- Any time you have received interest or dividend income, worked as an independent contractor or sold shares of stock, you will be issued a 1099 form with information for your taxes. Due to the range of different types of income that fall under the 1099 category, you may receive one of 13 different types of 1099 forms.
- Tax documents must be distributed by January 31, so that taxpayers have sufficient time to complete their taxes by the filing deadline. Federal taxes are generally due on April 15 each year, unless that date falls on a weekend or holiday, in which case it is pushed to the next business day. For example, in 2011, April 15 lands on Emancipation Day; therefore, the Internal Revenue Service pushed the tax deadline back to April 18, 2011. Under an act initiated in 2008, 1099-B forms do not have to be distributed until February 15. If you do not receive your 1099 form, you may need to contact the payer to clarify your address, request a duplicate, or ask for the information.
- You generally do not need to file a 1099 form with your taxes. If you do not have you 1099 form, the easiest way to obtain the information on the amount you received that year is to call the payer directly. Independent contractors may look at pay stubs to calculate their earnings, and those who have sold stocks generally have receipts of the transactions.
- If your 1099 does turn up, don't toss it in the recycling bin. Use it to check against the figures you put into your tax forms, and if you find a discrepancy, call the payer to figure out where the error came from. If the payer's figures are correct and you have already filed your taxes, you must file a Form 1040X. The Internal Revenue Service uses the 1099 when checking your return; therefore, if you don't correct it, you will likely hear from the IRS.
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