My parents and I filed our IDOC forms today, but we are confused about the requirement for 1099 forms. None of us received any of these to file and do not need to file any, but IDOC lists them (one for the student, one for parents) as required. Should I just ignore this requirement or is there a separate form to fill indicating I didn’t receive any?
@grimsby Same here, at least from my D’s standpoint. I submitted this question to IDOC. If no one here answers, I’ll share what I hear back.
If your family didn’t receive any 1099s then you don’t have any to provide. Though it only takes $10 of interest income to get a 1099-INT from a financial institution. But 1099-MISC, DIV, R etc. would be more likely not to be received by families. They are just looking for any forms you may have received that support entries on the tax forms. Many people with few assets and no self employment/contract work do only receive W-2s.
I think you can ignore it if none were received. 1099 show income from things like interest (from a bank account, CD, etc), dividends paid on stocks or other investments, some kinds of income for contractors is on a 1099, you get them now if you sold on a site like eBay and processed via a credit card or PayPal, etc., debt forgiveness on a loan can generate a 1099, income proceeds from real estate sales can result in a 1099. Stuff like social security payments, government pension payments, and I am sure other things can also trigger a 1099.
They are pretty common because of all the different types of income that can be reported on them. But lots of people get none. So if you are sure you and your parents didn’t have them, don’t worry about it. IDOC is a pain, and the instructions are terrible. Also, if the colleges have a question, they will let you know.
I had the opposite problem. D has a 1099, but it was not asked for. I uploaded it anyway. Still not processed, so we will see what happens. I was so excited about not having to mail a huge packet this year. But I don’t know if this uploading process is much better.
You can just ignore it. I had the exact question and emailed CB. Got the following reply:
Hello Iamabigbug,
Thank you for your email regarding the Institutional Documentation Service (IDOC). When submitting documents to IDOC, we are requesting that you only send items that are applicable to your tax situation. If you did not receive any 1099 or complete any of the other tax forms listed on the IDOC coversheet then this does not apply to you.
Should you need any further information, please do not hesitate to contact The College Board.
xxxyyy
PROFILE Customer Service Representative