1099 mailed
You've received a 1099 form in the mail!
A 1099 form is a tax document used to report various types of income to the Internal Revenue Service (IRS). The most common types of 1099 forms are:
- 1099-MISC: Miscellaneous Income, used to report payments made to independent contractors, freelancers, and self-employed individuals.
- 1099-INT: Interest Income, used to report interest paid to individuals on bank accounts, bonds, and other investments.
- 1099-DIV: Dividend Income, used to report dividends paid to individuals on stocks and other investments.
- 1099-B: Proceeds from Broker and Barter Exchange Transactions, used to report capital gains and losses from the sale of securities.
If you've received a 1099 form, it's likely because you've earned income from a specific source, such as:
- Freelance work or consulting
- Rent or royalty payments
- Interest on a bank account or investment
- Dividends from stocks or mutual funds
- Capital gains or losses from the sale of securities
What to do with your 1099 form:
- Verify the information: Check the form for accuracy, ensuring that your name, address, and Social Security number or Individual Taxpayer Identification Number (ITIN) are correct.
- Report the income: Report the income from the 1099 form on your tax return (Form 1040). You may need to complete additional forms, such as Schedule C (Form 1040) for self-employment income or Schedule D (Form 1040) for capital gains and losses.
- Keep a copy: Keep a copy of the 1099 form with your tax records, as you may need to refer to it during tax season or in case of an audit.
If you have any questions or concerns about your 1099 form, it's always a good idea to consult with a tax professional or the IRS directly.