1099 Form for 2007

 I have been receiving quite a number of emails regarding which 1099 to send your clients.  First of all, the deadline for issuing 1099's is the end of January, so people emailing me recently have already missed the deadline.  I would still get them in the mail as soon as possible.  You may find IRS forms here http://www.irs.gov/formspubs/lists/0,,id=97817,00.html. 

There are several types of 1099 forms depending upon the nature of the income transaction:

• 1099-A: acquisition or Abandonment of Secured Property
• 1099-B: Proceeds from Broker and Barter Exchange Transactions
• 1099-C: Cancellation of Debt
• 1099-CAP: Changes in Corporate Control and Capital Structure
• 1099-DIV: Dividends and Distributions
• 1099-G: Government Payments
• 1099-H: Health Insurance Advance Payments
• 1099-INT: Interest Income
• 1099-LTC: Long Term Care Benefits
• 1099-MISC: Miscellaneous Income
• 1099-OID: Original Issue Discount
• 1099-PATR: Taxable Distributions Received From Cooperatives
• 1099-Q: Payment from Qualified Education Programs
• 1099-R: Distributions from Pensions, Annuities, Retirement Plans, IRAs, or Insurance Contracts
• 1099-S: Proceeds from Real Estate Transactions
• 1099-SA: Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
• 1042-S: Foreign Person's U.S. Source Income
• SSA-1099: Social Security Benefit Statement
• SSA-1042S: Social Security Benefit Statement to Nonresident Aliens
• RRB-1099: Payments by the Railroad Retirement Board
• RRB-1099R: Pension and Annuity Income by the Railroad Retirement Board
• RRB-1042S: Payments by the Railroad Retirement Board to Nonresident Aliens
• W-2G: Certain Gambling Winnings

The form I receive most is the 1099-MISC form, which is for anyone doing work over $600 in a calendar year.  In preparation for the upcoming tax year, we will discuss W-9 forms, which every employer should have on file when paying a vendor.  Stay tuned for later posts...