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Internal Revenue Service :?

The Form 1099 series is used to report various types of income other than wages and salaries to the IRS, with the recipients of that income receiving information copies from the payers. There are multiple types of Form 1099, and specific forms are used when reporting specific types of income. For example, interest income is reported on Form 1099-INT, dividends are reported on Form 1099-DIV, proceeds from stock transactions are reported on Form 1099-B, distributions from retirement funds are reported on Form 1099-R, and so forth. Form 1099-MISC is another form in the series that is, as the name implies, used to report miscellaneous types of income, and while it is commonly used to report compensation paid to non-employees it is not used solely for that purpose. If you receive a Form 1099 of any type, you should realize that the IRS will be looking for the income reported on that form on your tax return, and if it is not addressed there the IRS will be in touch with you.

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