The many versions of IRS Form 1099

Jan. 31 is a key annual tax deadline. It’s the date employers must send W-2 and 1099-MISC forms to folks who received at least $600 in compensation the preceding tax year.

Jan. 31 also now is the deadline for employers to also submit that W-2 and 1099-MISC data to the Social Security Administration (SSA).

Earlier reporting to fight fraud: In past years, employers had another month to get the data to Social Security. But in an effort to help the Internal Revenue Service fight tax refund fraud, a provision in the Protecting Americans from Tax Hikes, or PATH, Act now requires businesses to transmit the payment information to the SSA at the same time it sends it out to workers instead of by the end of February.

That will make it easier for the IRS to more quickly confirm that the payment info entered on tax returns is correct. In the past, the IRS simply had to take taxpayers' words for the income entry.

If the IRS later found a discrepancy in the income amounts when it checked the official SSA data, then the tax collector had to follow up with taxpayers.

Or in the case of fake returns filed in order to get fraudulent refunds, eat the money that was erroneously sent out to crooks.

By having the data in employee and SSA/IRS hands simultaneously, refund fraud should at least be slowed.

Other 1099s: While the 1099-MISC is the most important one to independent contractors, there are several other variations of Form 1099.

This table shows the 1099 name and description, as well as what triggers its issuance and when the form is supposed to be supplied to you.

Form Name and Title	Amount(s) to Report	Form Due to Recipient
1099-A Acquisition or Abandonment of Secured Property	All amounts	Jan. 31
1099-B Proceeds From Broker and Barter Exchange Transactions	All amounts	Feb. 15
1099-C Cancellation of Debt	$600 or more	Jan. 31
1099-CAP Changes in Corporate Control and Capital Structure	More than $1,000	Jan. 31
1099-DIV Dividends and Distributions	$10 or more; $600 or more for liquidations	Jan. 31
1099-G Certain Government Payments	$10 or more for refunds and unemployment benefits	Jan. 31
1099-INT Interest Income	$10 or more in most cases	Jan. 31
1099-K Payment Card and Third Party Network Transactions	All amounts for payment card transactions; $20,000 or more and 200 or more third-party network transactions	Jan. 31
1099-LTC Long-Term Care and Accelerated Death Benefits	All amounts	Jan. 31
1099-MISC Miscellaneous Income	$600 or more for compensation; $10 or more for royalties	Jan. 31
1099-OID Original Issue Discount	$10 or more	Jan. 31
1099-PATR Taxable Distributions Received From Cooperatives	$10 or more	Jan. 31
1099-Q Payments From Qualified Education Programs	All amounts	Jan. 31
1099-QA Distributions from ABLE Accounts	All amounts	Jan. 31
1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.	$10 or more	Jan. 31
1099-S Proceeds From Real Estate Transactions	$600 or more	Feb. 15
1099-SA Distributions From an HSA, Archer MSA, or Medicare Advantage MSA	All amounts	Jan. 31

 

You can find more details on 1099s and other tax forms in the IRS Publication of General Instructions for Certain Information Returns. 

And be on the lookout for all your annual tax statements.

You also might find these marriage related posts of interest:

• 2017 tax filing checklist
• A name change could mean tax trouble if you don't let Social Security Administration know
• Tax ID theft solutions get complicated when Social Security, undocumented immigrant tax numbers meet

source http://feedproxy.google.com/~r/DontMessWithTaxes/~3/-NN2D16LoJ0/the-many-versions-of-irs-form-1099.html