A 1099 form is a tax form used in the United States. It is designed to report income that isn’t paid by an employer. This might include money from freelance work, interest from banks, dividends from stocks, and other similar types of earnings. If you earn money that isn’t from a traditional job, you might receive a 1099 form.
Who Gets a 1099 Form?
If you’ve earned at least $600 through freelancing, contracting, or other non-employee work from a single source, you should expect to receive a 1099 form from the payer. It’s also given for other types of income, like if you earn $10 or more in interest from a bank.
How It Works
The company or person who pays you is responsible for filling out the 1099 form and sending it to you by January 31st. They will also send a copy to the IRS. The form will list how much they paid you during the year. It’s your job to report this income on your tax return.
How to File a 1099 Form
When you receive a 1099 form, you need to include the reported amount on your tax return. If you receive multiple 1099 forms, you must report each one. You won’t send the actual form with your return, but you will use the information to fill out your return properly. Make sure to keep them for your records in case of any discrepancies or if the IRS needs more information.
How Local Tax Can Help
Dealing with 1099 forms can be daunting, especially if you’re managing multiple streams of income or are new to freelancing or contracting. That’s where Local Tax comes in. Located at 9429 Somerset Blvd, Bellflower, CA 90706, our team of tax professionals is ready to assist you from 8 AM to 8 PM daily. Whether you need help understanding which forms you need to fill out, sorting through your deductible expenses, or ensuring that your tax filings are accurate and on time, we are here to help.
For any assistance, don’t hesitate to call us at 562-925-2203 or schedule an appointment here. Our experts are committed to making your tax filing as smooth and stress-free as possible.
