A Form 1099 is a type of “information return”. It is a tax form that you get in the mail if you received certain types of income during the year. You generally have to report the information from a 1099 on your tax return.
A 1099 is similar to a W-2, but while a W-2 reports wages, salaries, and tips, a 1099 reports many other kinds of income. There are many different varieties of 1099 form, and each one is used to report different, specific types of income.
The IRS requires you to report all taxable income, even if you do not receive a 1099 for a particular payment you received. For example, if you earned less than $600 as an independent contractor, the payer does not have to send you a 1099-MISC, but you still have to report the amount as self-employment income.
What If I Don’t Receive a 1099 on Time?
If you are expecting a 1099 and you do not receive it by February 15, the IRS recommends contacting them at 800-829-1040. You will be able to use a substitute form to file your return, and you may even still be able to efile it.
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