What is a 1099 form used for

What is a 1099 form used for?

Many people and businesses are confused about what is a 1099 form used for. There are many 1099 forms and there are many different purposes for them. However, they have one thing in common which is what all the 1099 forms are supposed to be used for and that is to report transactions to the IRS as information returns. Below is a sample of a 1099 form for reporting interest income to the IRS.

What are the 1099 forms used for?

Below is a list of all the different 1099 forms and what they are used for.

Tax formWhat is it used for?
1099-AAcquisition or Abandonment of Secured Property
1099-BProceeds from Broker and Barter Exchange Transactions
1099-CCancellation of Debt
1099-DivDividends and Distributions
1099-GCertain Government and Qualified State Tuition Program Payments
1099-INTInterest Income
1099-LTCLong Term Care and Accelerated Death Benefits
1099-MISCMiscellaneous Income (Also, use this form to report the occurrence of direct sales of $5000 or more of consumer goods for resale.)
1099-MSADistributions From an MSA or Medicare+Choice MSA
1099-OIDOriginal Issue Discount
1099-PATRTaxable Distributions Received From Cooperatives
1099-RDistributions From Pensions, Annuities, Retirement or profit-sharing Plans, IRAs, Insurance Contracts, Etc.
1099-SProceeds From Real Estate Transactions

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