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Chicago Illinois Form 1099-MISC: What You Should Know

Forms 1099-K and 1099-KM, if taxable compensation is reported on a Forms W-2 as well as Forms 1099-MISC or 1099-R. Income Tax Withholding | Tax Center for Services to the Unemployed (FOCUS) W-2s & 1099-MISC | Illinois Department of Revenue (IDOL) Other Forms Required For Illinois Individuals | Illinois.gov Misc. Tax Forms | Finance / Tax Center for Services to the Unemployed (FSU) The University of Chicago does not withhold income tax on certain amounts of Form W-2, W-2c, and Forms 1099-MISC that were paid or incurred by a student who attended the University of Chicago in a regular, full-time course of studies. The University of Chicago offers two different tax exclusion formulas by which these payments may be excluded: a student contribution exclusion for payments from a University student organization; and a student contribution exclusion for other kinds of tuition payments. Income Taxes on Qualified Education Reimbursement Payments | Federal Tax Center for Services to the Unemployed (FSU) Forms and Publications | Illinois.gov Online Income Tax Forms | Illinois.gov The following is also required to be reported on federal income tax returns: I-20 | IRS For more information on income tax withholding, see IR-6269  Other Forms Required For Illinois Individuals | Illinois.gov Employment Taxes/Wages | Financial Services If you have an Illinois employer, you must report employment taxes on income tax forms and reports. If you have an Illinois individual, you must report your Illinois unemployment taxes on income tax forms and reports. A. General Information 1. What are employment tax and unemployment tax withholding? Illinois does not have state income tax or employment tax withholding. In Illinois, all wages and salaries must be “compensated” using federal unemployment tax refunds. 2. How to report withholding. Illinois does not have a separate withholding schedule for unemployment taxes and Illinois tax withholding are reported on Form W-2S (which has a separate column for employment taxes). Illinois must also report any wages earned in Illinois. However, there is no minimum wage requirement to report federal unemployment tax withholding. For federal Social Security and Medicare taxes, a minimum amount that should be reported is 1,720. This is for the calendar year.

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