<p>So, my dad did not have to fill that. Since he told me he does not have any miscellaneous income. Should I just not worry about it then? He has the W2 and Income tax returns though. </p>
<p>Thanks.</p>
<p>Are you just referring to the 1099-MISC? There are lots of different types of 1099's, not just the MISC. 1099's come from a number of different sources, such as brokerage firms, banks and other financial institutions at which you have income-generating accounts. They report interest, dividends, capital gains etc. Also, if you have won monetary awards over $500, the awarding organization will send you a 1099. IDOC wants to see any 1099 you or your family recieves.</p>
<p>Oh cool...so if my family does not receive any 1099 whatsoever, I can just skip it right?</p>
<p>Yup, if you're sure you didn't receive any.</p>
<p>yeah if i received any...my parents should have gotten some sort of 1099 form w/ their tax return i believe. I'll just contact College Board in case to make sure it's alrite.
Thanks LulaC! :)</p>
<p>The College Board's Institutional Documentation Service (IDOC) has asked us for additional information, including our 2008 1040, W-2s and Form 1099. We don't file a 1099, and my accountant said, "The reference they make to 1099 forms do not apply to you. Certain individuals who are self employed would not receive a W-2 and instead would receive a 1099-MISC. This is what the board is referring to -- you would only need a copy of your federal return and your W-2." </p>
<p>True?</p>
<p>I think the IDOC wants to see all 1099 forms sent to you(r parents) for 2008. Some replies above list the various institutions and reasons for 1099 forms. In general, they show interest income, dividend income, capital gains and I guess prize income over $500. </p>
<p>You never have to include 1099's with your 1040 to the IRS. You do have to list the income reported on them in various spots on your 1040. That's just the way the IRS rolls - it does get its own copy of each 1099 you get, and I guess they either do match-ups based on your tax ID (basically, your SSN), or at least they know that you know that they COULD check up on your 1099's if they choose to audit you.</p>
<p>Your accountant is assuming that IDOC has the same rules as the IRS, but it does not.</p>
<p>IDOC is not the IRS. They are asking you to send them a copy of each 1099 you get. Surely your parents earn <em>some</em> interest on some bank account somewhere - even if it comes to less than $50/yr...my kid's bank accounts with balances <$500 earn miniscule amounts of interest and generate a 1099!</p>
<p>OK, many thanks. </p>
<p>Of course, I already sent off the IDOC package. Tried calling IDOC but line always busy. Do I need to put together a new package with all documents, or just send the 1099s?</p>