1099

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1099

A statement sent to the IRS and taxpayers by the payers of dividends and interest and by issuers of taxable original issue discount securities.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

1099

A form that payers of dividends send to payees and to the IRS declaring the dividends, interest, and similar payments made to the payees in a given tax year. Taxpayers report income listed on a 1099 on their 1040 forms when calculating their tax liabilities.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

1099

The IRS form for reporting payments made to independent contractors or interest earned on investments or bank accounts. The person completing the form supplies copies to the party receiving the payments and to the IRS and state and local taxing authorities.If one's tax return does not disclose income reported on a 1099, there is a high likelihood of an audit. Real estate agents typically receive 1099s from their brokers for commissions earned during the prior year.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
However, for tax year 2009, Citibank started issuing Forms 1099 to various customers.
Payments not reportable on Forms 1099 tend to be ignored by taxpayers and thus escape taxation." (17)
Two vendors reported prices for preparing and filing Forms 1099 of about $10 per form for 5 forms to about $2 per form for 100 forms, with one charging about $0.80 per form for 100,000 forms.
As a result, typically a payor will have to file Forms 1099 for just five or ten of the transactions conducted annually.
These include Forms W-2 showing wages from employment and Forms 1099 showing compensation from any independent contracting work you performed.
The concern is that attorneys are going to be receiving Forms 1099 for very large amounts, of which only a portion is actually attorneys' fees.
The Continuing Issue of Late and Amended Forms 1099
Give annual information statements (Forms 1099) to recipients of certain payments you made during 2012.
[o]ther information returns are required with respect to some or all of a payment under other applicable provisions of the Internal Revenue Code and the regulations thereunder." The preamble explains that the exception [to reporting contemplated] in section 6045(f)(2)(B) is limited to situations where the amount of the attorney fee is already reportable to the attorney as income or wages."(9) Hence, the proposed regulations generally contemplate that multiple Forms 1099 (or a Form W-2 and a Form 1099) will be issued to different parties for the same (or included) amounts arising from the same transaction or payment.
Unlike with other Forms 1099, the IRS may be unable to verify a Form 1099-K amount based on a taxpayer's income tax return without first requesting additional information from the taxpayer.
With this announcement in place, why did Citibank file Forms 1099 to report the miles as income?
One alternative method allows the trustee of the trust to file Forms 1099 in lieu of a Form 1041 (see Regs.