1099 tax form - VeggieBoards
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#1 Old 01-24-2008, 08:06 PM
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I just got something from my bank, its a tax return but I don't know what that is or what to do with it. I've only had 3 jobs and i've never gotten this before, just a check in May. What do I do with it, theres an amount on it but is that what I get back or what I have to pay?
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#2 Old 01-25-2008, 06:02 AM
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A 1099 from a bank or other financial institution usually lists the amount of interest your accounts have earned this year (when you have complicated enough finances, you'll also get similar forms listing how much interest you've paid on your mortgage or student loans). When you file your 1040 (whichever version) there will be a line to list how much interest income you've earned this year. It will be added to your income and you'll pay taxes on it. On the 1040EZ, which I'm guessing you use if you haven't had 1099s before, you report this on line 2.

Last year I made a mistake on my taxes, and the IRS owed me $1000, which they couldn't figure out for 3 months. They paid me interest on that $1000 - and then sent me a 1099 so I can pay taxes this year on that $25-$30.
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#3 Old 01-25-2008, 06:29 AM
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Thanks so much cftwo, it makes more sense now.
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#4 Old 01-25-2008, 05:26 PM
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Yep. 1099G is for interest/dividends you were paid and 1099R is for distributions from retirement plans.
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#5 Old 01-25-2008, 07:43 PM
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Mmm taxes. I am so anxious to do mine (well, my household's).
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