Home Tax What To Do With a Consolidated 1099 Tax Assertion

What To Do With a Consolidated 1099 Tax Assertion

What To Do With a Consolidated 1099 Tax Assertion


You may get a consolidated 1099 tax assertion this yr for those who obtained taxable revenue from investments. Right here’s what this manner is telling you and methods to report your 1099 revenue to the IRS in TaxAct®.

What’s a consolidated 1099 tax assertion?

A consolidated Type 1099 combines 5 separate 1099 kinds into one tax reporting doc. The tax kinds you may see on this consolidated doc are 1099-B, 1099-DIV, 1099-INT, 1099-MISC, and 1099-OID.

Your consolidated 1099 tax kind will present all of your reportable revenue and transactions for the tax yr. It may embody some or the entire following 5 kinds:

  • Type 1099-INT: Experiences all curiosity revenue earned on bonds, CDs, and money in your brokerage account
  • Type 1099-DIV: Experiences dividends obtained from shares, mutual funds, and capital positive aspects distributions
  • Type 1099-B: Experiences the sale, redemption, or trade of securities reminiscent of shares, mutual funds, CDs, or bonds
  • Type 1099-MISC: Experiences royalty funds, hire funds, or dealer funds in lieu of dividends, in addition to different revenue totaling $600 or extra
  • Type 1099-OID: Experiences the “Authentic Problem Low cost” on company bonds, CDs, collateralized debt obligations, and authorities obligations

How do I report my consolidated 1099 tax doc in TaxAct?

When reporting your consolidated 1099 assertion in TaxAct®, you’ll enter every Type 1099 separately. Our interview questions will ask for data in your revenue, and we’ll use your solutions to find out which 1099 tax kinds you want. We’ll then information you thru coming into your complete gross sales proceeds and different revenue data as crucial. It’s that straightforward!


This text is for informational functions solely and never authorized or monetary recommendation.
All TaxAct gives, services and products are topic to relevant phrases and circumstances.




Please enter your comment!
Please enter your name here