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Understanding Your Form 1099-K | What Is IRS Form 1099-K?

Are you a self-employed individual or run a business owing more transactions during the year? Then, you need to understand form 1099-K and its particulars. What is form 1099-K? The IRS mandates taxpayers to report about various transactions from different sources, neglecting paid checks. Taxpayers receiving payment transactions report to the IRS through the 1099-K form. Either you’re an independent contractor or self-employed, you file 1099-K income with schedule C, with Form 1040 tax return.  The third-party...

Know about the 1040X form?

Did you make errors in your income tax returns? It happens, and taxpayers get relief with the 1040X form. If you have forgotten about credit or tax deduction and need to include details regarding income, an amended tax filing is ample. Still not clear? Let us dive into detail and know more about the 1040X form. What is the 1040X form? The IRS provides a 1040X form for amending US individual income tax forms. For individuals identifying...

Know everything about 1099-DIV Tax Form Dividends and Distributions

Are you aware of 1099-DIV dividends and distributions? The IRS Form 1099-DIV is sent by financial institutions and banks to investors. Investors gaining distributions and dividends for investment during the year must fill the 1099-DIV dividends and distributions. What is 1099-DIV? The Form 1099-DIV is proof for any entity or company that paid you dividends. For earnings above $10 profits from other entities or companies, a 1099-DIV reaches you. The 1099-DIV is a usual category of IRS...

Know Everything about 1099-INT Tax Form Interest Income

The IRS tax form 1099-INT is a record stating that an entity or individual paid you interest. By year-end, payers provide the Form 1099 INT of interest income to investors. Payers are to issue Form 1099-INT for whom they paid a share of $10 during the year. Mutual funds, banks, brokerage firms, and other financial institutions paying an interest of over $10 must file Form 1099-INT. The Form 1099-INT should reach the IRS before January 31. About...

Guide to IRS Form 1098-T Tuition Statement

The IRS Form 1098-T helps taxpayers in calculating the educational credit including deductions for tuition and helps to report tuition statements, educational credits, and other expenses for education paid during the tax year. These educational credits appeal to both qualifying students and parents of qualifying students. Eligible Institutions for Form 1098-T Form 1098-T is to report educational expenses for students and the parents and guardians of the student if they are still dependents. By filling this form...

Guide to IRS Form 1098-MORT Mortgage Interest Statement

A mortgage is an obligation secured by a real property, which could be land or any property built on it or attached to the land. Form 1098-MORT is used to report mortgage interest of $600 and above, that one receives during their business. A separate Form should be used separately for each mortgage. We can also use this form to report overpayment of interest at an adjustable-rate and other mortgages made in the previous year. The different...

What happens if you forget to file 1098-T and 1098-MORT Forms?

All of us must be gearing up as the new tax year is approaching. Amid the various forms, you must have come across 1098-T and 1098-MORT forms. Let us glimpse through the details regarding these forms. What is the 1098-T Form? College students receive a 1098-T form. This tax form or tuition statement form is sent from the university or college during the tax period. The 1098-T form is intended mainly for educational institutions reporting the IRS....