I filled out the CSS Profile for my son. Its asking for tax documents. When they ask for 1099s, do they want all 1099s? like 1099-INT and 1099-R? Just want to make sure I include everything i need to.
That will be on the IDOC.
The school will tell you what they specifically want - or you can ask them.
I would include the 1099 DIV and 1099 INT.
Swarthmore, just as an example, requires any and all of these below but that’s why I note that if you don’t send all, then you should contact the school to find out what they want.
But they are trying to validate your income so they can give you less aid - so it’s likely they’ll want all - so they can see more income.
The 1099 form is a series of documents the Internal Revenue Service (IRS) refers to as “information returns.” There are a number of different 1099 forms that report the various types of income you may receive throughout the year other than the salary your employer pays you. The person or entity that pays you is responsible for filling out the appropriate 1099 tax form and sending it to you by January 31.
- SSA -1099 if you or your parent(s) receive social security income or benefits
- 1099-MISC if you are an independent contractor; received from each client that pays you above a certain amount each tax year
- 1099-DIV if you own a portfolio of stock investments or mutual funds
- 1099-INT if you have a savings account
- 1099-G if you receive compensation from the U.S. federal government, commonly from unemployment income
- 1099-R if you withdrew from a retirement account
- 1099-C if you receive a cancellation of debt from a creditor