1099- MISC

• 1099-MISC is the form provided to independent contractors to report their earnings from a particular company. Each company provides a separate 1099 to the contractor and reports the same information to the IRS. The contractor is responsible for totaling up the earnings from various 1099-MISC forms, as well as paying self-employment and other income tax obligations. Form 1099-MISC is also used to report prize awards. Form 1099-MISC is generally filed for earnings of $600 or more; however, there are exceptions.
  
  

1099-DIV

• Form 1099-DIV is a report of dividend and other investment income paid. In addition to ordinary dividends, Form 1099 includes non-taxable distributions, qualified dividends and federal gains. Any federal or foreign tax paid is also reported on form 1099-DIV. Investors must have received or reinvested at least $10 to receive a form 1099-DIV.
  
  

1099-INT

• Form 1099-INT reports all interest income from a particular source for the tax year. Like form 1099-DIV, investors must have received at least $10 to receive a form 1099-INT. However, income that is owed but has not yet been paid is not reported on a form 1099-INT.
  
  

1099-C

• Form 1099-C is filed with the IRS and forwarded to an individual taxpayer whenever a creditor cancels or writes off a debt in excess of $600. In such cases, the canceled debt is counted as income, on which the recipient must pay taxes. The creditor may be a private corporation or a governmental agency, including the federal government.
  
  

Other 1099 Forms

• Another common 1099 form is the 1099-G, which lists governmental payments such as state tax refunds and unemployment benefits. The 1099-R, which includes payments from varied sources as pensions, retirement and profit sharing plans, annuities, IRAs and insurance contracts, is also common. Less common 1099 forms are filed for income received from accelerated death benefits from an insurance policy and barter income. In each instance, the 1099 form is provided to the taxpayer and filed with the IRS.
  
  Taxpayers should investigate the regulations for reporting and paying any applicable taxes on income reported on a 1099 form. Instructions for the various 1099 forms are available for download from the IRS website.