1099s

1099s are forms used to report income received for freelance work, investments, or other sources. While W-2s report income earned from being an employee, 1099s cover all other sources of example, you might receive a 1099R, if you've taken a distribution from a retirement account, or a 1099DIV, if you have a non-retirement investment account. If you've received any interest from cash or investments such as bonds, you may receive a 1099INT.

Keep in mind you may receive multiple 1099s. Usually they are sent out by the end of January and arrive by mid to late February. However, sometimes they can arrive as late as March or April. More complex investments such as REITs often slow down the receipt of 1099s. There is also a small chance you'll receive a corrected 1099 later on. If that occurs and you've already filed your taxes, you might need to amend your return. We suggest discussing this with your tax professional if it incurs.

If you're a West Invest client, you are almost certainly going to recieve at least one 1099 from LPL.

Of course there are other types of 1099s as well. Just to name a few, if you're a freelance worker or independent contractor, you may receive a 1099NEC. You also might receive a 1099MISC, which includes income such as rent payments, prizes, or legal settlements. The list goes on and on. There are 1099Gs, 1099Rs, 1099Bs, and 1099Ks, and more.

If you utilize a tax utilize a tax professional to prepare your tax return, they will be familiar with the 1099s you should expect to receive.

Of course, if you have any new accounts, withdrawals, or other new income sources, or other unique tax scenarios such as a QCD, be sure to let your tax professional We hope this overview of 1099s has been helpful.