Definition of a 1099 Tax Form

An Internal Revenue Service (IRS) form with which an individual reports his or her distributions from annuities, profit-sharing plans, retirement plans, IRAs, insurance contracts and/or pensions. The following are some of the items included on the form: the gross distribution paid during the given tax year, the amount of the distribution that is taxable, the federal income tax that has been withheld, the contributions made to the investment or premiums paid, and a code that represents the type of distributions made to the holder of the plan.
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When you're filing your taxes, you have to organize all financial paperwork for your 1040 to be filed correctly. Many people are familiar with W-2s, but they may not be aware of another financial ...
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Form 1099 is used to report a wide variety of taxable income, such as interest, dividends, stock sales, and self-employment income.