tax returns & the 1099

tackling income taxes

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what's in this lesson?

Ever driven an uber? Freelanced for your friend’s sticker company? Well, that means you’re a contract employee and you need to familiarize yourself with a 1099. There are other 1099s too – from earning interest interest income, to retirement account income, and more. We’ll talk you through the main ones you might need to worry about.

tax returns & the 1099

tackling income taxes

Share

Share on facebook
Share on twitter
Share on linkedin
Share on email

what's in this lesson?

Ever driven an uber? Freelanced for your friend’s sticker company? Well, that means you’re a contract employee and you need to familiarize yourself with a 1099. There are other 1099s too – from earning interest interest income, to retirement account income, and more. We’ll talk you through the main ones you might need to worry about.

tax returns & the 1099

tackling income taxes

Ever driven an uber? Freelanced for your friend’s sticker company? Well, that means you’re a contract employee and you need to familiarize yourself with a 1099. There are other 1099s too – from earning interest interest income, to retirement account income, and more. We’ll talk you through the main ones you might need to worry about.

overview

Tax returns & the 1099

The 1099 is an essential form for certain types of income, from work as a contract employee, to interest income, retirement account income, and more. We’ll talk you through the main ones you might need to worry about.

 

What is a 1099?

Form 1099 is another important one. This form reports income to the IRS that is outside of a salaried job. You as the taxpayer are not responsible for filling out the 1099, rather your employer or a financial institution would issue the 1099 form for you.

 

Types of 1099s

The most common 1099 forms are as follows:

 

  • 1099-MISC – if you run a business as a self-employer and have clients, they will send you a 1099-MISC if they paid you more than $600. Or if you worked as an independent contractor for an employer, you’ll be receiving this form, as well.
  • 1099-DIV – you’ll get this form if you are getting dividend payments from a mutual fund or stocks you own.
  • 1099-INT – Did you know your bank accounts can often earn interest? You get paid for just letting your money sit there! If you are earning from a checking or savings account, your bank will send you a 1099-INT.
  • 1099-R – Earning as you save for retirement? Sometimes a source of retirement income that pays you out, like, for example, an IRA, will mean you are receiving a 1099-R.

 

These are just a few of the many 1099 forms, and they can definitely get complicated and be a lot to manage, especially if you’ve held multiple contract jobs in a year. Make sure you do your best to keep track! Forgetting a 1099 is not fun… but it’s definitely a good way to get yourself on the IRS’s most wanted list.

 

Kidding! We’re kidding.

 

Source(s): IRS

How's it going?

resources

overview

Tax returns & the 1099

The 1099 is an essential form for certain types of income, from work as a contract employee, to interest income, retirement account income, and more. We’ll talk you through the main ones you might need to worry about.

 

What is a 1099?

Form 1099 is another important one. This form reports income to the IRS that is outside of a salaried job. You as the taxpayer are not responsible for filling out the 1099, rather your employer or a financial institution would issue the 1099 form for you.

 

Types of 1099s

The most common 1099 forms are as follows:

 

  • 1099-MISC – if you run a business as a self-employer and have clients, they will send you a 1099-MISC if they paid you more than $600. Or if you worked as an independent contractor for an employer, you’ll be receiving this form, as well.
  • 1099-DIV – you’ll get this form if you are getting dividend payments from a mutual fund or stocks you own.
  • 1099-INT – Did you know your bank accounts can often earn interest? You get paid for just letting your money sit there! If you are earning from a checking or savings account, your bank will send you a 1099-INT.
  • 1099-R – Earning as you save for retirement? Sometimes a source of retirement income that pays you out, like, for example, an IRA, will mean you are receiving a 1099-R.

 

These are just a few of the many 1099 forms, and they can definitely get complicated and be a lot to manage, especially if you’ve held multiple contract jobs in a year. Make sure you do your best to keep track! Forgetting a 1099 is not fun… but it’s definitely a good way to get yourself on the IRS’s most wanted list.

 

Kidding! We’re kidding.

 

Source(s): IRS

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