What is an IRS 1099 form?


Quick Answer

The 1099 forms of the Internal Revenue Service are a collection of different forms that are called information returns, and they can apply to self-employed workers, interest and dividends, government payments, withdrawals from retirement funds and debt cancellation, according to TurboTax. Self-employed workers can also be referred to as independent contractors.

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Full Answer

If there is a need to file a 1099 form, then the individual or company who provided the funds will send out the correct form for tax purposes. These will be mailed to the recipient by the end of January for most types of 1099, as stated by efile.com, a tax preparation and filing company. This form can affect a return by either increasing or decreasing the amount that is received.

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