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Does a 1099-K mean I owe money to the IRS? Not necessarily. A 1099-K doesn't differentiate between business transactions and personal transactions — it's simply an informational document showing all the transactions made to you via the payment app.

Form 1098 is used by mortgage lenders to report the amount of interest a borrower has paid during the tax year. This can include mortgage interest, points, and potentially mortgage insurance premiums. In contrast, Form 1099-INT is issued by banks and other financial institutions to report interest income.

Form 1099-B is included in the Consolidated 1099 Tax Statement if securities were sold or redeemed in the account during the tax year. Form 1099-R reports distributions (whether or not rolled over), excess contribution removals, recharacterizations and/or conversions for retirement accounts.

A consolidated Form 1099 combines five separate 1099 forms into one tax reporting document. The tax forms you might see in this consolidated document are 1099-B, 1099-DIV, 1099-INT, 1099-MISC, and 1099-OID. Your consolidated 1099 tax form will show all your reportable income and transactions for the tax year.

Form 1099-K tracks income you receive, usually through credit cards or processors like PayPal, Venmo, Square, Etsy, Uber, or Ebay, for selling goods or providing services. See this TurboTax Help article. Form 1099-R is used to report the distribution of retirement benefits such as pensions and annuities.

Who sends Form 1099-K. Payment card companies, payment apps and online marketplaces are required to fill out Form 1099-K and send it to the IRS each year. They must also send a copy to you by January 31.

You'll most likely report amounts from Form 1099-R as ordinary income on line 4b and 5b of the Form 1040. The 1099-R form is an informational return, which means you'll use it to report income on your federal tax return. If the form shows federal income tax withheld in Box 4, attach a copy – Copy B—to your tax return.