What are the different types of "1099s"?
Now you're looking at the paperwork to do your tax return and you pick up this form and it's called a 199 form. You'll find the 199 form has a number of different letters after it. Could be a 199 I N T, that means interest and that's what the bank will give you telling how much interest you earned on your bank account. You have a 199 D I V, dividends, tells you how many dividends you earned or how much money you made in dividends. You may see something called a 199 and various little boxes on one that's called a 199 N E C, Non Employee Compensation. That's basically what you're going to get if you're an independent contractor and the various people will to send you that telling you how much money they paid you during the year. There's a whole slug of different 199s specifically designed for different information, some will report rent, some will report dividends, some will reports things specific to a particular industry. The 199s are strictly given to you, a taxpayer, for information in preparing your tax return. The 199 doesn't have to be filed with your tax return. The government has a copy of it. They got it from the person who sent it to you so beware, you better report it on your tax return.
