Form 1099 series is used to report various types of income other than wages, salaries, and tips. There are several versions of Form 1099. We currently offer:
Form 1099-MISC, Miscellaneous Income
Used to report rents, royalties, prizes and awards and other fixed determinable income.
Used by banks and other financial institutions to report dividends and other distributions to taxpayers and to the IRS.
Used to report interest income for each person:
To whom you paid amounts reportable in boxes 1, 3, and 8 of at least $10 (or at least $600 of interest paid in the course of your trade or business)
For whom you withheld and paid any foreign tax on interest, or
From whom you withheld (and did not refund) any federal income tax under the backup withholding rules regardless of the amount of the payment.
Used to report wages paid to employees and the taxes withheld from them.
Every employer engaged in a trade or business who pays remuneration for services performed by an employee, including noncash payments, must file a Form W-2 for each employee (even if the employee is related to the employer) from whom:
Income, social security, or Medicare tax was withheld.
Income tax would have been withheld if the employee had claimed no more than one withholding allowance or had not claimed exemption from withholding on Form W-4, Employee’s Withholding Allowance Certificate.
A summary page of all W-2 forms issued by the employer. Anyone required to file Form W-2 must file Form W-3 to transmit Copy A of Forms W-2.