Tax Questions
 

Who must file a 1099 form?

Not everyone needs to file a 1099 form to the IRS so why must file a 1099 form?

What are the requirements for filing a 1099 form?

The IRS requires that, as a rule, any person who make reportable transactions during the calendar year must file information returns to report those transactions to the IRS. The 1099 forms are among those information return tax forms to file to report these transactions.

What are the examples of some transactions that must be reported on the 1099 forms?

Below are some examples of reportable transactions that require the use of 1099 forms. There are plenty more.

  • You have acquired or abandoned secured property.
  • You have received proceeds from Broker and Barter Exchange Transactions
  • Some of your debts have been cancelled or forgiven.
  • You have received dividends or distributions.
  • You have received interest Income.
  • You have received miscellaneous income.
Who must file a 1099 form? Do individuals have to file the 1099 tax form?

Persons required to file Information Returns to the IRS must also furnish statements to the recipients of the income. Filers who have 250 or more must file these returns electronically.

Among the persons required to file a 1099 form are:

  • a corporation,
  • a partnership,
  • an individual,
  • an estate, and
  • a trust