The January 31st 1099 distribution deadline is about a week away. This means that you have about eight days to figure out how you will give recipients their copies of your 1099 Forms or the IRS will come after you with major penalties.
Luckily you don’t have to panic because TaxBandits is here to make all of your 1099 e-filing and distribution needs easy. We even offer six different 1099 Forms in an effort to meet the needs of everyone, from small business owners to major accounting firms. Learn more about the 1099 Forms we support!
6 1099 Forms Offered by TaxBandits
One of the most common 1099 Forms is Form 1099-MISC. This form is used to report payments made by businesses for services performed by people not treated as it’s traditional employees.
You must file Form 1099-MISC for independent contractors that you paid $600 or more to in wages during the tax period. They need this form to report their miscellaneous income and to complete their personal income tax returns.
Form 1099-INT is an annual tax statement filed by payers of interest income, such as banks, financial institutions, mutual fund institutions, savings institutions, and government institutions. This form must be filed for interest income amounts equal to or more than $10.
Interest income includes interest on U.S. saving bonds, paid foreign taxes, bond premiums, and interest-bearing checking accounts. This form is also used to report other tax items related to interest income, such as early withdrawal penalties, tax-exempt interest, market discount, and federal tax withheld. You must issue a copy of this form to your payee.
Form 1099-DIVS serves as an annual statement provided by banks and other financial institutions that reports dividends and other distributions to taxpayers and the ITS. This form must be filed for all income from capital gains and exempt-interest dividends that are greater than $10. You must provide a copy of this form to your payee.
You need to file Form 1099-R to report various distributions related to retirement benefits. This includes annuities, pensions, IRAs, profit-sharing, retirement plans, and insurance contracts. Form 1099-R is also used for private and public pension plans, which aren’t included in the Civil Service System.
Form 1099-S is used to report the sale or exchange of real estate properties. You must report the sales of improved or unimproved lands, permanent structures like residential, industrial, or commercial buildings.
You must also report the sale of condominium units, co-op housing corporation stock, and any non-contingent interest in standing timber.
To report proceeds from broker and barter exchange transactions you must file Form 1099-B. These sales are made by other parties in the ordinary course of a trade or business that is overseen by the broker. Know that when filing for these transactions they must be limited to one per each 1099-B Form.
E-Filing With TaxBandits
No matter which 1099 Forms you need to file, we’re here to help. Simply create your free account and refer to our step-by-step e-filing instructions to complete your return in a matter of minutes. You’ll be able to transmit your form directly to the IRS in no time.
Plus, you don’t have to go to the post office. Simply use our postal mailing feature to have us print and mail hard copies of your 1099 forms to each of your recipients. Also, if you need any assistance please don’t hesitate to contact the TaxBandits support team.