Other Types of Income Forms
Below are a few of the main 1099's a taxpayer can receive to report income within their tax returns.
- Form 1099-B - Income from the sale of stocks, bonds or mutual funds is reported on a 1099-B and will be sent by your broker or mutual fund company. It will display the number of shares sold, when they were 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 your tax return.
- Form 1099-C - If you received this form, it is because either a Government agency or a financial entity (such as a bank or lender) has forgiven a debt that you owed (canceled the debt). If you have a debt that has been forgiven and you received a Form 1099-C, you are required to report the amount as "Other Income" within your tax return. However, there are exceptions which mean you may be able to exclude this amount from your return using Form 982. Form 982 is supported by TaxSlayer.
- Form 1099-DIV - Earnings from stocks and mutual funds are reported on this form. It will display both dividends or capital gains over $10.
- Form 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-hand, reinvested earnings are still taxable. 1099-INT statements are also issued for those who have cashed in savings bonds.
- Form 1099-G - If you received a state or local refund you will receive this form for the following tax year. If you used those taxes as a deduction last year for your federal income tax return (Itemized Deductions), 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 from your state's Department of Labor and will need to report that income as Unemployment Compensation.
- Form 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. However, depending what box your 1099-MISC income is reported, determines where this income should be reported within your tax return.
- Form 1099-Q - You will receive this form if you received a distribution from a Coverdell education savings account (ESA), tuition and benefits or a refund from a qualified tuition program (QTP), switched programs or program trustees, or are the beneficiary of an estate. **These distributions are typically not taxable if you transferred the funds to another program, another family member, or used the distributions to pay for your education.
- Form 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.
- Form 1099-SSA - You will receive Form 1099-SSA to report any benefits you have received during the tax year under Title II of the Social Security Act. Some of your Social Security Benefits may be taxable to you but based on your entries, TaxSlayer will determine the taxable amount, if any. Form 1099-SSA is also used to report any repayments (Box 4) that were made by you during the year as well as any Medicare premiums paid on your behalf.
- Schedule C - This form reports income from a self-employed sole proprietorship business or income from a statutory employee. Typically, when filing a Schedule C, you will also be subject to self-employment tax (Schedule SE) but do not worry, TaxSlayer will automatically calculate the applicable amount of self-employment tax according to your overall Schedule C profit.