What Is a Reportable Transaction for a 1099?

Save
Next Video:
What Kind of Insurance Does an LLC Need?....5

Many different types of transactions are classified as "reportable" when it comes to a 1099. Find out about reportable transactions for a 1099 with help from a business and finance professional in this free video clip.

Part of the Video Series: Business Tips & Insurance Info
Promoted By Zergnet

Comments

Video Transcript

Hi, I'm Ernie Bray, and what constitutes a 1099 reportable transaction? Well, first off, it's defined by the IRS what's reportable. Now, it can be dividends, it can be interest income, miscellaneous income, part of a pension. It's all outlined on the government's website. Now if you get these 1099 forms at the end of the year at the beginning of the tax season, they'll have like a dash S or a dash R or MISC. These are the defined codes from the IRS. Now, what you need to do is meet with a great tax professional, go over these things if you have any questions, and just check with the IRS. Because they can define what a reportable transaction is. Thanks for listening.

Featured

Related Searches

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!