<p>IDOC - College Board for CCS profile wants a copy of w2 and 1099 from. W-2 (wage and tax statement) is the copy of your income from the employer. I have not received any 1099 form. What is this form related with. Is it the interest earned by the bank? I need to send the IDOC form ASAP. Please let me know what the heck is 1099 from. Thanks</p>
<p>You'd know if you had one. A 1099 is for any income not shown on a W-2, sometimes considered as "non-employee compensation". It can also be interest income, any source of income really.</p>
<p>It is an interest, dividends and capital gains distributions statement. You should have received them before Feb. 1.</p>
<p>Yes, 1099s can be for interest, dividends and capital gains. However, there are a wide variety of 1099s. As curm mentioned, there is a form for "non-employee compensation." There are 1099s for Social Security received, state income tax refunds, cancellation of debt, and a whole slew of other 1099s. Basically, they are for income other than employee wages, salaries and tips. I agree that you would know if you have them.</p>
<p>Does it look like a regular tax form (like 1040 or 1040EZ) with the number 1099 on the upper left corner? Or is it like a bank statement or something? I know my parents have interest income, but I can't find a form saying 1099 on it. However, there are some bank statement-looking sheets that have the word 1099 on it, but no where does it say "this is a 1099 form". I'm so confused...</p>
<p>If it has 1099 on it, it's a 1099 form. The ones I get from my bank say "Combined tax statement for the year 2007" really big in the corner and say 1099-INT written in small letters somewhere on it. 1099 forms comes in all sorts of sizes, depending on the entity issuing it.</p>
<p>If these are forms of your parents, ask them. And if you are in doubt, send it.</p>
<p>Just FYI....for your bank accounts, if you earn less than a certain amount of interest in the year, you will NOT receive a 1099 (this happens with DD who just doesn't have very much of an average daily balance in her accounts). </p>
<p>Your parents, however, probably do have some savings or something in a bank that DOES earn interest, and that 1099 needs to be included. As mentioned above, any 1099's for investments must be included too. When they come in the mail the envelope usually says "Important Tax Information Included".</p>
<p>You often get 1099's for freelance work.</p>
<p>Think of 1099's as W-2's given for money one received during the year that did not come about as a result of working as an employee for a company. If one is self-employed or does consulting type work, the 1099 usually replaces the W-2. But it can be used for other types of income. I believe anytime a company pays a non-employee more than $600.00 during the tax year, they must send that individual a 1099 showing the payment and report same to the IRS.</p>
<p>There are bunches of 1099 forms. Check out A</a> Guide to Information Returns</p>