Independent contractors, the IRS, and some state governments need 1099 forms. Learn how to report non-employee compensation.

You might receive this document if you have freelance work, investment income, retirement distributions or other financial ...

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

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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 ...

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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.

The IRS delayed this new reporting requirement in 2022 and again in 2023. Why? Distinguishing ... you'll likely receive a 1099-NEC tax form for nonemployee compensation that details your earnings.

People can get a 1099 form for different reasons. For example, freelancers, independent contractors, and other gig workers often get a 1099-NEC from their clients outlining their income earned.