099-R reports any money given out to a person from a retirement fund such as an IRA, 401k, or pension plan. 

Next, we have form 1099-S which reports sales from any real estate sold within the tax year.  Form SSA-1099 reports all Social Security benefits paid out throughout the year through taxes or if you have to pay money through the year due to self-employment.  Form RRB-1099 is the form to use if you are reporting railroad retirement benefits that you may be getting if you worked on the railroad as your career and now get a retirement stipend from the railroad or Railroad Company you worked for.

I hope this article has helped give you a good idea of what exactly you need to fill out the form 1099. There are a lot of different 1099 IRS forms so if you need help please ask us any questions here at Tax2efile.