Article below has been written for US residents.
Generally, income can be received in three ways: money, services and property:
PROTIP: File your taxes ASAP as that starts your Audit timeline early
If your tax return does have errors, the timeframe in which the government has to prove your fault starts decreasing earlier.
Compensation:
- Wages
- Salaries
- Commissions
- Strike pay
- Rental Real Estate
- Farm Income or (Loss)
- Partnerships, Estates, Trusts, Etc.
- Alimony Received (for divorce decrees finalized before financial year started)
- Royalty payments
- Taxable Amounts of IRA Distributions, Pensions and Annuities
- Stock options, dividends and interest
- Capital gains tax on the sale of your primary residence if profit exceeds >$250k
- Capital gains tax on the sale of your primary residence if you haven't owned and lived in the home for at least two of the past five years.
- Capital gains tax on sale of any real estate property (such as land or buildings) you own if you didn't reinvest it into another real-estate property
- Self-employment or Business income / (loss)
- Income not yet in your bank account (uncashed checks)
- Moving expenses paid for by your employer
- Unemployment compensation (amount beyond initial $10,200 per spouse) provided your modified adjusted gross income (AGI) is lesser than $150,000
Income from fringe benefits for you/spouse:
- A company-paid off-site gym membership
- A company vehicle for personal use
- Holiday gifts in the form of cash or gift certificates from your employer
- A certain portion of employer-paid dependent care
- Company-paid tuition fees over a certain amount
- Company-paid financial counseling fees
- Employer-paid group life insurance over a certain amount
Miscellaneous income (may be taxable):
- Employer contributions to an unqualified retirement plan
- The fair-market value of property received for your services
- Disability retirement payments from an employer-paid plan
- Sickness and injury payments from an employer-paid plan
- Property and services for which you bartered
- Money and income from offshore accounts
- The remaining amount of a debt or loan that is canceled or forgiven
Other income or payments (1099):
- Form 1099 is a type of informational return; you will get a 1099 form in the mail if you received certain types of income or payments (other than wages, salaries, or tips) during the year.
- Generally, you will have to report the information from a 1099 on your tax return. If you did not receive a 1099 form when you were supposed to, contact the issuer of the form.
They can generally provide more information and/or give you a copy. - They can generally provide more information and/or give you a copy. The recipient (payee) of Form 1099 is not required to submit this form to the IRS and/or state tax agency when e-filing a tax return.
- That is, unless the particular Form 1099 includes a report for federal income tax withheld by the payer on behalf of the payee from the related income payments.
- However, as with all related tax documents, a copy of any tax return related forms and receipts should always be kept by the payer and payee.
- That is, unless the particular Form 1099 includes a report for federal income tax withheld by the payer on behalf of the payee from the related income payments.
- However, as with all related tax documents, a copy of any tax return related forms and receipts should always be kept by the payer and payee.
- What if you did not receive a 1099 form? It is possible that you were paid such a small amount that the payer is not required to issue you a 1099. Regardless, you are still required to report any taxable income you received.
- You can enter the information on the appropriate 1099 section even if you do not have an actual paper form. If you should have been sent a 1099 but were not, you may be able to use Form 4852 as a substitute.
- We do recommend reaching out to the payer to receive this form as it provides important tax information. If you are unable to get it, you should report the missing form to the IRS and ask for their guidance on how to proceed.
- We do recommend reaching out to the payer to receive this form as it provides important tax information. If you are unable to get it, you should report the missing form to the IRS and ask for their guidance on how to proceed.
The dollar amount or maximum earnings to issue a 1099 vary based on the type of form. The table below shows the 1099 forms, the types of income reported, minimum income reporting requirements, and due dates to the recipient and IRS:
1099-A
Acquisition or Abandonment of Secured Property
Independent Contractor
$10,000
01/31
1099-B
Proceeds From Broker and Barter Exchange Transactions
Independent Contractor
Any Amount
02/15
1099-CAP
Changes in Corporate Control and Capital Structure
Corporation
$100 million
01/31
1099-DIV
Dividends and Distributions
Payer
$10 or $600 for liquidations
01/31
1099-G
Certain Government Payments
Payer
$10
01/31
1099-H
Health Coverage Tax Credit (HCTC) Advance Payments
Issuer
Any amount
01/31
1099-INT
Interest Income
Payer
$10 ($600 for some business-related interest)
01/31
1099-K
Merchant Card and Third Party Network Payments
Filer
$20,000*
$600
$600
01/31
1099-LTC
Long-Term Care and Accelerated Death Benefits
Policyholder
Any amount
01/31
1099-MISC
Miscellaneous Income
Payer
$600 for non-employee compensation
($10 for royalties and most other sources)
($10 for royalties and most other sources)
01/31
1099-NEC
Nonemployee Compensation
Payer
$600 for non-employee compensation
($10 for royalties and most other sources)
($10 for royalties and most other sources)
01/31
1099-OID
Original Issue Discount
Payer
$10
01/31
1099-PATR
Taxable Distributions Received From Cooperatives
Payer
$10
01/31
1099-Q
Payments From Qualified Education Programs
Payer/Trustee
Any amount
01/31
1099-R
Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
Payer
$10
01/31
1099-S
Proceeds From Real Estate Transactions
Filer
$600
01/31
1099-SA
Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
Trustee/Payer
Any amount
01/31
RRB-1099
Railroad Retirement Board Statement
Railroad Retirement Board
Any amount
SSA-1099
Social Security Benefit Statement
Social Security Administration
Any amount
01/31
Disclaimers:
- All info listed above is for informational and educational purposes only.
- Info may change from year to year. Info listed here might be out-of-date.
- This list is not comprehensive. It is provided to you with the understanding that we are not engaged in rendering tax advice.
- The information provided is not intended to be used to avoid federal tax penalties.
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References:
Taxable Income vs. Nontaxable Income: What You Should Know - TurboTax Tax Tips & Videos (intuit.com)
https://www.efile.com/form-1099/
https://www.efile.com/how-to-e-file-form-1099-misc-k-int-ssa-irs-tax-reporting-instructions/
https://www.efile.com/how-to-file-1099-online-irs-form-1096/