Lots of folks wonder what all the different IRS forms do. So today we will look at a couple of them. The 1040 form along with the 1099 form (two of the more well known forms).
The 1040 form what exactly is it? it is actually a form from the Internal Revenue Service used by individuals for filling out their year’s income tax returns. The 1040 Form comes in many formats such as 1040EZ, 1040A and 1040X each for a different purpose.
The 1099 Form what is it? it’s a form from the Internal Revenue Service used to prepare and file an information return.
What is an information return? An information return is used to report income types excluding salaries, tips as well as wages (in these situations a W2 form would be utilized).
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