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No matter what time of year it is, tax day is always looming. Learn how what situations require IRS form 1099, who is required to complete these, and how to account for 1099 income on your tax return.
1099 forms, or Information Returns, are tax forms used to report income, other than the standard wages and tips found on W-2 forms, to the United States Internal Revenue Read More
A 1099 is an IRS form that states how much was paid to an independent contractor for the year. A business pays employees a salary or hourly and withholds taxes and Read More
You've received a mysterious document with the number "1099" on it. There are some intriguing letters after the number--INT, MISC, SA, or something else. If Read More
The Internal Revenue Services (IRS) 1099-MISC form is used to report miscellaneous income that does not fall in the category of salary, wages or tips. The form is used to Read More
The Internal Revenue Service (IRS) requires all businesses to document non-employee payments, larger than $600, made to individuals or other businesses during the year. Read More
The IRS frequently states that the tax system in the United States is based largely on voluntary reporting of income by tax payers. However, there are some major Read More
To file taxes accurately, keep payroll stubs, 1099 forms, W2s, receipts for everything that was spent and a record of any currency gains or losses. Put all tax information Read More
Preparing for income tax filing requires gathering all W-2 forms, all 1099s and 1098s, any medical bills and medical insurance payments, and all expenses related to Read More
Filing taxes is easier than you think. The process starts when you receive your W-2, 1099, interest- and dividends earned-statements, and tax booklet. You can download the Read More
The IRS has an information program that requires businesses to file certain information returns. The various 1099 forms are part of this program. Businesses are required Read More
Not all interest income is taxed the same way. There are a few different kinds of interest income and they are reported in different boxes on the 1099-INT. This article Read More
Knowing how 1099-R forms differ from a plain 1099 or even a standard W-2 is crucial to protecting your investments when filing your taxes each year. Here are some common Read More
IRS Form 1099-A, entitled "Acquisition or Abandonment of Secured Property," is sent to taxpayers who abandoned a home or had a home re-acquisitioned by a bank. If a bank is Read More
Many investors who receive dividend income are confused by the way this income is broken down on the 1099-DIV form. This article explains how to interpret the numbers in Read More
IRS Form 1099-S, entitled "Proceeds From Real Estate Transactions," is sent to persons who have sold or exchanged most kinds of real estate; the closing attorney or other Read More
IRS Form 1099-C, entitled "Cancellation of Debt," is sent to taxpayers who were insolvent and had their debt(s) canceled by a creditor. The cancelled portion of the unpaid Read More
IRS Form 1099-SA, titled "Distributions From an HSA, Archer MSA, or Medicare Advantage MSA," is sent to those taxpayers who received monetary disbursements from health Read More
IRS Form 1099-H, titled "Health Coverage Tax Credit (HCTC) Advance Payments," is sent to those taxpayers who received advance monetary disbursements from healthcare Read More
IRS Form 1099-CAP, entitled "Changes in Corporate Control and Capital Structure," is sent to stockholders of a corporation that experienced a change in control or capital Read More
IRS Form 1099-OID, titled "Original Issue Discount," is sent to those taxpayers who received an excess of an obligation's stated redemption price at maturity over its issue Read More
1099's: Tax Time is Coming
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