Form 1099-MISC

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Form 1099-MISC

A form one files with the IRS on which one reports royalties, lotteries, commissions, golden parachute payments, income earned by an independent contractor, and similar payments. The person earning this income receives a copy of the 1099-MISC, which he/she uses to determine income for filing his/her own taxes.
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The third step is to determine whether the attorney or law firm receiving part of the award or settlement should be issued form 1099MISC.