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Understanding different types of 1099 forms. ... but the two primary types you need to know are the 1099-MISC and the 1099-NEC. You need to fill out Form 1099-MISC if you paid more than $600 in ...
If you're self-employed, the 1099-NEC form specifically reports Nonemployee Compensation which you may have previously gotten on a 1099-MISC. Watch this TurboTax Support video to learn more. For ...
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
In the United States, any company or organization engaged in a trade or business that pays more than $600 to an independent contractor in one year is required to report this to the Internal Revenue Service (IRS) as well as to the contractor, using Form 1099-NEC. This form includes the money paid, contractor's name, social security number ...
For a variety of reasons some Form 1099 reports may include amounts that are not actually taxable to the payee. A typical example is Form 1099-S for reporting proceeds (not gain) from real estate transactions. The Form 1099-S preparer will report the sales proceeds without regard to the amount of the taxpayer's "basis" in the real estate sold.
If you're self-employed, the 1099-NEC form specifically reports Nonemployee Compensation which you may have previously gotten on a 1099-MISC. Watch this TurboTax Support video to learn more. For ...
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