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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.
This has led to the phrases "1099 workers" and "the 1099 economy" to refer to those whose income is reported on Form 1099, in contrast to a "W-2 employee" who receives Form W-2. [ 2 ] [ 3 ] Blank 1099 forms and the related instructions can be downloaded from the IRS website.
These are only a few of the federal forms.States have many equivalent forms and reporting requirements. Taken together, these tax information reporting forms touch hundreds of millions of individuals and businesses, and require a large time commitment on the part of businesses, nonprofit organizations, and educational institutions to administer, prepare and file.
These include Forms 1099-NEC and 1099-MISC, which you may receive if you’re self-employed, a gig worker or an independent contractor. You might receive Form 1099-K if you’re invested in a ...
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 ...
Form 1099-NEC reports income that you made working as an independent contractor or as a self-employed individual. Form 1099-G shows income received from unemployment compensation, taxable grants ...
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