In the tax world, the term “1099” refers to a series of reporting forms issued to recipients of certain types of income.
- Form 1099-MISC: issued by businesses to independent contractors who were paid $600 or more by the business
- Form 1099-INT: issued by financial institutions to people who the institution paid $10 or more of interest to during the year
- Form 1099-DIV: issued to taxpayers who received $10 or more of dividends during the year
This is just a small sampling of the types and technicalities of 1099 forms.
I wrote more about all the types of 1099s in a series of posts called “A Little About 1099s” in late 2015 and early 2016. You can find part 1 of that series here.