A major part of being prepared for the upcoming tax season is filing IRS 1099 Forms to the right people, for the right amounts before the deadline.

IRS Form 1099-A for Acquisition or Abandonment of Secured Property

You must file this form for each borrower where you lend money in connection with your trade or business and, in full or partial satisfaction of the debt, you acquire an interest in property that is security for the debt, or you have reason to know that the property has been abandoned. You need not be in the business of lending money to be subject to this reporting requirement.

IRS Form 1099-C for Cancellation of Debt

You must file this form for each debtor for whom you canceled $600 or more of a debt owed to you if you are an applicable financial entity and an identifiable event has occurred.

IRS Form 1099-INT for Interest Income

You must file this form for each person to whom you have paid during the year interest income, interest on U.S. savings bonds and treasury obligations and/or tax-exempt interest of at least $10 (or at least $600 of interest paid in the course of your trade or business for Interest Income), you withheld and paid any foreign tax on interest, or whom you withheld (and did not refund) any federal income tax under the backup withholding rules regardless of the amount of the payment.

IRS Form 1099-MISC for Miscellaneous Income

You must file this form for each person to whom you have paid during the year at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest; at least $600 in rents, services, prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate; any fishing boat proceeds, gross proceeds of $600, or more paid to an attorney during the year, or withheld any federal income tax under the backup withholding rules regardless of the amount of the payment. Also, use this form to report that you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.

IRS Form 1099-R for Distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, Insurance contracts

File this form for each person to whom you have made a designated distribution or are treated as having made a distribution of $10 or more from profit-sharing or retirement plans, any individual retirement arrangements (IRAs), annuities, pensions, insurance contracts, survivor income benefit plans, permanent and total disability payments under life insurance contracts, charitable gift annuities, etc.

Call into Deal Pack Pro’s Support Staff today for assistance with printing your IRS 1099 Forms. You can also visit www.irs.gov for more information or speak with a tax professional for any questions you may have.