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What are 1099 forms used for?

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Quick Answer

The 1099 series of forms are federal tax forms used to report all earnings and proceeds, other than wages, salaries and tips, to the IRS, explains Debt.org. Although there are more than 20 types of 1099 form, the most common is the 1099-MISC form for freelancers and independent contractors.

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Full Answer

As of the 2014 tax year, the IRS requires independent contractors or freelancers to file a 1099-MISC form reporting income of $600 or more earned for their services in the previous tax year, according to Intuit TurboTax. Occupations that frequently file 1099-MISC tax forms include actors and musicians, consultants, lawyers and accountants, claims Debt.org.

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