1099 Form

This is a series of IRS documents used to report various types of income other than wages, salaries, and tips. For freelancers, the most relevant are 1099-NEC and 1099-MISC.

What is a 1099 form?

A 1099 form is a tax form used to report various types of income received throughout the year that is not salary or wages from an employer.

Some common types of income reported on a 1099 form include:

  • Income from freelance work or self-employment
  • Income from investments, such as dividends or interest
  • Income from rental properties
  • Income from certain government payments, such as unemployment compensation or Social Security benefits

Who receives a 1099 form?

If you received any of the types of income listed above, you may receive a 1099 form from the person or entity that paid you.

For example, if you worked as a freelancer for a company and earned more than $600, the company is required to send you a 1099 form reporting the income you received.

What do I do with a 1099 form?

If you receive a 1099 form, you must report the income listed on the form on your tax return.

The income reported on a 1099 form is generally not subject to income tax withholding, so you may need to make estimated tax payments throughout the year to avoid owing a large tax bill at the end of the year.

What is the deadline for filing a 1099 form?

If you are the person or entity that paid the income reported on a 1099 form, you must file the form with the IRS by January 31st of the year following the year in which the income was paid.

If you are the recipient of a 1099 form, you must include the income reported on the form on your tax return, which is typically due by April 15th of the year following the year in which the income was received.

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