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Who Receives a 1099 Tax Form?

Who Receives a 1099 Tax Form? thumbnail
Knowing about 1099 forms prepares you for paying your own taxes.

Employers and businesses use a variety of tax forms for filing and documenting revenue and financial information. One such tax form is Form 1099. A type of information form as opposed to a tax return, the 1099 allows the IRS to keep track of your earnings. Does this Spark an idea?

  1. Who Files

    • People who must file 1099 tax forms are independent contractors or are self-employed. These careers include acting and freelance writing. Lawyers and doctors also complete a 1099 for private practices.

    Types

    • Various types of 1099 forms exist such as 1099-A, 1099-B, 1099-Q and 1099-PATR. However, many employers and corporations opt to give a combined 1099 form to contractors to save on paper and time.

    Purpose

    • Filing a 1099 tax form makes an independent contractor responsible for her own taxes at the end of each fiscal year. This means the employer isn't withholding taxes from your earnings and you must pay the IRS personally.

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  • Photo Credit A businessman calculating expenses at tax time image by Christopher Meder from Fotolia.com

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