What is an Information Return?

Introduction

An information return is a tax document businesses are required to file to report certain business transactions to the Internal Revenue Service (IRS). The requirement to file Information Returns is mandated by the Internal Revenue Service and associated regulations.

Who must file Information Returns?

Any person, including a corporation, partnership, individual, estate, and trust, who make reportable transactions during the calendar year must file information returns to report those transactions to the IRS. Persons required to file Information Returns to the IRS must also furnish statements to the recipients of the income. Filers who have 250 or more must file these returns electronically or magnetically.

Types of Payments

Below is an alphabetical list of some payments and the forms to file and report them. However, it is not a complete list of all payments, and the absence of a payment from the list does not indicate that the payment is not reportable. For information on a specific type of payment, see the separate instructions for the form(s) listed.

Type of Payment	Report on Form
Accelerated death benefits	1099-LTC
Advance earned income credit	W-2
Agriculture payments	1099-G
Allocated tips	W-2
Annuities	1099-R
Attorneys, fees and gross proceeds	1099-MISC
Auto reimbursements: Employee	W-2
Auto reimbursements: Nonemployee	1099-MISC
Awards: Employee	W-2
Awards: Nonemployee	1099-MISC
Barter exchange income	1099-B
Bonuses: Employee	W-2
Bonuses: Nonemployee	1099-MISC
Broker transactions	1099-B
Cancellation of debt	1099-C
Capital gain distributions	1099-DIV
Car expense: Employee	W-2
Car expense: Nonemployee	1099-MISC
Charitable gift annuities	1099-R
Commissions: Employee	W-2
Commissions: Nonemployee	1099-MISC
Commodities transactions	1099-B
Compensation: Employee	W-2
Compensation: Nonemployee	1099-MISC
Crop insurance proceeds	1099-MISC
Damages	1099-MISC
Death benefits	1099-R
Death benefits: Accelerated	1099-LTC
Debt cancellation	1099-C
Dependent care payments	W-2
Direct rollovers	1099-R, 5498
Direct sales of consumer products for resale	1099-MISC
Directors fees	1099-MISC
Discharge of indebtedness	1099-C
Dividends	1099-DIV
Education IRA contributions	5498
Education IRA distributions	1099-R
Education loan interest	1098-E
Employee business expense Reimbursement	W-2
Employee compensation	W-2
Excess deferrals, excess contributions, distributions of	1099-R
Fees: Employee	W-2
Fees: Nonemployee	1099-MISC
Fishing boat crew members proceeds	1099-MISC
Fish purchases for cash	1099-MISC
Foreign persons U.S source income	1042-S
401(k) contributions	W-2
404(k) dividend	1099-DIV
Gambling winnings	W-2G
Golden parachute: Employee	W-2
Golden parachute: Nonemployee	1099-MISC
Grants, taxable	1099-G
Health care services	1099-MISC
Income tax refunds, state and local	1099-G
Indian gaming profits paid to tribal members	1099-MISC
Interest income	1099-INT
Interest, mortgage	1098
IRA contributions	5498
IRA distributions	1099-R
Life insurance contract distributions	1099-R, 1099-LTC
Liquidation, distributions in	1099-DIV
Loans, distribution from pension plan	1099-R
Long-term care benefits	1099-LTC
Medical savings accounts: Contributions	5498-MSA
Medical savings accounts: Distributions	1099-MSA
Medicare+Choice Medical Savings Accounts: Contributions	5498-MSA
Medicare+Choice Medical Savings Accounts: Distributions	1099-MSA
Medical services	1099-MISC
Mileage: Employee	W-2
Mileage: Nonemployee	1099-MISC
Military retirement	1099-R
Mortgage interest	1098
Moving expense	W-2
Nonemployee compensation	1099-MISC
Nonqualified plan distribution	W-2
Nonqualified plan distribution: Beneficiaries	1099-R
Patronage dividends	1099-PATR
Pensions	1099-R
Points	1098
Prizes: Employee	W-2
Prizes: Nonemployee	1099-MISC
Profit-sharing plan	1099-R
PS 58 costs	1099-R
Punitive damages	1099-MISC
Qualified plan distributions	1099-R
Qualified state tuition program payments	1099-G
Real estate transactions	1099-S
Recharacterized IRA contributions	1099-R, 5498
Refunds, state and local tax	1099-G
Rents	1099-MISC
Retirement	1099-R
Roth conversion IRA contributions	5498
Roth conversion IRA distributions	1099-R
Roth IRA contributions	5498
Roth IRA distributions	1099-R
Royalties	1099-MISC
Timber, pay-as-cut contract	1099-S
Sales: Real estate	1099-S
Sales: Securities	1099-B
Section 1035 exchange	1099-R
SEP contributions	W-2, 5498
SEP distributions	1099-R
Severance pay	W-2
Sick pay	W-2
SIMPLE contributions	W-2, 5498
SIMPLE distributions	1099-R
Student loan interest	1098-E
Substitute payments in lieu of dividends or tax-exempt interest	1099-MISC
Supplemental unemployment	W-2
Tax refunds, state and local	1099-G
Tips	W-2
Tuition	1098-T
Unemployment benefits	1099-G
Vacation allowance: Employee	W-2
Vacation allowance: Nonemployee	1099-MISC
Wages	W-2

Guide to Information Returns.

An Information Return Guide is provided with a list of all the information returns and what is reported on them. 250 or more of any one type of these forms require electronic or magnetic media filing with IRS.

Form	Title	What to Report	Amounts to Report	Due Date to IRS	Due Date to Recipient (unless indicated)
1042-S	Foreign Person's U.S. Source Income Subject to Withholding	Payments subject to withholding under Chapter 3 of the Code, including interest, dividends, royalties, pensions and annuities, gambling winnings, and compensation for personal services.	All amounts, except $10 or more for interest on U.S. deposits paid to Canadian nonresident aliens.	March 15	March 15
1098	Mortgage Interest Statement	Mortgage interest (including points) you received in the course of your trade or business from individuals and reimbursements of overpaid interest.	$600 or more	February 28	(To Payer/Borrower) January 31
1098-E	Student Loan Interest Statement	Student loan interest received in the course of your trade or business.	$600 or more	February 28	January 31
1098-T	Tuition Payments Statement	Qualified tuition and related expenses, reimbursements or refunds, and scholarships or grants (optional).	See instructions	February 28	January 31
1099-B	Proceeds from Broker and Barter Exchange Transactions	Sales or redemptions of securities, futures transactions, commodities, and barter exchange transactions.	All amounts	February 28	January 31
1099-C	Cancellation of Debt	Cancellation of a debt owed to a financial institution, the Federal government, a credit union, RTC, FDIC, NCUA, a military department, the U.S. Postal Service, the Postal Rate Commission, or any organization having a significant trade or business of lending money.	$600 or more	February 28	January 31
1099-Div	Dividends and Distributions	Distributions, such as dividends, captial gain distributions, or nontaxable distributions, that were paid on stock, and liquidation distributions.	$10 or more, except $600 or more for liquidations	February 28	January 31
1099-G	Certain Government and Qualified State Tuition Program Payments	Unemployment compensation, state and local income tax refunds, agricultural payments, taxable grants, and earnings from a qualified state tuition program (QSTP).	Any amount for a QSTP; $10 or more for refunds and unemployment; $600 or more for all others.	February 28	January 31
1099-INT	Interest Income	Interest Income.	$10 or more ($600 or more in some cases)	February 28	January 31
1099-LTC	Long Term Care and Accelerated Death Benefits	Payments under a long term care insurance contract and accelerated death benefits paid under a life insurance contract or by a viatical settlement provider.	All amounts	February 28	January 31
1099-MISC	Miscellaneous Income (Also, use this form to report the occurrence of direct sales of $5000 or more of consumer goods for resale.)	Rent or royalty payments; prizes or awards that are not for services, such as winnings on TV or radio shows.	$600 or more, except $10 or more for royalities	February 28	January 31
		Payments to crew-members by owners or operators of fishing boats including payments of proceed from sale of catch.	All amounts
		Payments to a physician, physician's corporation, or other supplier of health or medical services. Issued mainly by medical assistance programs or health and accident insurance plans.	$600 or more
		Payments for services performed for a trade or business by people not treated as its employees. Example: fees to subcontractors or directors, and golden parachute payments.	$600 or more
		Fish purchases paid in cash for resale.	$600 or more
		Substitute dividend and tax-exempt interest payments reportable by brokers	$10 or more
		Crop Insurance proceeds	$600 or more
		Gross Proceeds paid to attorneys	All amounts
1099-MSA	Distributions From an MSA or Medicare+Choice MSA	Distributions from a medical savings account (MSA) or Medicare+Choice MSA	All amounts	February 28	January 31
1099-PATR	Taxable Distributions Received From Cooperatives	Distributions from cooperatives to their patrons.	$10 or more	February 28	January 31
1099-R	Distributions From Pensions, Annuities, Retirement or profit-sharing Plans, IRAs, Insurance Contracts, Etc.	Distributions from retirement or profit-sharing plans, any IRA, or insurance contracts, and IRA recharacterizations.	$10 or more	February 28	January 31
1099-S	Proceeds From Real Estate Transactions	Gross proceeds from the sale or exchange of real estate	Generally, $600 or more	February 28	January 31
4789	Currency Transaction Report	Each deposit withdrawal, exchange or currency, or other payment or transfer by, through, or to financial institutions (other than casinos)	Over $10,000	15 days after date of transaction
5471	Information Return of U.S. Persons With Respect To Certain Foreign Corporations	U.S. Persons who are officers, directors, or shareholders in certain foreign corporations report information required by sections 6035, 6038, and 6046 and to compute income from controlled foreign corporations under sections 951-964.	See form instructions	Due date of income tax return	None
5472	Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business	Transactions between a 25% foreign-owned domestic corporation or a foreign corporation engaged in a trade or business in the United States and a related party as required by sections 6038A and 6038C.	See form instructions	Due date of income tax return	None
5498	IRA Contribution Information	Contributions (including rollover contributions) to any Individual retirement arrangement (IRA) including SEP, SIMPLE, Roth IRA, and Ed IRA; Roth conversions; IRA recharacterizations; and the fair market value of the account.	All amounts	May 31	(To Participant) For value of account and for education IRA contributions, January 31; for all other contributions, May 31
5498-MSA	MSA or Medicare+Choice MSA Information	Contributions to a medical savings account (MSA) and the fair market value of an MSA or Medicare+Choice MSA.	All amounts	May 31	(To Participant) May 31
8027	Employer's Annual Information Return of Tip Income and Allocated Tips	Receipts from large food or beverage operations, tips reported by employees, and allocated tips	See separate instructions	Last day of February	Allocated tips are shown on Form W-2, due January 31
8300	Report of Cash Payments Over $10,000 Received in a Trade or Business	Payments in cash (including certain monetary instruments) or foreign currency received in one transaction, or two or more related transactions, in the course of a trade or business. Does not apply to banks and financial institutions filing Form 4789, and casinos that are required to report such transactions of Form 8362, Currency Transaction Report by Casinos, or, generally, to transactions outside the United States.	Over $10,000	15 days after date of transaction	(To Payer) January 31
8308	Report of a Sale or Exchange of Certain Partnership Interests	Sale or exchange of a partnership interest involving unrealized receivables or inventory items.	(Transaction only)	Generally attach to Form 1065 or 1065-B	(To Transferor and Transferee) January 31
W-2G	Certain Gambling Winnings	Gambling winnings from horse racing, dog racing, jai alai, lotteries, keno, bingo, slot machings, sweepstakes, wagering pools, etc.	Generally, $600 or more; $1,200 or more from bingo or slot machines; $1,500 or more from keno	February 28	January 31
926	Return by a U.S. Transferor of Property to a Foreign Corporation	Transfers of property to a foreign corporation and to report information under section 6038B.	See form instructions	Attach to tax return	None
W-2	Wage and Tax Statement	Wages, tips, other compensation; social security, Medicare, withheld income taxes; and advance earned income credit (EIC) payments. Include bonuses, vacation allowances, severance pay, certain moving expense payments, some kinds of travel allowances, and third-party payments of sick pay.	See separate Instructions	To SSA Last day of February	January 31
TD F 90-22.1	Report of Foreign Bank and Financial Accounts	Financial interest in or signature or other authority over a foreign bank account, securities account, or other financial account.	Over $10,000	To Treasury Dept. June 30	None

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