What Are The Variant Types Of 1099 Tax Forms?


2 Answers

Anonymous Profile
Anonymous answered
The 1099 series tax form has been designed in several types and varieties to suit the income transaction that takes place. This makes it easier for the IRS to report the tax payments and returns accordingly.

The 1099-A tax form is for those people who have acquisition or abandonment of secured estate, 1099-B tax forms are for those transactions which take place between a broker and barter exchange. 1099-C is for those transactions which were made for debts but then cancelled.

If there is any change in the control of an organization and its capital structure, the form 1099-CAP is used. For dividends and other distributions in any organization the 1099-DIV tax form has been designed. 1099-G tax form is for those transactions which take place between governments. For health insurance future payments, 1099-H has been designed especially for those who are paying for their medical health insurance in advance.

The interest on the income is noted on the 1099-INT tax form where as for long term benefits being provided by any company are noted on the 1099-LTC tax form. 1099-MISC is for any miscellaneous income which can be through any source. 1099-OID is for the discount on the original income where as the 1099-PATR is the payments and distributions that were received from cooperatives or partners. Tax form 1099-Q is the payment made for education for school fees or college funds.

Tax form 1099-R notes down the payments and transactions concerning people's pensions, retirement plans or insurance plans, where as the 1099-S is designed to be used for any transactions which place relating to real estates.
Jessica Tincher Profile
Jessica Tincher answered
The company my husband worked for paid out prevailing wages for state funded jobs that they worked on. I guess due to the union laws even thought they were non union a fund was set up for them when working on the pw jobs. When they did not work an pw jobs the money in the account was sent to them as unemployment wages. They sent him a 1099-misc that had federal taxes paid on it. Can I file it as a 1099-G under unemployment compensation, because federal taxes were taken out and it says unemployment benefits on it, instead of having to file for self employment tax, which it was not self employment.

Answer Question