Certain IRS forms, like W-2 and 1099, have become such common English words in the US that I think few people stop to think about these arbitrary form numbers and what system, if any, might be used to decide upon them.
For example, there are several “W forms” that I know about:
W-2: Earnings and withholdings statement from your employer
W-3: Summary of W-2s which is compiled by each employer and sent to the IRS
W-4: You fill this thing out to figure out how much withholdings to, err, withhold.
W-9: I’ve heard of this one but don’t know what it’s for.
Why “W?” Perhaps it stands for “wage-slave.” And was there ever a W-1?
And then the rest seem to be four digit numbers, most of which begin with 10.
1099: Income from various sources including several subspecies:
[ul]
[li]1099-INT for interest income[/li][li]1099-DIV for divident income[/li][li]1099-MISC for non-employee compensation (I get a lot of these)[/li][/ul]
1098: Mortgage interest which is tax-deductable.
1040: The center of the known Universe.
The 1040 itself, if you’re using the hard version, has several optional “schedules” for reporting things.
Schedule C: P&L for business,
Schedule D: Capital gains/losses,
I’m assuming there are lots of other Schedules which I haven’t heard of.
So, surely there must be some method to this madness. What’s the dope?