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Jacksonville Florida Form 1099-MISC: What You Should Know

There is no separate form reporting wages or business income. The most common tax categories for reporting on 1099s are: Earnings from self-employment Qualified dividends, capital gains, and interest (both income and deductions) Interest expense S Corporation income S Corporation losses Capital gain on sale or exchange of investment assets (see discussion) Other A 1099 is issued once each tax filing season, typically in April, May or June, depending on your filing status. In the future, you might not have to print copies of your 1099 forms, but will still need to keep copies for future filing or reporting purposes. Forms are also issued to report the following: Paying employees at less than the federal minimum wage. Tax withholding for taxes due at the end of the year on withheld amounts for employment taxes including unemployment compensation, retirement, and Medicare. Taxes that were paid on property that you put into service. Capital gains on the sale or exchange of your property or the sale or exchange of your stock. Certain distributions from qualified plans. If a form is issued to report a source of income, you will need to have a copy on file with the appropriate tax return office. The IRS cannot give you a 1099 for any of those sources of income. Categorizing Form 1099s: The IRS issues most forms, including 1099s, using a numeric code that is assigned to each type of income. The numbers that are assigned to each type of taxes in this code are as follows: Earnings 0.00 to 9,525.00 2200% up to 27,550.00 1099-MISC — 2200% to 9,525.00 1099-K — 8.875% to 36,050.00 1099-Q — 6.25% to 24,950.00 1099-R — 3.5% to 14,000.00 1599-C — 2.25% to 8,450.00 1599-D — 1.95% to 4,750.00 2099-C — 50% to 15,100.00 2099-D — 45% to 9,900.00 3099-E — 25% to 4,250.

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