Understanding different types of 1099 forms The IRS currently has 21 different versions of Form 1099, but the two primary types you need to know are the 1099-MISC and the 1099-NEC.

The information reported on Form 1099-SA is similar to Form 1099-B—those consolidated statements you get from your broker—and includes the types and amounts of digital assets acquired, sold ...

1099-K reports payments you received from third-party processors – like Venmo or PayPal – for sales of goods or services if they total $5,000 or more for tax year 2024.

Copies of the form are sent to both you and the IRS. The type of 1099 you receive can depend on the entity or person — aka the payer — sending the form.

Each Form 1099 is matched to your Social Security number, so the IRS can easily churn out a tax bill if you fail to report one. In fact, you’re almost guaranteed an IRS tax notice if you fail to ...