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A Guide to Filing Information Returns and Reporting Payments

13 May

 

 
What is an Information Return?

An information return is a tax document businesses are required to file to report certain business transactions to the Internal Revenue Service (IRS). The requirement to file Information Returns is mandated by the Internal Revenue Service and associated regulations.

Who must file Information Returns?

Any person, including a corporation, partnership, individual, estate, and trust, who make reportable transactions during the calendar year must file information returns to report those transactions to the IRS. Persons required to file Information Returns to the IRS must also furnish statements to the recipients of the income. Filers who have 250 or more must file these returns electronically.

Types of Payments

Below is an alphabetical list of some payments and the forms to file and report them. However, it is not a complete list of all payments, and the absence of a payment from the list does not indicate that the payment is not reportable. For information on a specific type of payment, see the separate instructions for the form(s) listed.

Type of Payment

Report on Form

 
Abandonment 1099-A
Accelerated death benefits 1099-LTC
Acquisition of control 1099-CAP
Advance earned income credit W-2
Advance health insurance payments 1099-H
Agriculture payments 1099-G
Allocated tips W-2
Alternate TAA payments 1099-G
Annuities 1099-R
Archer MSAs:  
   Contributions 5498-SA
   Distributions 1099-SA
Attorney, fees and gross proceeds 1099-MISC
Auto reimbursements, employee W-2
Auto reimbursements, nonemployee 1099-MISC
Awards, employee W-2
Awards, nonemployee 1099-MISC
Barter exchange income 1099-B
Bonuses, employee W-2
Bonuses, nonemployee 1099-MISC
Broker transactions 1099-B
Cancellation of debt 1099-C
Capital gain distributions 1099-DIV
Car expense, employee W-2
Car expense, nonemployee 1099-MISC
Changes in capital structure 1099-CAP
Charitable gift annuities 1099-R
Commissions, employee W-2
Commissions, nonemployee 1099-MISC
Commodities transactions 1099-B
Compensation, employee W-2
Compensation, nonemployee 1099-MISC
Contributions of motor vehicles, boats, and airplanes 1098-C
Cost of current life insurance protection 1099-R
Coverdell ESA contributions 5498-ESA
Coverdell ESA distributions 1099-Q
Crop insurance proceeds 1099-MISC
Damages 1099-MISC
Death benefits 1099-R
   Accelerated 1099-LTC
Debt cancellation 1099-C
Dependent care payments W-2
Direct rollovers 1099-Q, 1099-R, 5498
Direct sales of consumer products for resale 1099-MISC
Directors’ fees 1099-MISC
Discharge of indebtedness 1099-C
Dividends 1099-DIV
Donation of motor vehicle 1098-C
Education loan interest 1098-E
Employee business expense reimbursement W-2
Employee compensation W-2
Excess deferrals, excess contributions, distributions of 1099-R
Exercise of incentive stock option under section 422(b) 3921
Fees, employee W-2
Fees, nonemployee 1099-MISC
Fishing boat crew members proceeds 1099-MISC
Fish purchases for cash 1099-MISC
Foreclosures 1099-A
Foreign persons’ income 1042-S
401(k) contributions W-2
404(k) dividend 1099-DIV
Gambling winnings W-2G
Golden parachute, employee W-2
Golden parachute, nonemployee 1099-MISC
Grants, taxable 1099-G
Health care services 1099-MISC
Health insurance advance payments 1099-H
Health savings accounts:  
   Contributions 5498-SA
   Distributions 1099-SA
Income attributable to domestic production activities, deduction for 1099-PATR
Income tax refunds, state and local 1099-G
Indian gaming profits paid to tribal members 1099-MISC
Interest income 1099-INT
   Tax-exempt 1099-INT
Interest, mortgage 1098
IRA contributions 5498
IRA distributions 1099-R
Life insurance contract distributions 1099-R, 1099-LTC
Liquidation, distributions in 1099-DIV
Loans, distribution from pension plan 1099-R
Long-term care benefits 1099-LTC
HSA, Archer MSA or Medicare Advantage MSAs:  
   Contributions 5498-SA
   Distributions 1099-SA
Medical services 1099-MISC
Merchant Card Payments 1099-K
Mileage, employee W-2
Mileage, nonemployee 1099-MISC
Military retirement 1099-R
Mortgage insurance premiums 1098
Mortgage interest 1098
Moving expense W-2
Nonemployee compensation 1099-MISC
Nonqualified deferred compensation:  
   Beneficiary 1099-R
   Employee W-2
   Nonemployee 1099-MISC
Original issue discount (OID) 1099-OID
Patronage dividends 1099-PATR
Pensions 1099-R
Points 1098
Prizes, employee W-2
Prizes, nonemployee 1099-MISC
Profit-sharing plan 1099-R
Punitive damages 1099-MISC
Qualified plan distributions 1099-R
Qualified tuition program payments 1099-Q
Real estate transactions 1099-S
Recharacterized IRA contributions 1099-R, 5498
Refund, state and local tax 1099-G
Rental Expense 1099-MISC
Rental Income 1099-MISC
Retirement 1099-R
Roth conversion IRA contributions 5498
Roth conversion IRA distributions 1099-R
Roth IRA contributions 5498
Roth IRA distributions 1099-R
Royalties 1099-MISC
   Timber, pay-as-cut contract 1099-S
Sales:  
   Real estate 1099-S
   Securities 1099-B
Section 1035 exchange 1099-R
SEP contributions W-2, 5498
SEP distributions 1099-R
Severance pay W-2
Sick pay W-2
SIMPLE contributions W-2, 5498
SIMPLE distributions 1099-R
Student loan interest 1098-E
Substitute payments in lieu of dividends or tax-exempt interest 1099-MISC
Supplemental unemployment W-2
Tax refunds, state and local 1099-G
Third Party Network Payments 1099-K
Tips W-2
Transfer of stock acquired through an employee stock purchase plan under section 423(c) 3922
Tuition 1098-T
Unemployment benefits 1099-G
Vacation allowance, employee W-2
Vacation allowance, nonemployee 1099-MISC
Wages W-2

 

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Posted by on May 13, 2011 in Tax Relief

 

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