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1099 Tax Forms – Choose the Right One for Your Requirement
The 1099 tax forms are used to report any kind of income that other than wages, salaries or tips. Typically this form is likely to be used by corporates to document payments made to independent contractors. The 1099 IRS tax form is required to be filed for each and every contractor that has received more than $600 from the company in the said accounting period. Companies that file less than 250 independent 1099 forms can do so using regular printed forms. Those that need to file more than 250 1099 tax forms are required to use magnetic media online 1099 forms. The 1099 forms are used for purposes other than just services rendered by contractors. Therefore, the income tax 1099 form is available in different types. Each of these is required to be used for a specific purpose.
Different Kinds of Online 1099 Forms
There are about twenty three 1099 tax forms that are available at the IRS site. Separate forms need to be used for cancellation of debt, proceeds from brokers, health insurance advance payments, government payments, long term care benefits, and payments from qualified education programs, proceeds from real estate transactions and more. The most common types of 1099 forms used include 1099-INT, 1099-MISC, 1099-S, 1099-B and 1099-H.
Most Popular 1099 Tax Forms
The 1099-MISC form is used for any kind of miscellaneous payment. This is the form that is used for independent contractors. The 1099-INT form is used to declare any kind of interest income and 1099-S is used for proceeds from real estate transactions. 1099-H is the form that needs to be used when making health insurance advance payments and 1099-B is used to declare proceeds from broker or barter transactions. Each of these options are available in various formats at Printez.com