Each January, your mailbox and email are likely filled with tax forms. You'll receive a W-2 reporting your wages if you work for an employer. But if you do any self-employed or freelance ...

Other types of income, whether from contract work or investment income, get reported via a 1099 form. These 1099 forms start hitting your mailbox (and/or email inbox) in January (and even December ...

Don't panic. Here's what you need to know about this tax from. The IRS said the 1099-K form is a report of payments you received for goods or services during the year if you made any money or ...

Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation.

However, in the 2020 tax year, the IRS introduced Form 1099-NEC, which must now be used to report nonemployee compensation of $600 or more. We’ll explain the differences between Form 1099-MISC and ...

If you receive Social Security benefits, you’ll need the SSA-1099 form (or SSA-1042S for noncitizens) for tax filing. These forms are mailed in January, but if lost or missing, replacements can be ...

If you sell goods or services or rent property, and get paid through Venmo, PayPal, Cash App or another payment app, you may have been surprised by a Form 1099-K this year. Here’s why you might ...

But in 2025, that number is expected to soar. The IRS announced the reporting threshold for the 1099-K form will drop from $20,000 to $5,000 this tax filing season, plummeting each year until $600.

A 1099 form is a record that an entity or person ... Income from prizes and awards is an example of what goes on a 1099-MISC. 1099-NEC: In 2020, the IRS reintroduced the 1099-NEC, which companies ...

bymuratdeniz / Getty Images Form 4797 is used for reporting gains made from selling or exchanging business property. Form 4797: Sales of Business Property is a tax form distributed by the Internal ...

Form 1099-C reports canceled debt to the IRS when a creditor has forgiven or erased a balance owed so a taxpayer no longer has to pay it. What Is Form 1099-C: Cancellation of Debt? Lenders must ...