1099 Forms: Types, Deadlines, and Important Exceptions
1099 forms must be issued to you by January 31 so that you can include them in your tax return. There are several types, and there’s even an exception for the issuance date. Read to the end. This is important!
Types of 1099 Forms
- 1099-NEC (Nonemployee Compensation) – used to reflect income paid to independent contractors, freelancers.
- 1099-MISC (Miscellaneous Income) – a general form for various types of income not included in 1099-NEC, such as: rent payments, royalties, prizes.
- 1099-INT (Interest Income) – used to reflect income from interest on bank accounts, bonds, and other investments.
- 1099-DIV (Dividends and Distributions) – reflects income from dividends received from stocks or mutual funds.
- 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) – used to reflect distributions from pension accounts.
❗️1099-B (Proceeds from Broker and Barter Exchange) – used by brokers to report the sale of stocks or cryptocurrency. Issued by February 15. Therefore, if you had such transactions, do not rush to file your return. Wait for the form.
