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What other types of income are there besides W-2s?

The following are types of 1099 Forms that report Income:

1099-INT
Earnings for interest from a bank account or certificate of deposit are reported on this form.  Even if you have received the income and don`t have it in your hand, reinvested earnings are still taxable.  1099-INT statements are also issued for those who have cashed in savings bonds.

1099-DIV
Earnings from stocks and mutual funds are reported on this form.  It will display both dividends or capital gains over $10.

1099-B
Income from the sale of stocks, bonds or mutual funds it is reported on a 1099-B that will be sent by your broker or mutual fund company.  It will display the number of shares sold, when sold and the amount gained.  You will need this information, along with the date of purchase and amount you initially paid for them, to complete you tax return.

1099-G
If you received a state or local refund you will receive this form.  If you used those taxes as a deduction last year for your federal income tax return, you will need to report the amount on the 1099-G.  If you took the standard federal deduction you will not need to report this information.

If you received or collected unemployment compensation, you will receive a separate 1099-G and will need to report that income.

1099-R
If you received a pension or distribution from a retirement account or plan, the 1099-R displays the details.  Issued by your broker, pension plan manager or mutual fund company this form is also used if you rolled over money in a retirement plan, like a 401(k) to an IRA, or you converted a traditional IRA to a Roth IRA.  Rollovers are usually not taxable, but pension payouts may be.

1099-MISC
If you earned more than $600 from a person or company as a self-employed individual you will receive a 1099-MISC from the individual or company.  You will receive a separate 1099-MISC for each independent job you had during the previous year.  This income is generally reported on the Schedule C.

Schedule C
This form reports income from a self-employed sole proprietorship business or income from a statutory employee.


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