What is a 1099 form used for?
Many people and businesses are confused
about what is a 1099 form used for. There are many 1099 forms
and there are many different purposes for them. However, they
have one thing in common which is what all the 1099 forms
are supposed to be used for and that is to report
transactions to the IRS as information returns. Below is a
sample of a 1099 form for reporting interest income to the
What are the 1099 forms used for?
Below is a list of all the different 1099
forms and what they are used for.
||What is it used
||Acquisition or Abandonment of
||Proceeds from Broker and Barter
||Cancellation of Debt
||Dividends and Distributions
||Certain Government and Qualified
State Tuition Program Payments
||Long Term Care and Accelerated
||Miscellaneous Income (Also, use
this form to report the occurrence of direct
sales of $5000 or more of consumer goods for
||Distributions From an MSA or
Original Issue Discount
||Taxable Distributions Received
||Distributions From Pensions,
Annuities, Retirement or profit-sharing Plans,
IRAs, Insurance Contracts, Etc.
Proceeds From Real Estate Transactions