Maximizing Your Tax Return: A Guide to Understanding and Utilizing IRS Forms 1099
Maximizing Your Tax Return: A Guide to Understanding and Utilizing IRS Forms 1099
Published in
2 min readApr 22, 2021
Introduction:
- IRS Forms 1099 are an important part of the tax filing process
- They report various types of income and are matched to your tax return
- It’s important to carefully review and check the accuracy of Forms 1099
What are IRS Forms 1099?
- Forms 1099 are issued by payers to report various types of income
- Examples include 1099-INT for interest, 1099-DIV for dividends, and 1099-MISC for miscellaneous income
- New for 2020 is Form 1099-NEC for independent contractors
- Forms 1099 are matched to your Social Security number and reported to the IRS
How do I receive and use Forms 1099?
- Forms 1099 are usually mailed out at the end of January for the prior calendar year
- Make sure payers have your correct address and file a change of address form with the IRS
- If you don’t receive a Form 1099 that you expect, you can ask the payer for a copy or request a transcript from the IRS
- If you receive a Form 1099 that you think is incorrect, notify the payer and ask for a correction
Conclusion:
- Forms 1099 are an important part of the tax filing process and it’s important to carefully review and check their accuracy
- Don’t ignore Forms 1099 and make sure to report all applicable income on your tax return
- If you have questions or concerns about Forms 1099, reach out to the payer or the IRS for assistance.
