I know what a few have to due with..like 1099G. I keep seeing all the questions about 1099s and the extensions companies got to file them. What are they and how do you know if you have one coming to you?
2007-01-30 06:13:18 · 9 answers · asked by ~kim~ 1 in Business & Finance ➔ Taxes ➔ United States
1099's are sent out for any monies recieved without taxes being deducted. Most often these are for independent contractors or gambling winnings. the 1099's are sent to the IRS so make sure you add these to your income or else the MAN will come a knockin.
2007-01-30 06:18:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The various 1099 forms are used for income other than wages salaries and tips, including independant contractor payments.
"Form 1099 is a form promulgated by the Internal Revenue Service (IRS) and is used in the United States income tax system to prepare and file an information return to report various types of income other than wages, salaries, and tips (for which Social Security Administration Form W-2 is used instead)."
2007-01-30 14:20:44 · answer #2 · answered by Betsy 7 · 1⤊ 0⤋
Form 1099 is the way to report different types of income such as dividends (1099-DIV), interest (1099-INT), non-employee compensation (1099-MISC) or tax refunds & unemployment income (1099-G).
YOU MUST REPORT THIS INCOME.
You might not have them all yet since they don't have to be mailed until 1/31/2007. Don't listen to "evil twin" - doesn't know about dates.
2007-01-30 14:34:15 · answer #3 · answered by Dizney 5 · 0⤊ 0⤋
If you're getting one, you should have gotten them be now.
A company has untill 1/31 to get them out.
1099 are forms that bascially let the IRS know about income receive from sources other then your paycheck.
It's to cut down on what the IRS calls the "underground economy".
1099-C -- cancelled debts
1099-INT -- interest received
1099-DIV -- revenue from interest on stocks and mutual funds
1099-MISC -- payment of $600 or more to an individual over the course of one year. (i.e., side jobs, affilliate programs, contest winnings, etc.)
Check the link for some more.
2007-01-30 14:26:51 · answer #4 · answered by evil_twin 2 · 0⤊ 1⤋
I got one from my bank- when you make more than $10 interest from bank accounts, they mail you a 1099.
2007-01-30 14:16:32 · answer #5 · answered by kellilicious5 3 · 1⤊ 0⤋
1099-INT to report interest income
1099-DIV to report dividend income
1099-B to report proceeds from the sale of stocks and bonds
1099-G to report payments made to you by a government agency
1099-R to report distributions from pensions (required to be attached to your tax return when filed, BUT ONLY when there is federal withholding on it)
1099-S to report proceeds from the sale of real property
1099-C to report debt cancellation/forgiveness
1099-MISC to report everything else
2007-01-30 14:19:16 · answer #6 · answered by jseah114 6 · 3⤊ 0⤋
This will give you all the details about it:
http://www.investopedia.com/search/results.aspx?q=1099&submit=Go
2007-01-30 14:21:34 · answer #7 · answered by TroubleRose 6 · 0⤊ 0⤋
They're Income Tax forms for people who have worked the previous year, but have had no taxes taken out. That explains who would get them, too.
2007-01-30 14:22:43 · answer #8 · answered by Bud's Girl 6 · 0⤊ 0⤋
Isn't that a tax return form? I would talk to a tax person, this stuff drives me nuts.
2007-01-30 14:18:29 · answer #9 · answered by mikearion 4 · 0⤊ 2⤋