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1099 Forms

1099 Informational:

A form 1099 is a tax form that you or your business will give to your Payee for money paid throughout the calendar year. The most common types of 1099’s we see are the 1099-INT and 1099-NEC, however, Anderson can assist you in preparing a variety of 1099’s.

Please keep in mind that a W9 form should always be filled out prior to paying your contractor. You’ll need your contractor’s Social Security Number or Taxpayer ID and address in order to ensure a proper filing is done. The W9 form is for your use only and is not submitted to the IRS. For your reference, please see the information below for each type of 1099 you may need to file:

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Types of 1099’s

1099-NEC

A 1099-NEC is a tax form provided to your Payee for different types of income. This type of 1099 is for any service provided by a contractor, freelancer, or any self-employed individual throughout the calendar year that amounts to over $600.

1099-INT

The 1099-INT is a 1099 that is issued for interest paid. The interest is usually interest that your company paid to its lenders or shareholders through promissory notes or money lent throughout the year.

1099-MISC
  • If you are running a Property Management company, you should be filing 1099’s for Rental Income for your clients
  • If you paid an attorney’s office over $600, a 1099 would need to be issued to the office
  • Any payments made via credit card do not need to be included
  • You are not required to 1099 corporations (Anderson Advisors is a corporation)
1099-R

A 1099-R is used to report distributions of retirement benefits, such as Profit-Sharing plans, Annuities, Retirement Plans, Pensions, IRA, etc. To know which 1099-R you would need to file, please see the list of codes below – this information is required to file:

  • Code 1: Early Distribution, no known exception
  • Code 2: Early Distribution, exception applies
  • Code 3: Disability
  • Code 4: Death
  • Code 5: Prohibited Transaction
  • Code 6: Section 1035 Exchange
  • Code 7: Normal Distribution
  • Code 8: Excess Contributions + earnings/excess deferrals
  • Code 9: Cost of Life Insurance Protection
  • Code A: May be eligible for 10-year tax option
  • Code B: Roth IRA distribution
  • Code C: Reportable death benefits
  • Code D: Annuity payments from nonqualified annuities & distributions from Life Insurance Contracts
  • Code E: Distributions under Employee Plans Compliance Resolution System
  • Code F: Charitable gift annuity
  • Code G: Direct rollover/payment
  • Code H: Direct rollover of a designated Roth account distribution to a Roth IRA
  • Code J: Early distribution from Roth IRA
  • Code K: Distribution of traditional IRA assets not having readily available FMV
  • Code L: Loans treated as deemed distributions under section 72(p)
  • Code M: Qualified plan loan offset
  • Code N: Recharacterized IRA contribution made for 2023
  • Code P: Excess contributions plus earnings/excess deferrals taxable in 2023
  • Code Q: Qualified distribution from a Roth IRA
  • Code R: Recharacterized IRA contribution made for 2023
  • Code S: Early distribution from a SIMPLE IRA in the first 2 years, no known exception
  • Code T: Roth IRA distribution, exception applies
  • Code U: Dividends distributed from an ESOP under section 404(k)
  • Code W: Charges or payments for purchasing qualified long-term care insurance contracts under combined arrangements