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What is a 1099?
A 1099 form is a tax form used in the United States to report various types of income other than wages, salaries, and tips. The most common types of income reported on a 1099 form include:
- Interest income (1099-INT)
- Dividend income (1099-DIV)
- Unemployment compensation (1099-G)
- Social Security benefits (1099-SSA)
- Retirement plan distributions (1099-R)
- Miscellaneous income (1099-MISC)
- Self-employment income (1099-MISC)
- Rent income (1099-MISC)
- Royalty income (1099-MISC)
- Agricultural payments (1099-MISC)
If you receive income that is reportable on a 1099 form, you may be required to report it on your tax return and pay taxes on it. It is important to keep track of all your 1099 forms and report them accurately on your tax return to avoid any potential issues with the Internal Revenue Service (IRS).
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