1099 Form Types

Many of our clients file a particular form, with a specific box amount: the Box 7 1099-MISC form. Others need to manage more than one type of form. We thought a list might be helpful to you, for easy reference.

Keep in mind, this isn’t all the forms – just the most prevalent 1099 versions that we file. I selected the most prevalent forms from the IRS’ 2013 records. (The 2013 records are the most recently published numbers.)

• 1099-MISC (89,196,731 filed in 2013) – Many of our clients (accountants, small businesses, AP) file this form. According to the IRS, it is only the third-most commonly filed form. The 1099-MISC generally reports non-employee compensation and rental income. There are other uses for it, too:
  • reporting royalties
  • medical payments
  • attorney’s gross proceeds
  • fishing boat proceeds.

Yes, fishing boat proceeds.

• 1099-A (865,876) – The number of 1099-A forms filed is small, comparatively. The 1099-A reports property acquisition or abandonment. The 1099-A may coordinate with a 1099-C, when there is debt cancellation of $600 or more.

• 1099-B (938,204,143) Winner! This is far and away the most-filed form with the IRS. In fact, there are almost 4 times as many 1099-B forms filed as there are W-2 forms filed. Brokers use the form to report:
  • sale of stock
  • commodities
  • foreign currency contracts

Many brokerages will send the 1099-B out as a combined form. By including the dividends and interest on the 1099-B, they don’t have to send separate forms. Otherwise, the broker may have to send separate 1099-B, 1099-DIV, and 1099-INT forms.

• 1099-C (5,855,871) – The 1099-C reports any cancellation of debt, when the debt is $60 or more. This form is the other piece of the 1099-A coordination. These forms were more commonly filed after the housing crisis. Some homeowners “walked away” from their mortgage. These homeowners may have received a 1099-C. The homeowners should report the cancelled debt as income on the tax filing.

• 1099-DIV (89,146,326) – Only 50,000 behind the 1099-MISC form. Anyone receiving $10 or more in dividends from a taxable account will receive a 1099-DIV form. The 1099-DIV would exceed the MISC in numbers filed … except that tax-deferred accounts such as IRAs do not qualify for the 1099-DIV. Still, anyone receiving $10 or more in dividends in a taxable account will receive a DIV form.

• 1099-G (84,916,710) – Have you received a state tax refund? Then you probably got a 1099-G form as well. The refund amount might be taxable on your federal filing as income.

• 1099-INT (159,844,233) – The 1099-INT follows the 1099-B in numbers filed. In long ago days, when interest rates were higher than .25%, many more filers used this form. There is a minimum of $10, though, so some savings accounts with small balances would no longer qualify. In IRS projections of forms, the 1099-INT is one of the few 1099’s that trends downward.

• 1099-K (10,326,515) – A relatively new form, the 1099-K reports card transactions. These are also called “third party settlement” transactions. As an example, say you sell items on EBAY. This can be either on the side, or as your main business. EBAY collects the money from the buyer and distributes it to you, the seller. They are the third party settlement entity in this scenario. They would send you a 1099-K to show the amount they distributed to you. There are thresholds here, though. To qualify under IRS rules, the seller would have to have 200 or more transactions AND $20,000 in sales. Many third parties send entities notify all their recipients as a safeguard.

• 1099-PATR (1,763,544) Are you a member of a local co-op? Do you get $10 or more in dividends or other distributions from the co-op? Then you receive a 1099-PATR (for patronage). Some co-ops are exempt, though, so you may not, depending on the status of your co-op.

• 1099-R (87,328,707) – Use this form to report:
  • Distributions from annuities
  • Distributions from pensions
  • Distributions from IRAs

Some other retirement vehicles also require reporting. You may have received a 1099-R for taking an early distribution from a 401(k) or other retirement plan. Your financial adviser would recommend against an early distribution. You probably had a 10% penalty imposed on the withdrawal.

• 1099-S (2,725,381) – The 1099-S reports many real estate transactions. Some transactions are exceptions, if:
  • The amount is under $250,000
  • OR $500,000 if the seller is married
  • The home is the seller’s primary residence

  The person closing the transaction generally supplies the 1099-S. This is one form that may be provided throughout the year. Many other forms are only provided at year-end.

This list doesn’t even get into the W-2, 1042-S, 1098, 1095, or 940/941/944 forms that we offer. Most of our clients know exactly what they are looking for when they find us. We hope this list gives you some insight into other forms you may need at some point. As always, send us any questions you may have in the comments or by contacting our support team directly.