Tax Questions

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 IRS.

what is a 1099 form used for?

What are the 1099 forms used for?

Below is a list of all the different 1099 forms and what they are used for.

Tax form What is it used for?
1099-A Acquisition or Abandonment of Secured Property
1099-B Proceeds from Broker and Barter Exchange Transactions
1099-C Cancellation of Debt
1099-Div Dividends and Distributions
1099-G Certain Government and Qualified State Tuition Program Payments
1099-INT Interest Income
1099-LTC Long Term Care and Accelerated Death Benefits
1099-MISC Miscellaneous Income (Also, use this form to report the occurrence of direct sales of $5000 or more of consumer goods for resale.)
1099-MSA Distributions From an MSA or Medicare+Choice MSA

Original Issue Discount

1099-PATR Taxable Distributions Received From Cooperatives
1099-R Distributions From Pensions, Annuities, Retirement or profit-sharing Plans, IRAs, Insurance Contracts, Etc.

Proceeds From Real Estate Transactions