If a person has debts cancelled by a lender, the lender may send the debtor a Form 1099-C to report the cancelled debt income. Taxpayers may be able to use Form 982 to exclude those amounts from income.
Passive royalty income is generally treated as portfolio income and reported on Schedule E of an individual's Form 1040 tax return. This article reviews the steps to enter royalty income into TurboTax.
Some taxpayers may receive a 1099 with incorrect information. The 1099 could also be issued under fraudulent circumstances. Here are some tips on how to correct the issue.
YouTubers with monetized channels can generate advertising revenue in the form of royalty income. For U.S. source royalty income paid to nonresidents, those receipts may be subject to federal income taxes.
When a company makes payments to an independent contractor, they are generally required to report the payments on a Form 1099-MISC or a Form 1099-NEC. This article and video tutorial covers those basic rules and some of the reporting implications.
The Form 1099 is filed by businesses to report certain types of income paid to taxpayers. If a taxpayer did not receive a Form 1099 when they were supposed to, they have a few options.
