Types of Form 1099

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July 18, 2013

1099-A: Acquisition or abandonment of secured property.

  • What’s Reported: Information about the acquisition or abandonment of property (including foreclosures) that is security for a debt for which you are the lender
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

1099-B: Proceeds from broker and barter exchange transactions.

  • What’s Reported: Sales or redemptions of securities, futures transactions, commodities, and barter exchange transactions.
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: February 15

1099-C: Cancellation of debt.

  • What’s Reported: Cancellation of a debt owed to a financial institution,
  • the Federal Government, a credit union, RTC, FDIC, NCUA, a military
  • department, the U.S. Postal Service, the Postal Rate Commission, or any organization having a significant trade or business of lending money.
  • Amounts to Report: $600 or more
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

1099-CAP: Changes in corporate control and capital structure.

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  • What’s Reported: Information about cash, stock, or other property from an acquisition of control or the substantial change in capital structure of a corporation.
  • Amounts to Report: Stock or property valued at $100 million or more
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

1099-DIV: Dividends and Distributions

  • What’s Reported: Distributions, such as dividends, capital gain distributions, or nontaxable distributions that were paid on stock and liquidation distributions.
  • Amounts to Report: $10 or more, except $600 or more for liquidationsDue Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

 

 

 

 

 

 

1099-G: Government payments

  • What’s Reported: Unemployment compensation, state and local income tax refunds, agricultural payments, and taxable grants.
  • Amounts to Report: $10 or more for refunds and unemployment
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

1099-H: Health coverage tax credit advanced payments

  • What’s Reported: Health insurance premiums paid on behalf of certain individuals.
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

1099-H: Health coverage tax credit advanced payments

  • What’s Reported: Health insurance premiums paid on behalf of certain individuals.
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

1099-INT: Interest income

  • What’s Reported: Interest paid
  • Amounts to Report: $10 or more in most instances, or interest of $600 or more paid in the course of your trade or business described in the instructions for Box 1 of Form 1099-INT
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

1099-K: Merchant card and third party network payments

  • What’s Reported: Payments made with a credit card or payment card, including third party network transactions.
  • Amounts to Report: Third party settlement organizations requirement -$20,000 or more in networks transactions and 200 or fewer transactions
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

1099-LTC: Long-term care and accelerated death benefits

  • What’s Reported: Payments under a long-term care insurance contract and  accelerated death benefits paid under a life insurance contract or by a viatical settlement provider.
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

1099-MISC: Miscellaneous income

  • What’s Reported: Rent or royalty payments; prizes and awards that are not for services, such as winnings on TV or radio shows; payments to a variety of businesses/individuals for services and/or goods.
  • Amounts to Report: Dependent upon type of payment
  • Due Date to I.R.S.: Dependent upon type of payment
  • Due Date to Recipient: Dependent upon type of payment 

1099-OID: Original issue discount

  • What’s Reported: Interest that is not payable as it accrues, such as interest on a debt that is issued at a discount.
  • Amounts to Report: $10 or more
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

1099-PATR: Taxable distributions received from cooperatives

  • What’s Reported: Distributions from cooperatives passed through to their patrons including any domestic production activities deduction and certain pass-through credits.
  • Amounts to Report: $10 or more
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

1099-Q: Payments from qualified education programs

  • What’s Reported: Earnings from qualified tuition programs and Coverdell ESAs under Sections 529 and 530.
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

1099-R: Distributions from pensions, annuities, IRAs, retirement plans, etc.

  • What’s Reported: Distributions from retirement or profit-sharing plans, any IRA, insurance contracts, and IRA re-characterizations.
  • Amounts to Report: $10 or more
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

1099-S: Proceeds from real estate transactions

  • What’s Reported: Gross proceeds from the sale or exchange of real estate and certain royalty payments.
  • Amounts to Report: $600 or more
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

1099-SA: Distributions from an HSA, Archer MSA, or Medicare Advantage MSA

  • What’s Reported: Distributions from a health savings account or  medical savings account.
  • Due Date to I.R.S.: February 28
  • Due Date to Recipient: January 31

Author Information: Brad Howell obtained Bachelor’s Degrees in Communications and Political Science from Vanderbilt University. He attended law school at the Cumberland School of Law at Samford University, where he was the National Team Assistant Justice of Cumberland’s Appellate Advocacy program. During his time at Cumberland, he received scholastic and extracurricular recognition for excellence in appellate advocacy,  as well as national recognition from the American Bar Association for oral advocacy and legal writing.

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