1099 Form - Many Different Forms, Not Just One

Different 1099 Form's

So do all these different people who get a 1099 receive the same form from the company, governmental unit or person who gave them money? No - each different form of income mentioned in the prior paragraph has a different 1099 from associated with it. The independent contract worker will receive a 1099-Misc - this stands fro miscellaneous income. As opposed to other forms that are more specific for particular forms of income. The individual or business that receives interest income from the bank will get a 1099-Int from their bank. The 1099-Int from can also be filed by an individual who pays another interest.

Form 1099 for Dividends - 1099-Div

When a company pays out a dividend to its shareholders it will file a 1099-Div at the end of the year. Often the broker who is holding the stocks for the investor will remit the 1099-Div form at the end of the year for many dividends received over the year incrementally and from different companies.

Form 1099 from the government - 1099-G

When you get a tax refund or receive unemployment compensation you will get a Form 1099-G from the government. Whereas wages are almost always net of withholding taxes unemployment is generally paid out gross. This is why one who is receiving a substantial amount of unemployment pay should be careful to make sure they have paid in enough taxes. Tax refunds can be taxable if they where used as an itemized deductions in the prior year.

Here are some other 1099 forms and what they mean:

1099-A - Acquisition or abandonment of Secured Property

1099-B - Proceeds from Broker and Barter Exchange Transactions

1099-C - Cancellation of Debt

1099-H - Health Insurance Advance Payments

1099-LTC - Long Term Care Benefits

1099-OID - Original Issue Discount

1099-R - Distributions from Pensions, Annuities, Retirement Plans, IRAs or Insurance Contracts.

For more in depth information about the form 1099 as well a 1099 Form click on the links.