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What does Form 1099 mean?

Q&A Series - TaxAct Blog

The many versions of Form 1099

Q&A SeriesForm 1099 is a reporting form sent to you by banks, brokerages, businesses and other organizations that have sent you money during the year that may be subject to tax.

For example, you may receive Form 1099-INT from your bank if you earn interest income on your account.

Those same organizations also send a copy to the IRS so the agency can match amounts and ensure you report the income.

Here’s a list of the different versions of Form 1099:

  • 1099-INT: interest income
  • 1099-C: cancellation of debt
  • 1099-S: income proceeds from real estate transactions
  • 1099-MISC: miscellaneous income. (Commonly sent to independent contractors, freelancers or those self-employed to report income they received from a client.)
  • 1099-SA: distributions from an HSA, Archer MSA, or Medicare Advantage MSA
  • 1099-DIV: dividends and distributions
  • 1099-CAP: changes in corporate control and capital structure
  • 1099-G: government payments
  • 1099-LTC: long term care benefits
  • 1099-OID: original issue discount
  • 1099-R: distributions from pensions, annuities, retirement plans, IRAs or insurance contracts

About Amanda S.

Amanda is a tax analyst at TaxAct.

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