Marcellus Tax Planning

What are 1099’s?

While most Americans recieve W-2’s from their employer, many are unfamiliar with 1099 Forms.

1099’s are used to report MOST other types of income…everything from bank account interest to self-employment income.

Here is a list of some of (but not all) the most common 1099 Forms and their purpose:

1099-NEC: Contractor (Self-Employment) Income

1099-B: Stock Sales

1099-C: Cancellation of Debt

1099-DIV: Dividend Income

1099-G: Government Payment (Unemployment)

1099-INT: Bank Account Interest

1099-R: Retirement Distributions

1099-S: Real Estate Sale

1099-SA: Distribution from a Health or Medical Savings Account

SSA-1099: Social Security Income

1099-MISC: A Variety of Alternative Sources of Income