Definitely not everyone has heard of the 1099 Form, but even among the relatively few who have it is not usually identified that several versions are available.
These several versions are used in situations even more special than the already special ones that lead to using a 1099 series form in the first place.
The regular 1099 Form is filed by independent contractors, people or whole companies hired to execute a one-time service or a task that is not regarded an essential portion of the hiring company’s standard duties.
For instance, rather than fielding its own dedicated information technology staff, a small ad agency might attempt to outsource such work to its webhost.
Variations of the standard 1099 Form exist to account for the peculiarities of different situations.
As an example, the 1099-B is used for reporting redemptions and surrenders from particular non-retirement accounts, while the 1099-R can be used to report those from retirement accounts in the United States.
Other types include the 1099-A for obtaining or abandoning secured property; the 1099-C for debt termination; the 1099-G for government payments; and the aptly branded 1099-MISC for miscellaneous income.
Then there are curiosities like the RRB-1099 as well as RRB-1099R for, respectively, payments and pensions by the Railroad Retirement Board.
The 1099 series of IRS forms even includes those whose names don’t bear the numerals “1099,” such as the 1042-S for the United States income of a foreigner and the SSA-1042S for social security benefits to nonresident aliens.
There is even a W-2G for certain profits earned through gambling!
Regardless of version, all 1099 series forms are used to report calendar-year income, no matter the cornerstone of the fiscal year used for other IRS purposes.
They must also be filed by the end of February, not in the middle of April as with other federal tax forms.
