Nov 10
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Many folks wonder what all the different Internal Revenue Service forms do. So today we will examine two of them. The 1040 form plus the 1099 form (2 of the more well-known forms).
The 1040 form what exactly is it? it’s a form from the Internal Revenue Service utilized by individuals for filling out their year’s income tax returns. The 1040 Form comes in quite a few formats such as 1040EZ, 1040A and 1040X each for a distinct purpose.
The 1099 Form what is it? it is actually a form from the Internal Revenue Service utilized to prepare and file an information return.
What is an information return? An information return is used to report income types not including salaries, tips and wages (in these cases a W2 form would be used).
