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Frequently Asked Questions

What is a 1099 form and who gets one?

A 1099 form is a tax document filed by an organization or individual that paid you during the tax year. "Employees get W-2s. This is the equivalent of a W-2 for a person that's not an employee," says Debbie Oster, certified public accountant and director of tax compliance at Margolin, Winer & Evens in Garden City, New York.

What does a 1099 form look like?

The form 1099-MISC typically looks like this: The payer's identifying information is reported on the top left side of form 1099 while your identifying information is reported on the lower left side of the form. This includes your name and your address. Your Social Security Number may also be on the form - or just the last few digits.

What is the difference between a W-9 form and 1099 form?

The W-9 is the form that you will send to your contractors (or that will be sent to you by a general contractor or bank) to get their information. The 1099 is the form that you complete and issue ...

What are the different 1099 tax forms?

There are more than a dozen different types of 1099 forms but the most common 1099 forms are generated from investing activities, such as dividends, capital gains and retirement account (IRA, 401k, 403b) distributions. The most common types of 1099's received by investors include 1099-R, 1099-DIV, 1099-INT and 1099-Q.

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