Businesses must file information returns to report specific transactions to the IRS and must also provide copies to recipients. Any entity—individual, corporation, partnership, trust, or estate—with reportable payments must file. Filers with 10+ forms must file electronically.
Recipients generally do not send copies to the IRS unless federal tax was withheld.
Key Information Returns
Form W‑2
Reports wages, taxes withheld, and compensation. Employers send copies to employees and the Social Security Administration.
Form W‑2G
Reports gambling winnings when thresholds are met:
- Bingo/slots: $1,200+
- Keno: $1,500+ (after wager)
- Poker: $5,000+ (after wager)
- Other winnings: $600+ and 300× wager
Form 1098
Reports $600+ mortgage interest received in a trade or business.
Form 1098‑E
Reports $600+ student loan interest received.
Form 1098‑T
Reports tuition, related expenses, scholarships, and grants.
Form 1099‑B
Reports sales of stocks, bonds, commodities, and barter transactions, including cost basis.
Form 1099‑C
Reports canceled debt of $600+.
Form 1099‑DIV
Reports dividends and distributions of $10+, foreign tax withheld, backup withholding, or $600+ liquidation payments.
Form 1099‑G
Reports government payments such as unemployment compensation and tax refunds.
Form 1099‑INT
Reports interest of $10+ (or $600+ for certain types), or any amount with foreign tax or backup withholding.
Form 1099‑K
Reports payment card transactions and third‑party network payments when BOTH apply:
- $20,000+ in payments
- 200+ transactions
If a payment is reportable on Form 1099‑K, it is not duplicated on 1099‑MISC or 1099‑NEC.
Form 1099‑MISC
Reports:
- Rents $600+
- Prizes/awards $600+
- Royalties $10+
- Attorney gross proceeds $600+
- Fish purchased for resale $600+
- Fishing boat proceeds
- Nonqualified deferred compensation $600+
Form 1099‑NEC
Reports $600+ nonemployee compensation for services by independent contractors, vendors, subcontractors, and attorneys. Attorney fees go on 1099‑NEC; attorney gross proceeds go on 1099‑MISC.
Form 1099‑OID
Reports $10+ original issue discount.
Form 1099‑R
Reports $10+ distributions from retirement plans, IRAs, annuities, and insurance contracts.
Form 8300
Required when a business receives over $10,000 in cash in one or related transactions. Must also send a written statement to the payer by January 31.
Backup Withholding
Businesses must withhold 24% when:
- No TIN is provided
- Incorrect TIN
- Notified underreporting
- Certification failure
Regular Gambling Withholding
Withhold 24% on gambling winnings over $5,000 for sweepstakes, wagering pools, and lotteries. For other wagers: $600+ AND 300× wager. If no TIN is provided, backup withholding applies.
Due Dates (General)
Most forms are due to recipients by January 31 and to the IRS by February 28 (March 31 if electronic). W‑2 forms are due to SSA by January 31.