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What To Do With a Consolidated 1099 Tax Statement

Taxes

You might get a consolidated 1099 tax statement this year if you received taxable income from investments. Here’s what this form is telling you and how to report your 1099 income to the IRS in TaxAct®.



What is a consolidated 1099 tax statement?

A consolidated Form 1099 combines five separate 1099 forms into one tax reporting document. The tax forms you might see in this consolidated document are 1099-B, 1099-DIV, 1099-INT, 1099-MISC, and 1099-OID.

Your consolidated 1099 tax form will show all your reportable income and transactions for the tax year. It could include some or all of the following five forms:

  • Form 1099-INT: Reports all interest income earned on bonds, CDs, and cash in your brokerage account
  • Form 1099-DIV: Reports dividends received from stocks, mutual funds, and capital gains distributions
  • Form 1099-B: Reports the sale, redemption, or exchange of securities such as stocks, mutual funds, CDs, or bonds
  • Form 1099-MISC: Reports royalty payments, rent payments, or broker payments in lieu of dividends, as well as other income totaling $600 or more
  • Form 1099-OID: Reports the “Original Issue Discount” on corporate bonds, CDs, collateralized debt obligations, and government obligations

How do I report my consolidated 1099 tax document in TaxAct?

When reporting your consolidated 1099 statement in TaxAct®, you’ll enter each Form 1099 one at a time. Our interview questions will ask for information on your income, and we’ll use your answers to determine which 1099 tax forms you need. We’ll then guide you through entering your total sales proceeds and other income information as necessary. It’s that easy!

 

This article is for informational purposes only and not legal or financial advice.
All TaxAct offers, products and services are subject to applicable terms and conditions.

 

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