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The many versions of IRS Form 1099

Jan. 31 is a key annual tax deadline. It’s the date employers must send W-2 and 1099-MISC forms to folks who received at least $600 in compensation the preceding tax year.

1099 and W2 forms

Jan. 31 also now is the deadline for employers to also submit that W-2 and 1099-MISC data to the Social Security Administration (SSA).

Earlier reporting to fight fraud: In past years, employers had another month to get the data to Social Security. But in an effort to help the Internal Revenue Service fight tax refund fraud, a provision in the Protecting Americans from Tax Hikes, or PATH, Act now requires businesses to transmit the payment information to the SSA at the same time it sends it out to workers instead of by the end of February.

That will make it easier for the IRS to more quickly confirm that the payment info entered on tax returns is correct. In the past, the IRS simply had to take taxpayers' words for the income entry.

If the IRS later found a discrepancy in the income amounts when it checked the official SSA data, then the tax collector had to follow up with taxpayers.

Or in the case of fake returns filed in order to get fraudulent refunds, eat the money that was erroneously sent out to crooks.

By having the data in employee and SSA/IRS hands simultaneously, refund fraud should at least be slowed.

Other 1099s: While the 1099-MISC is the most important one to independent contractors, there are several other variations of Form 1099.

1099-MISC form 2016

This table shows the 1099 name and description, as well as what triggers its issuance and when the form is supposed to be supplied to you.

Form Name
and Title
Amount(s)
to Report
Form Due
to Recipient
1099-A
Acquisition or Abandonment of Secured Property
All amounts Jan. 31
1099-B
Proceeds From Broker and Barter Exchange Transactions
All amounts Feb. 15
1099-C
Cancellation of Debt
$600 or more Jan. 31
1099-CAP
Changes in Corporate Control and Capital Structure
More than $1,000 Jan. 31
1099-DIV
Dividends and Distributions
$10 or more;
$600 or more
for liquidations
Jan. 31
1099-G
Certain Government Payments
$10 or more
for refunds and unemployment benefits
Jan. 31
1099-INT
Interest Income
$10 or more
in most cases
Jan. 31
1099-K
Payment Card and Third Party Network Transactions
All amounts for payment card transactions; $20,000 or more and 200 or more third-party network transactions  Jan. 31
1099-LTC
Long-Term Care and Accelerated Death Benefits
All amounts Jan. 31
1099-MISC
Miscellaneous Income
$600 or more
for compensation; $10 or more
for royalties
Jan. 31
1099-OID
Original Issue Discount
$10 or more  Jan. 31
1099-PATR
Taxable Distributions Received From Cooperatives
$10 or more Jan. 31
1099-Q
Payments From Qualified Education Programs
All amounts Jan. 31
1099-QA
Distributions from ABLE Accounts
All amounts Jan. 31
1099-R
Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
$10 or more Jan. 31
1099-S
Proceeds From Real Estate Transactions
$600 or more Feb. 15
1099-SA
Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
All amounts Jan. 31

 

You can find more details on 1099s and other tax forms in the IRS Publication of General Instructions for Certain Information Returns

And be on the lookout for all your annual tax statements.

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