How to Report 1099 Data on Your Tax Return

Man signing tax form, detail
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Form 1099 refers to a family of tax documents. These documents report various types of income that an individual person receives during the year. There are different varieties of 1099 forms. Each form is related to a specific type of income.

TABLE A.

FORM 1099-A

TYPE OF INCOME

WHAT TO DO WITH IT

Reports the abandonment of property that was secured by a loan.

Report data either on Form 4797 or Form 8949 with the net capital gain or loss carried to Schedule D and Form 1040.

WHO FILES IT

Banks and financial institutions and businesses who acquire property in full or partial satisfaction of a debt secured by that property.

WHO RECEIVES IT

Borrowers who defaulted on their loans and who gave up the property securing the debt in exchange for full or partial satisfaction of the loan.

INSTRUCTIONS

Instructions for Forms 1099-A and 1099-Chttps://www.irs.gov/instructions/i1099ac/index.html
General Instructions for Certain Information Returnshttps://www.irs.gov/pub/irs-pdf/i1099gi.pdf

BLANK FORM

Form 1099-A, Acquisition or abandonment of secured propertyhttps://www.irs.gov/pub/irs-pdf/f1099a.pdf

PUBLICATIONS

Pub. 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonmentshttps://www.irs.gov/pub/irs-pdf/p4681.pdf

DEADLINES

January 31 to furnish to the borrowerFebruary 28 to file with the IRS

PENALTIES

$50 - $260 per late form

 

TABLE B.

FORM 1099-B

TYPE OF INCOME

WHAT TO DO WITH IT

· Sales price of stocks, bonds, etc. (box 1d), cost or other basis (box 1e), and adjustments (box 1g)

· Form 8949 or Schedule D, whichever applies; see the Instructions for Form 8949

· Aggregate profit or (loss) on contracts (box 11)

· Form 6781, line 1

· Bartering (box 13)

· See Pub. 525

WHO FILES IT

Brokerage and investment firms

WHO RECEIVES IT

Investors in stocks, bonds, mutual funds, and other types of securities.

INSTRUCTIONS

General Instructions for Certain Information Returns

https://www.irs.gov/pub/irs-pdf/i1099gi.pdf

Instructions for Form 1099-B

https://www.irs.gov/pub/irs-pdf/i1099b.pdf

Instructions for Form 8949

https://www.irs.gov/pub/irs-pdf/i8949.pdf

Instructions for Schedule D

https://www.irs.gov/pub/irs-pdf/i1040sd.pdf

Instructions for Form 4797

https://www.irs.gov/pub/irs-pdf/i4797.pdf

BLANK FORM

Form 1099-B, Proceeds from Broker and Barter Exchange Transactions

https://www.irs.gov/pub/irs-pdf/f1099b.pdf

PUBLICATIONS

Pub. 550, Investment Income and Expenses

https://www.irs.gov/pub/irs-pdf/p550.pdf

Pub. 554, Sales and Other Dispositions of Assets

https://www.irs.gov/pub/irs-pdf/p544.pdf

Pub. 525, Taxable and Nontaxable Income

https://www.irs.gov/pub/irs-pdf/p525.pdf

DEADLINES

January 31 to furnish to the borrower

February 28 to file with the IRS

PENALTIES

$50 - $260 per late form

TABLE C.

TABLE D.

[This article is under re-construction.]