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Form 1099 is also used to report interest (1099-INT), dividends (1099-DIV), sales proceeds (1099-B) and some kinds of miscellaneous income (1099-MISC). Blank 1099 forms and the related instructions can be downloaded from the IRS website. The following table provides information for each variant.
1099-B. Proceeds from broker and barter exchange transactions. All amounts. Feb. 15. Feb. 28 (paper filing) March 31 (electronic filing) 1099-C. Cancellation of debt. $600 or more. Jan. 31.
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
Forms 1099-DIV, 1099-B and 1099-OID report various investment income and transactions. Form 1099-MISC reports a variety of payments including rent , crop insurance proceeds, so-called " golden parachute " payments, royalties , payments for medical treatment, income from fish that are sold for cash, and payments for business services.
A 1099 tax form is a statement that details an amount of money that you were paid. Learn about this important tax document and the different 1099 versions.
In an employer–employee arrangement, Forms W-9 and 1099 should not be used. Instead, the corresponding Form W-4 (to provide information) and Form W-2 (to report the amount paid) should be filed instead. [5] However, an employer may still send Form W-9 to have the information on record that the payee does not need to be sent a Form 1099.
For instance with Form 1099, each variant (such as Form 1099-MISC and Form 1099-K) is treated as a different form. In box 6 on Form 1096, only one box should have an "X" mark in it. [ 1 ] Even if only one instance of each form was prepared, Form 1096 must be used.
The distinction between independent contractor and employee is an important one in the United States, as the costs for business owners to maintain employees are significantly higher than the costs associated with hiring independent contractors, due to federal and state requirements for employers to pay FICA (Social Security and Medicare taxes) and unemployment taxes on received income for ...
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