From the course: Business Tax Foundations

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Form 1099: The different types

Form 1099: The different types

From the course: Business Tax Foundations

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Form 1099: The different types

- [Voiceover] There are many different types of 1099s, some for interest income, some for capital gains, and many other purposes. But probably the most common 1099 you'll run into is the 1099-MISC, or 1099 miscellaneous. The different types of 1099s track different types of non-employment income. Let's take a look at the 1099-MISC. So this is an example of a 1099-MISC. Now here's an important point. This form, which is available online, is a generic one. You cannot actually use this when you're sending out 1099s. The reason for that is the IRS has special 1099 miscellaneous forms that are coded in a particular way to be machine readable. Anything you download from online won't be coded properly. So you have to order 1099 forms from the IRS. They're free, the IRS will mail them right out to you, but you can't use them directly downloaded off the internet. Just a caveat. Now in the 1099 there's a few key points. You're going to have to include the payer's name, street address, address…

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