The IRS features innumerable forms which are found cumbersome by most taxpayers while filing the tax returns. This agony can well be lessened by having a very clear understanding of these forms and the correct procedure of filling these forms. 1099 IRS forms are one of the most significant IRS tax forms covering different types of income apart from salaries, guidelines and wages. Tax payers are not required to submit the copies of these forms with their Form 1040 while filing them on paper. Tax payers get the flexibility of filing form 1099 online and this is something that has come as a great benefit for the tax payers.
Different Types of Form 1099
There are different types of 1099 IRS forms among which the most common ones are forms 1099-INT, SA-1099 and 1099-R. Apart from these three common 1099 forms, there is the form 1099-MISC which is used by various businesses for making payments that do not fall under other categories of form 1099.
Form 1099-INT or Interest Income
This 1099-INT form is generally issued by the brokerage or the banks to the customers possessing mutual fund accounts. These are issued to tax payers who accumulate more than 10% interest in all the accounts combined during a financial year.
Form 1099-R or Distribution from Retirement Accounts
This form highlights any money which might have been moved by a particular tax payer. It is generally triggered by certain regular activities including moving money from traditional IRS to Roth IRA. This form can also be triggered with the simple withdrawing post retirement.
SSA-1099 or Social Security Benefits
This form is generally issued to retirees when they start receiving Social Security benefits. This form is issued annually and it details the amount send to an individual; the amount the retiree was required to repay from the previous year and the amount of the federal taxes withheld. This form is quite important because it shows certain benefits that might be taxable especially if the benefits have income from various sources. The other forms falling into the category of IRS 1099 forms include 1099-A, 1099-B, 1099-C, 1099-CAP, 1099-LTC, RRB-1099, RRB-1099R, W-2G, 1099-OID, 1099-PATR, 1099-S, 1042-S, 1099-Q, 1099-H, SSA-1042S, 1099-G, RRB-1042S and 1099-SA. It is to be noted that all these forms can easily Efile 1099 online without going through any hassle.
Online Filing of Form 1099
It is easy to file form 1099 online by taking the services of some of the best service providers in this field. There are some dependable sources that can always be of good help in filing 1099 forms online and their services should always be hired in order to save oneself from any kind of problem while filing them in person.