![]() So, you need to ensure that you’ve included the income on your tax return for the year, as you’ll need to pay income taxes on it. ![]() The 1099-K tax rate is $600 or more in business transactions.ġ099-R: Use this form to report any payments you received from retirement plans, pensions, IRAs, annuities, and profit-sharing programs.Ī 1099 form documents any income you received, and that income must also be included on your tax return.įor example, if you took on a design gig as a side hustle, making menus for a new restaurant and got paid, your client will send you Form 1099-NEC reporting that amount. Use a 1099 NEC tax calculator to help figure out your taxes.ġ099-INT: for reporting any interest income of at least $10 received during the year.ġ099-DIV: for reporting dividend income from a stock or mutual fund.ġ099-G: for reporting any government payments, like unemployment benefits.ġ099-MISC: for reporting miscellaneous income, like rent award-winnings or legal settlements.ġ099-K: for reporting any payments received via credit card or a third-party transaction platform (like Paypal). The form details the income received for services you performed for someone who isn’t your employer. Some common types of 1099 forms include:ġ099-NEC: Form 1099-NEC (Non-employee Compensation) is meant for freelancers or independent contractors. ![]() There are multiple self-employed 1099 forms available, and each is used to report different sources of income. ![]()
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