What is a 1099 Form?
Form 1099 is a form promulgated by the Internal Revenue Service (IRS) and is used in the United States income tax system to prepare and file an information return to report various types of income other than wages, salaries, and tips (for which Social Security Administration Form W-2 is used instead). The term information return is used in contrast to the term tax return although the latter term is sometimes used colloquially to describe both kinds of returns.
Each payer must complete a 1099 for each covered transaction. Three copies are made: one for the payer, one for the payee, and one for the IRS.
Form 1099." Wikipedia, The Free Encyclopedia. 21 Sep 2006, 17:49 UTC. Wikimedia Foundation, Inc. 6 Oct 2006 <http://en.wikipedia.org/w/index.php?title=Form_1099&oldid=77019163>. |