You’re probably familiar with Forms 1099-MISC and 1099-NEC. But, how much do you know about the other types of 1099 forms?
When it comes to the different types of 1099 forms, there isn’t a short supply. How many types of 1099 forms are there, you ask? With over 15 types, keeping track of what you need to send out—and what you might receive—can be difficult.
But, don’t panic. Generally, you only need to worry about sending and/or receiving a few types of 1099 tax forms.
18 Types of 1099 forms in a 7-minute read
Forms in the 1099 series are information returns. Information returns are forms that report certain types of transactions to the IRS, form recipient, and the state (if applicable). These forms are due toward the beginning of each year and report transactions that took place in the previous year.
Although you likely won’t deal with all the types of 1099 returns, here’s a rundown of the types of 1099 tax forms you may come across.
For more information on these types of returns, check out the IRS’s website:
1. 1099-A
Form 1099-A, Acquisition or Abandonment of Secured Property, is a document that you file if you meet all of the following requirements:
- Lend money related to your business or trade
- Use the borrower’s property to secure your loaned money
- Acquire said property to satisfy the debt part of the lending agreement OR acquire the property due to abandonment
Keep in mind that this form is not just for lenders. Any tradesperson or business that lends money and acquires property used to secure the loan must file Form 1099-A.
Due Date: January 31 (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
2. 1099-B
Broker or barter exchanges file Form 1099-B, Proceeds from Broker and Barter Exchange Transactions, to report certain transactions.
These transactions include:
- Stock sales for cash
- Property or service exchanges through a barter exchange
Due Date: February 15 or March 15 for reporting by trustees and middlemen of Widely Held Fixed Investment Trusts (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
3. 1099-C
Form 1099-C, Cancellation of Debt, reports debt cancellation or forgiveness of $600 or more. Organizations that regularly and continually lend money (e.g., financial institutions) file this form.
Due Date: January 31 (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
4. 1099-CAP
Form 1099-CAP, Changes in Corporate Control and Capital Structure, reports corporation acquisition or capital structure changes.
Corporations file this form and distribute it to shareholders who receive cash, stock, or other property from these types of changes.
Due Date: January 31 (Shareholders) and January 5 (Clearing Organization) / February 28 if paper filing or March 31 if e-filing (IRS)
5. 1099-DIV
Financial institutions (e.g., banks) report dividends and distributions on Form 1099-DIV, Dividends and Distributions.
Due Date: January 31 or March 15 for reporting by trustees and middlemen of Widely Held Fixed Investment Trusts (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
6. 1099-G
Governments file Form 1099-G, Certain Government Payments, to report qualifying payment types. These payment types include unemployment compensation, taxable grants, agricultural payments, and state or local income tax refunds or credits.
Due Date: January 31 (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
7. 1099-H
Qualifying health insurance providers file Form 1099-H, Health Coverage Tax Credit (HCTC) Advance Payments, to report certain health insurance premiums paid.
Due Date: January 31 (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
8. 1099-INT
Did you make interest payments in the course of your trade or business? If so, file Form 1099-INT, Interest Income. You must file a 1099-INT for each person you:
- Paid $10 or more in interest income, interest on U.S. Savings Bonds and Treasury obligations, or tax-exempt interest
- Withheld and paid foreign tax on interest
- Withheld and did not refund federal income tax under the backup withholding rules, regardless of the amount
Due Date: January 31 or March 15 for reporting by trustees and middlemen of Widely Held Fixed Investment Trusts (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
9. 1099-K
Form 1099-K, Payment Card and Third Party Network Transactions, details settlement payments of reportable payment transactions. Payment settlement entities (PSEs) use this form when they make a payment to a payee’s account.
Due Date: January 31 (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
10. 1099-LTC
Insurance companies, governmental units, and viatical settlement providers are responsible for handling Form 1099-LTC, Long Term Care and Accelerated Death Benefits. This form reports long-term care benefits and accelerated death benefits.
Due Date: January 31 (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
11. 1099-MISC
You’re likely familiar with Form 1099-MISC, Miscellaneous Information
. You must file this form if you make any miscellaneous payments throughout the year such as:
- At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest
- At least $600 in:
- Rents
- Prizes and awards
- Other income payments
- Cash from a notional principal contract to an individual, a partnership or an estate
- Any fishing boat proceeds
- Medical and health care payments
- Crop insurance proceeds
- Payments to an attorney
- Section 409A deferrals
- Nonqualified deferred compensation
Due Date: January 31 or March 15 for reporting by trustees and middlemen of Widely Held Fixed Investment Trusts (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
12. 1099-NEC
Form 1099-NEC, Nonemployee Compensation, is a return that businesses file to report independent contractor payments of $600 or more. This lets contractors (and the IRS) know how much they owe in taxes.
Due Date: January 31 (Recipient) / January 31 (IRS)
13. 1099-PATR
Form 1099-PATR, Taxable Distributions Received From Cooperatives, is a form that cooperatives file. Individuals receive this form if they:
- Receive at least $10 in patronage dividends or other qualifying distributions
- Have federal income tax under backup withholding rules withheld on any amount
Due Date: January 31 (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
14. 1099-OID
The 1099-OID, Original Issue Discount, form goes out to individuals who had:
- Original issue discount (OID) of $10 or more included in their gross income
- Foreign tax withheld and paid on OID
- Federal income tax under backup withholding rules withheld on any amount of OID
Due Date: March 15 (Holders)
15. 1099-Q
Officers or employees who have control over a program established by a state or educational institution file Form 1099-Q, Payments from Qualified Education Programs. This form reports distributions from a qualified tuition program (QTP).
Due Date: January 31 (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
16. 1099-R
Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., is used to report designated distributions of $10 or more.
The person preparing the form must send out to anyone who makes the following types of distributions:
- Profit-sharing or retirement plans
- IRAs
- Annuities, pensions, insurance contracts, survivor income benefit plans
- Permanent and total disability payments under life insurance
- Charitable gift annuities
Due Date: January 31 (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
17. 1099-S
Form 1099-S, Proceeds from Real Estate Transactions, reports the sale or exchange of real estate. Examples of real estate include commercial buildings and timber royalties.
Due Date for Reporting Gross Proceeds from the Sale or Exchange of Real Estate: February 15 (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
Due Date for Reporting Timber Royalties: January 31 (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
18. 1099-SA
Form 1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA, is a return that reports HSA and MSA distributions.
Individuals with a Health Savings Account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage MSA receive Form 1099-SA if they receive distributions from their account.
Due Date: January 31 (Recipient) / February 28 if paper filing or March 31 if e-filing (IRS)
When it comes to types of 1099s, the 1099-MISC and 1099-NEC are common in business. If you need to file these forms, why not make things a little easier on yourself? With Patriot’s accounting software, you can create and print (or opt into e-filing) as many Forms 1099-MISC and 1099-NEC as you need. Get your free trial today!
This is not intended as legal advice; for more information, please click here.