Page 17 - 2024 Tax Catalog

GUIDE TO FILING 1099s 17

1099 Filing Guide

1099 Forms: Payment statement for payments made to non-employees of a business, or for other reasons as required by the government.
If any date shown falls on a Saturday, Sunday or legal holiday, the due date is the next business day.

Due Date
Form Title What to Report Amounts to Report To IRS To Recipient (unless
indicated otherwise)
1042-S Foreign Person’s U .S . Source Income such as interest, dividends, royalties, pensions and annuities, etc ., and amounts withheld See form instructions March 15 March 15
Income Subject to Withholding under Chapter 3 . Also, distributions of effectively connected income by publicly traded partnerships
or nominees .
1098 Mortgage Interest Statement Mortgage interest (including points) and certain mortgage insurance premiums you received in the $600 or more February 28* (To Payer/Borrower)
course of your trade or business from individuals and reimbursements of overpaid interest . January 31
1098-C Contributions of Motor Vehicles, Information regarding a donated motor vehicle, boat, or airplane . Gross proceeds of more February 28* (To Donor) 30 days
Boats, and Airplanes than $500 from date of sale or
contribution
1098-E Student Loan Interest Statement Student loan interest received in the course of your trade or business . $600 or more February 28* January 31
1098-T Tuition Statement Qualified tuition and related expenses, reimbursements or refunds, and scholarships or grants (optional) . See form instructions February 28* January 31
1099-A Acquisition or Abandonment of Information about the acquisition or abandonment of property that is security for a debt for which you All amounts February 28* (To Borrower)
Secured Property are the lender . January 31
1099-B Proceeds From Broker and Sales or redemptions of securities, future transactions, commodities, and barter exchange All amounts February 28* February 15**
Barter Exchange Transactions transactions .
1099-C Cancellation of Debt Cancellation of a debt owed to a financial institution, the Federal Government, a credit union, RTC, $600 or more February 28* January 31
FDIC, NCUA, a military department, the U .S . Postal Service, the Postal Rate Commission, or any
organization having a significant trade or business of lending money .
1099-CAP Changes in Corporate Control Information about cash, stock, or other property from an acquisition of control or the substantial Over $1,000 February 28* (To Shareholders)
and Capital Structure change in capital structure of a corporation . January 31 . (To Clearing
Organization) January 5
1099-DIV Dividends and Distributions Distributions such as dividends, capital gain distributions, or nontaxable distributions, that were paid $10 or more, except $600 or February 28* January 31**
on stock and liquidation distributions . more for liquidations
1099-G Certain Government Payments Unemployment compensation, state and local income tax refunds, agricultural payments, and taxable $10 or more, for refunds February 28* January 31
grants . and unemployment
1099-INT Interest Income Interest income . $10 or more ($600 or more February 28* January 31**
in some cases)
1099-K Payment Card and Payment card transactions . All amounts
Third Party Network February 28* January 31
Transactions Third party network transactions . $600 or more
1099-LTC Long-Term Care and Accelerated Payments under a long-term care insurance contract and accelerated death benefits paid under a life All amounts February 28* January 31
Death Benefits insurance contract or by a viatical settlement provider .
1099-MISC Miscellaneous Information Rent or royalty payments; prizes and awards that are not for services, such as winnings on TV or radio $600 or more, except $10 or February 28* January 31**
shows . more for royalties
Payments to crew members by owners or operators of fishing boats including payments of proceeds All amounts February 28* January 31**
from sales of catch .
Section 409A income from nonqualified deferred compensation plans (NQDCs) . All amounts February 28* January 31**
Payments to a physician, physicians’ corporation, or other supplier of health and medical services . $600 or more February 28 * January 31**
Issued mainly by medical assistance programs or health and accident insurance plans .
Fish purchases paid in cash for resale . $600 or more February 28* January 31**
Crop insurance proceeds . $600 or more February 28* January 31**
Substitute dividends and tax-exempt interest payments reportable by brokers . $10 or more February 28* February 15**
Gross proceeds paid to attorneys . $600 or more February 28* February 15**
A U .S . account for chapter 4 purposes to which you made no payments during the year that are All amounts (including $0) February 28* January 31**
reportable on any applicable Form 1099 (or a U .S account to which you made payments during the year
that do not reach the applicable reporting threshold for any applicable Form 1099)
Aggregated direct sales of consumer goods for resale . $5,000 or more
1099-NEC Nonemployee Compensation Payments for services performed for a trade or business by people not treated as its employees . $600 or more January 31 January 31
Examples: fees to subcontractors or directors and golden parachute payments .
Aggregated direct sales of consumer goods for resale . $5,000 or more
1099-OID Original Issue Discount Original issue discount . $10 or more February 28* January 31**
1099-PATR Taxable Distributions Received Distributions from cooperatives passed through to their patrons including any domestic production $10 or more February 28* January 31
From Cooperatives activities deduction and certain pass-through credits .
1099-R Distributions From Pensions, Distributions from retirement or profit-sharing plans, any IRA, insurance contracts, and IRA $10 or more February 28* January 31
Annuities, Retirement or Profit- recharacterizations .
Sharing Plans, IRAs, Insurance
Contracts, etc .
1099-S Proceeds From Real Estate Gross proceeds from the sale or exchange of real estate and certain royalty payments . Generally, $600 or more February 28* February 15
Transactions
1099-SA Distributions From an HSA, Distributions from an HSA, Archer MSA, or Medicare Advantage MSA . All amounts February 28* January 31
Archer MSA, or Medicare
Advantage MSA
5498 IRA Contribution Information Contributions (including rollover contributions) to any individual retirement arrangement (IRA) All amounts May 31 (To Participant) For
including a SEP, SIMPLE, and Roth IRA; Roth conversions; IRA recharacterizations; and the fair FMV/RMD Jan 31; For
market value (FMV) of the account . contributions, May 31
5498-SA HSA, Archer MSA, or Medicare Contributions to an HSA (including transfers and rollovers) or Archer MSA and the FMV of an HSA, All amounts May 31 (To Participant) May 31
Advantage MSA Information Archer MSA, or Medicare Advantage MSA .
W-2G Certain Gambling Winnings Gambling winnings from horse racing, dog racing, jai alai, lotteries, keno, bingo, slot machines, Generally, $600 or more; February 28* January 31
sweepstakes, wagering pools, poker tournaments, etc . $1,200 or more from bingo
or slot machines; $1,500 or
more from keno
*The due date is March 31 if filed electronically . **The due date is March 15 for reporting by trustees and middlemen of WHFITs .