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
What Are The Types of Form 1099 available and How to File Tax online? Visit http://www.Etax1099.com to find out more.
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.