what is a 1099 form?
2007-02-07 03:43:44 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
A 1099 is a form used to show any form of payment made to individuals or business that are not wages. They are used for a large number of different things such as contractors (non-employee compensation), rents, royalties, Interest paid (from banks, etc) or dividends paid to name a few.
2007-02-07 03:49:13 · answer #1 · answered by hdsok 2 · 0⤊ 1⤋
1099 are used to report payments to the IRS, the IRS then runs a matching programs to verify that the people that they have with reported income reported it on their tax returns.
They report different things.
1099 Int reports interest
1099 Div - Dividends
1099 S - Sale of real estate (usually)
1099 G - state tax refund
1099 R - retirement account distributions
1099 B - Stock sales
There are others but you get the idea.
2007-02-07 11:53:30 · answer #2 · answered by Jerry 3 · 1⤊ 0⤋
A 1099 is a form stating your earnings that were untaxed. The earnings must be reported to the IRS (the person/company sending you the 1099 has already sent a copy to the IRS). You are responsible for paying taxes on the amount earned, if over a certain amount.
2007-02-07 11:47:24 · answer #3 · answered by Enchanted 3 · 0⤊ 1⤋
There are different types.
They show various kinds of income that need to be reported on your return.
2007-02-07 11:47:38 · answer #4 · answered by Wayne Z 7 · 1⤊ 1⤋
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2007-02-07 12:45:52 · answer #5 · answered by toyplayday 1 · 0⤊ 0⤋