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Form 1099: What you need to know

A 1099 form is a tax form about which is little known by the average person.

The 1099 has quite a few different purposes. The first purpose is that of the independent contractor, which we’ve explored the details of in a previous blog post. Those who are self-employed or freelance are given 1099 forms by employers that pay them over a certain amount of money per... tax year.

The 1099-MISC is used to signify income from such business ventures as rental properties, winnings from gambling and other lottery type contests, and other miscellaneous income.

Another type of the 1099 is the 1099-INT which specializes in reporting income earned from interest on interest earning checking accounts, savings bonds that you’ve redeemed, or savings accounts.

The 1099-C is for reporting cancelled debt. For example, if you’ve settled a debt for far less than the amount owed, you must file this form to report your savings to the IRS.

The form 1099-S is used for reporting money that you’ve earned from the sale of real estate.

The 1099-DIV is given to investors whose stocks and or bonds have paid out dividends over the tax year.

Another type of this form is the 1099-B which is used to report income acquired from the sale of stocks, bonds, and mutual funds.

The 1099-R is used for reporting monetary gain by way of IRA distributions, 401K liquidations, or pension payments.

1099-G. Certain Government Payments such as unemployment compensation.

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