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.
For the tax year 2014, IRS has released a new form for 1099-MISC with few important changes. This will be the latest version with notable changes.
The first change is that with regard to the Foreign Account Tax Compliance Act (FATCA). The updated form includes a new checkbox for foreign financial institutions (FFIs) and U.S. payers to indicate they are fulfilling their chapter 4 filing requirements as whether they have reported to tax form 1099 in previous year or not and if required to be checked up for this current year and the check box need to be ticked up accordingly.
IRS instructions as stated as beginning in 2014, an FFI with a chapter 4 requirement to report a U.S. account maintained by the FFI that is held by a specified U.S. person may satisfy this requirement by reporting on Form(s) 1099 under the election described in Regulations section 1.1471-4(d)(5)(i)(A) and thus confirm the updated form instructions for tax-payers to take note of, which the IRS published in October with new instructions for Forms 1099-OID- Original Issue Discount and 1099-INT- Interest Income.
This is only for information about the form 1099 instruction changes for this current season and more details to explain the features of changes for tax payer understanding will come up in other blogs.
Additionally, the latest 1099-MISC form designates certain Medicaid waiver payments as excludable income as difficulty-of-care payments. Payments to foster care providers are excluded if the payments are for fewer than 11 children who are younger than 19 and for fewer than six adults with age 19 or older.
Please visit http://www.Etax1099.com for more information for the updated form and to e-file your tax form 1099-MISC, 1099-INT, and 1099-OID respectively as per requirements.
So it’s tax time and you’re going through all the returns you’ve received and come across a form titled 1099 form. If you’ve filed a 1099 previously then you probably know exactly what you should do again but many people come across a 1099 and wonder “What am I supposed to do with this?” Here are a few frequently asked questions that many people ask about filing their 1099 electronically.
What Is a 1099 Form For?
Form 1099 is a tax form that is used to report any income that you receive that you need to report on your tax return. There many different kinds of 1099 forms and you can file your form your file online as well as by mail.
What Should I Do with my 1099 Form?
When you prepare your taxes you have to report all of the taxable income that you received during the previous tax year. 1099 forms cover the income you receive not covered on your W-2. If you have any income reported on your 1099 you will need to use form 1040 in order to get your return.
How Do I efile my 1099?
As one of the easiest ways to prepare a tax return filing your 1099 form online means that you won’t have to worry about what forms you have to fill out and where the number goes on your 1099. The best software will do all the math and double check your information to make sure that you are entering the correct information.
What Should I do if I Should have Received a 1099 but Didn’t?
If you know you should have received a 1099 from your business but have yet to receive it then you may still be able to file your paperwork using the form 4852 as a substitute.
What Types of 1099 Forms are There?
There are various types of 1099 forms that are used to report the different kinds of income you receive. Here are the types of 1099 forms available:
- 1099-R – Special Tax Treatment
- 1099-G – Unemployment and Governement Benefits
- 1099-MISC – Miscellaneous Income
- 1099-SSA – Social Security
- 1099-DIV – Dividend Income
- 1099-INT – Interest Earned
- 1099-B – Stock Transactions and Sale of Assets
- Form 4852 – Substitute for W2 Form
What If I am Not Going to Get a 1099?
If you were paid such a small amount that your employer is not required to send you a 1099 you are still required to report any income you earned that was taxable. The minimum amount you are required to earn before being able to be sent a 1099 as an independent contractor is $600. If you made less than that your payer does not have to send you a 1099 but you still have to report that as your self-employment income.
What If I Don’t Receive a 1099 on Time?
If you did not receive your 1099 form by February 15 then you should contact the IRS where you will be given more information about what to do and possibly be able to still efile your return using a substitute form.
Visit Etax1099.com to efile your form 1099
The 2290 form is a heavy highway vehicle use tax return form. This tax is due to the IRS if you are an owner of a public highway vehicle weighing 55,000 pounds or more. The form 2290 due dates are between the fiscal year from July 1st to June 30th. This form may be submitted two different ways, either physically or electronically. This IRS 2290 filing can seem overwhelming and is time consuming, especially for people who are not too familiar with tax forms. There is help available online at low costs for those who wish to safely file it electronically.
When the Tax is Due?
There are of course, exemptions to the tax form which include any Federal Government related vehicle, American National Red Cross, nonprofit rescue squad, among many others. But any owner of a heavy vehicle over 55,000 pounds must pay the tax. When a suspended vehicle exceeds the mileage use limit of 5,000 miles on public highways, the tax becomes due. The number of owners is irrelevant; the mileage is based off of that period, so it does not matter if the vehicle is sold to a new owner. The mileage stays intact with the vehicle. For agriculture vehicles, the limit is at 7,500 and is defined by whether or not the vehicle is used for farming over half of the time. There are different restrictions and guidelines in this case.
Limits and Payments
To file the 2290, it can be done electronically and physically. Doing it electronically can save you time and you can acquire help with the form from websites such as ETAX2990. Their software makes it easier to fill out the form more accurately. With IRS 2290 filing, it can be a bit of a hassle completing the physical form with waiting in long lines for stamps and then turning it in to mail it. Sending the copy to the address must be done no later than one business day prior to when the tax is due, whether it is the 5,000 mile limit or the due date of June 30th. Both electronic and physical forms require the payment to be made in full using debit, check or money order, or the Electronic Federal Tax Payment System.
The form 2290 due dates, unless laws change, will always be due upon June 30th of the year, the new period starting on July 1st. If a heavy vehicle hits the 5,000 mileage usage limit, then the tax for that particular vehicle is due from the current owner. The 5,000 only applies to being used on public highways and that are not considered agricultural vehicles. The IRS 2290 filing can be made easy if the guidelines are understood, especially if you should choose to file them online where a site like ETAX2990 can help you further. Their rates differ depending upon how many vehicles you own; they are able to aid you even if you own simply one heavy highway vehicle.
Tax documents can be confusing at best and overwhelming at worst, serving to frustrate business owners and tax professionals who want to keep the filing process as simple as possible. Are you curious about the purpose of 1099 INT forms and how to file them? If so, read on – we will try to demystify this version of federal form 1099 and explain who needs to file it and why.
What is Form 1099-INT?
Form 1099-INT is the form used to report any interest income that a taxpayer receives during a tax year. Common sources of form 1099 interest are savings accounts, checking accounts, and money market accounts. In addition to regular interest earned, sign up bonuses, incentives, or other monetary gifts provided by banking institutions are also regarded as income by the IRS and must be reported on 1099 INT forms to the IRS as well as the recipients of the money.
Filing Form 1099-INT
Generally, institutions that pay interest have two choices when it comes to filing 1099 INT forms – manually or electronically. Any institution filing more than 250 1099 forms is required to submit them electronically, although there are distinct advantages to filing electronically even if you are creating significantly fewer than 250 forms. Businesses using online services such as Etax1099.com can create a single account and enter all of their form 1099 interest payments from this one account, making the process much easier and quicker. They can also more easily avoid making mistakes by using this method. Once the information is entered, a few clicks of the mouse submit the forms to the IRS, saving time and effort. Additionally, users who submit forms online will receive E-mail confirmation and updates regarding their submissions, keeping them up-to-date and in the loop.
Recipients of Form 1099-INT
If you do happen to receive a form 1099-INT from your bank, remember to include this information on your personal tax return. Deadlines for receiving your 1099 forms are generally the last day of January, so if you don’t receive it by then, be sure to contact your bank for more information. Banks are only required to report form 1099 interest if it exceeds $10, but even if you received less than $10 in interest, you are still required by the IRS to report your interest earned.
Filing and completing form 1099-INT does not have to be difficult or complex, especially if you are using an online filing service. With the ability to input multiple payees from a single account, business owners will appreciate the ease with which they can complete this process, making it one less headache to worry about during tax season. If you do encounter any problems during the filing process, Etax1099.com provides all of its users with round the clock customer service so you can avoid contacted the IRS directly. Once your forms are filed, submission is usually complete within 24 hours, making this by far the most efficient way to handle any reports of form 1099 interest.
The annual tax statement that you’re a given by your bank and saving institution that shows how much you were paid in interest from your account during the past income tax year. This for is call Form 1099-INT. Interest reported can be from savings accounts, interest-bearing checking accounts, and US Savings bonds. This form will also document the other income tax related items such as early withdraw penalties and federal tax withheld. Your financial institution will report all of this information to the IRS when they send you the tax Form 1099-INT
How to Get Your Form 1099-INT?
On January 1st of each calendar year all financial institutions will complete and post your copy of your 1099-INT to their website on your banks online banking account portal. You will need to log on to your online banking to download, review, and print the form for your records. Otherwise you will have to use your banks online portal to let them know you want to receive a paper copy in the mail. Your bank should keep the past five years of 1099-INT forms on their website for you. You will not receive a 1099-INT if the interest you accrued during the income tax year was less than $10. Also, you will need to sign up for your banks electronic statements to receive the form. If you do not use online banking with your financial institution then you will receive a copy of your current 1099-INT to file with your taxes by January 31st.
Thing You Need to Know
If you are a joint account holder, the 1099-INT will be in the primary account holders name to file for income taxes. If after reviewing your forms you find that any of your information is not correct, you will need to call your bank to have this fix the form and resubmit it to the IRS. Also, if you feel you should receive the 1099-INT form but didn’t, you will have to contact a representative at your bank to find out why you did not receive your tax form. You must a United States citizen to be eligible to file the 1099-INT form. Dividends paid out are not included on the 1099-INT form. For that you will receive a separate form called a 1099-DIV that will need to be filed with your income taxes as well. If you are not a US citizen then you will have to contact the IRS to find out how to file taxes.
Income tax time can be very confusing but there are resources that can help ease the stress. Form 1099-INT is used when it is time to file income taxes and the total amount of interest you have been paid will be added to your gross income for the current tax year. Be sure that you have all of your tax documents before your start your income tax filing so that your taxes will be complete and there will be no problems after all of your forms have been submitted.