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Hello everyone today's discussion is going to be about the 1099 forms that the IRS uses most of you are probably not aware that there are 12 different types of 1099 forms that the IRS uses yes well in this discussion I am going to briefly summarize the purpose of each of those forms and what those forms are so let's start with in my opinion the most commonly recognized 1099 form which is the 1099 miscellaneous form this 1099 is issued to independent contractors those who work for themselves the form is also used to report non employee compensation or any miscellaneous income that may have been paid to a taxpayer during the tax year next there is the 1099 - I in int stands for interest this form is issued when a financial institution pays you interest of 10 dollars or more during a tax year and yes this is taxable income you also have the 1099 - div div stands for dividends this form is issued to investors to report all taxable gains and dividends that have been paid to them throughout the tax year or for that tax year and it's issued by either investment companies mutual fund companies or brokers that's the 1099 - div there is also a 1099 - B B is employed this form is used for barter exchanges which is an exchange of something other than money that's the 299 B there is the 1099 - a which is used when there is an acquisition or abandonment of secured property there is the 1099 - C which hasn't been around very long but it's probably the most heated in 99 form there is reason being is the 1099 C form is issued for cancellation of debt which in most cases is taxable income unless you meet one of the exceptions to not include that cancellation of debt income in your gross income I'll talk more about that a little bit later as to how you can find out whether or not you made an exception at that but for now the 1099 C is issued again for cancellation of income such as bankruptcy credit card debts or debt on a secured property such as when you have short sells or if your property was foreclosed on and you owed an amount more than what it was sold for now again in some cases this income is not going to be taxable to you and I'll briefly explain to you why and how a little bit later there is also the 1099 essay form which is used for distributions from health savings accounts or medical savings accounts HSAs or MSF and this is taxable income as well there's the 1099 - Q which reports or shall I say which is used to report distributions from a Cobra Dell education savings account there's the 1099 - R which is used for distributions made from iris there is - 1099 - the AP which does not refer to individual taxpayers but it's used to report significant changes in corporate control and capital structure of a business organization and then last there is the 1099 - LTC which is used to report long term care benefits and accelerated death benefits those are the twelve types of 1099 forms that are currently being used by the IRS again there's the 1099...