IRS Forms

Form 1099 Used For

Posted by on Mar 5, 2014 in IRS Forms | Comments Off

Form 1099 Used For

What Is A Form 1099 Used For? A Form 1099 is considered an information return by the United States Internal Revenue Service. It’s used to report income earned in each calendar year for tax purposes. There are 13 different types of 1099 forms used for a variety of information reporting requirements. Employers and employees must furnish these forms to the IRS. 1099-MISC The 1099-MISC reports miscellaneous income, which includes freelance work, non employee fees, rents, director’s fees, royalties and attorney’s fees, as well as direct sales of $5,000 or more of consumer goods...

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Form 1099-B Instructions

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Form 1099-B Instructions

How to Read Your Form 1099-B Receiving a 1099-B form doesn’t have to be the end of the world. This article shows you how to read the numbers on this form and what they mean. Instructions 1 – Box 1a of the form 1099-B shows the trade date of the transaction. If multiple transactions occurred, then no date is shown. For example, if you take a systematic withdrawal from a mutual fund, then no date is shown. 2 – Box 1b shows the CUSIP number for brokerage transactions. This number is a tracking number that allows regulatory authorities to identify securities and has no real...

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IRS Form 3911

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IRS Form 3911

How to Fill Out IRS Form 3911 IRS Form 3911, entitled “Taxpayer Statement Regarding Refund,” is sent by the IRS to taxpayers who have made an inquiry as to the status of their tax refunds. The form helps taxpayers understand why they did not receive refunds as expected. Instructions 1- Download IRS Form 3911 from the Internal Revenue Service website (see resources below for the link). Generally, taxpayers do not initiate the completion of Form 3911; instead, the IRS fills out the top part of the form and sends it to taxpayers to complete and return. The form is, however,...

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IRS Form 673 Instructions

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IRS Form 673 Instructions

IRS Form 673 Instructions The Internal Revenue Service (IRS) allows certain US taxpayers working in a foreign country to take a tax exclusion from a limited amount of their foreign earned income. The IRS defines “foreign earned income” as income earned from work performed in a foreign country. To qualify, the taxpayer must live in and maintain a tax home in a foreign country for an entire tax year or be in the foreign country at least 330 full days during a 12-month period. The limit on the exclusion as of 2012 is $95,100. Taxpayers must file Form 673 with their employers so that the...

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File IRS Form 990

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File IRS Form 990

How to File IRS Form 990 Every year tax exempt organizations under Internal Revenue Service, or IRS, code 501(c) must fill out and return Form 990. This form is available to the public to view and serves as overview from the IRS and public. Nonprofits that gross less than $50,000 return Form 990-N, which is smaller postcard return, especially for small nonprofits. Organizations that do not return Form 990 risk losing tax exempt status. Some organizations are required to return Form 990 electronically while others can mail in the form. Instructions 1 – Determine the date by which you...

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