There are many different Form-1099s that you may encounter when tax season rolls around. Some of the most common include:
1099-A: If your mortgage lender cancels some or all your mortgage, or your home was sold in a short sale, you’ll likely receive a 1099-A. Because the IRS considers canceled debt to be equivalent to income, it becomes taxable.
1099-B: For income related to the sale of several different types of securities.
1099-C: Convinced a lender to settle on any amount you owe for less than the original principal? That’s great, however you’re still responsible. The IRS will consider the forgiven amount to be taxable income, as reported on the 1099-C.
1099-G: Money received from the state, local, or federal government is reported on this form. This can be a tax refund, credit or offset. Those who received unemployment compensation will have their income reported on a 1099-G as well.
1099-INT: Earnings of over $10 in interest from a bank, brokerage, or financial institution will grant you the opportunity to receive a 1099-INT.
1099-MISC: Income that doesn’t specifically fit into any other 1099 form can be recorded on this one. Any prizes or awards are considered 1099-MISC income.
1099-R: Distributions from pensions, retirements, profit shares, IRAs, or annuities are reported on this form. Some loans from retirement plans are considered to be distributions, and therefore reported on this form. Payments for total and permanent disability payment under life insurance will grant you one of these 1099s as well.