Get To Know The 1099’s
Have you met the 1099’s? They are quite the Miscellaneous bunch. If you don’t get that now, you will later. If you haven’t had the pleasure of meeting this family of forms, you are in luck my friend. The 1099 forms that can be filed through ExpressTaxfilings.com are very important in the tax form community and love getting to know new tax filers. Let’s bring them out and you all can get more acquainted…
Form 1099-MISC
Form 1099-MISC is used to report miscellaneous income. This form is the gossip queen of the bunch because it tells the IRS all about those prizes you won. It also informs the IRS of payments to subcontractors, rent payments, and payments for services performed for a business by people not treated as its employees. There are some other juicy tid bits to include on the 1099-MISC form including: any fishing boat proceeds, gross proceeds of $600 or more paid to an attorney, and if direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.
Form 1099-INT
Form 1099-INT is used to report interest income. This form is not as exciting at the 1099-MISC, it just like to hang out and chill until it gets closer to the deadline on March 31st (e-filing deadline). There are a few certain circumstances when this form is required to be filed, and you can find them all out on our 1099-INT information page.
This form only wants to know a summary of income of more than $10 from interest along with associated expenses. Form 1099-INT does have a few rules: When filing 250 or more returns, you are required to file electronically. Report tax-exempt interest only on Form 1099-INT. Report interest that is taxable OID on Form 1099-OID not on Form 1099-INT.
Form 1099-DIV
Form 1099-DIV is used to report Dividends and Distributions. Its best friends are accountants. I bet if this form had a favorite joke it would be… Calc-U-Later. It would say that every time you finished filling it out. This form does have a very serious job. It is a yearly tax statement provided to investors by banks and other financial institutions to report dividends and other distributions to taxpayers and to the IRS. Check out who needs to file Form 1099-DIV and read all about what is required. This form agrees with Form 1099-INT’s rule: when filing 250 or more returns, it is required to file electronically. Form 1099-INT is due by March 31, 2015 and a recipients’ copy must be supplied by January 31, 2015.
Find out more about the 1099’s and other forms available for e-file at ExpressTaxFilings.com. If you have any questions, contact the ExpressTaxFilings team via phone: 704.839.2270 and email: support@expresstaxfilings.com
