Q:

Where are 2014 IRS 1099 forms available and for what purposes are they needed?

A:

Quick Answer

2014 1099 forms are available online at the official website of the Internal Revenue Service, explains the agency. They are used to report a variety of different income that is provided to a taxpayer throughout the course of the tax reporting year, explains TurboTax.

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Full Answer

There are 1099 forms for independent contractors or freelance workers, and that income is reported on a 1099-MISC form if the income earned was $600 or more, explains TurboTax. A 1099-DIV reports all interest and dividends paid to a taxpayer throughout the year for mutual funds and stock investments. This income is different than the income earned from selling stocks. Other interest payments received from investments and savings accounts are reported on a 1099-INT form.

If a taxpayer receives payments from the federal or state government, the reporting agencies issues a 1099-G. This is also used to report income a taxpayer earns for unemployment income. If a taxpayer received withdrawals from a retirement account, usually a traditional IRA, the taxpayer receives a 1099-R which reports the total amount of withdrawals. A 1099-C is used when a taxpayer negotiates a debt cancellation. The IRS treats a debt cancellation as income which may be taxable to the taxpayer, as noted by TurboTax.

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