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Getting To Know The 1099 Form

Article by Paul Wise

Did you know that the 1099 Form comes in, well, many forms? It’s likely that, most people wouldn’t have, if they even know what a 1099 is! All things considered, the vast greater part of folks in the country simply don’t have to deal with it whatsoever, so it wouldn’t be surprising that they not only didn’t know that the form can take, uh, many forms but, also, that such a form exists in the first place!

Before getting to that, we may recognize our great government to be genuinely suspicious of everyone’s activities due to former problems, but the largest laws remains which is the aforementioned forms. There are many distinctive types of forms with their own unique surveys. Some could find filling out applications to be rather strenuous and outrageous but it is only to keep a record of the residents, employers, etc. in such way that if an accident occurred and data would be needed promptly, yes we can thank forms for all of that.

But thanks to the gloomy economy, the IRS 1099 Form is becoming ever more well-known each day. That’s because ever more companies are outsourcing contrary to hiring, which is to say they get many jobs done not with employees but via independent contractors, people who file a 1099.

This kind of worker is becoming progressively popular with companies because they cost a lot less than employees. The main difference between an employee and an independent contractor lies in the benefits enjoyed by the employee, perks such as healthcare coverage and pension plans. “1099ers,” as independent contractors are recognized, typically are not accorded such generosity and cost a company a lot less.

As might be thought, a range of independent contractors can exist, and so a assortment of forms has come into everyday life to reflect their different tax circumstances. Thus there is the 1099-B which is often used to report redemptions and surrenders from certain non-retirement accounts. The 1099-R, on the other hand, is applied to report distributions from retirement accounts in the United States. Many are preferably aptly named, such as the 1099-G for government payments and the 1099-MISC for miscellaneous income.

There are even unforeseen types such as the RRB-1099 and RRB-1099R linked to payments from the Railroad Retirement Board. The 1099 series of IRS forms even contains those whose names tend not to bear the numerals “1099,” such as the 1042-S for the United States income of a foreigner and the SSA-1042S for social security benefits to nonresident aliens. There is also a W-2G for certain proceeds earned through gambling!

Most, however, are pretty “straight-forward,” just like the 1099-A regarding the acquisition or abandonment of secured property and the 1099-C where debt termination is involved. But no matter the version, all 1099 series forms are used to report calendar-year income, regardless of the basis of the fiscal year used for other IRS purposes.

 

Article by Paul Wise. When it comes to the 1099 form, Paul recommends 1099-form.net for great advice on 1099 Form for you.

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