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The many versions of IRS Form 1099

Monday, January 30, 2017

UPDATE, Jan. 30, 2021: This post and table now includes Form 1099-NEC. Last used in 1982, beginning with the 2021 tax filing season, the 1099-NEC replaces 1099-MISC used to report compensation to individuals who are not employees. The 1099-MISC remains for reporting other types of payments.

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: New for the 2021 filing season is Form 1099-NEC. Actually, it is an old form that was resurrected to go to contractors or others who in 2020 got nonemployee compensation, hence the NEC notation.

1099-NEC tax year 2020

The 1099-NEC now goes to folks who used to get Form 1099-MISC, which now is sent to fdasfasdfs.

Those two 1099s are just a pair of the many variations of Form 1099. The table below shows other common 1099 forms' 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 (includes rents received, prizes and awards, and payments to an attorney)		 $600 or more
for compensation; $10 or more
for royalties		 Jan. 31
1099-NEC
Nonemployee Compensation (includes fees, commissions, and other forms of compensation for services)		 $600 or more
for compensation		 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.

You also might find these related posts of interest:

 

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Posted on Monday, January 30, 2017 at 05:11 PM in Filing, Forms, Taxes, Work-job-career | | Comments (0)

Tags: 1099, 1099-MISC, income, independent contractor, IRS, reporting deadline, Social Security Administration, tax, tax forms, taxes, W-2, wages

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