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Proper Use of Forms 1099 & W-2 Essential for Accurate Reporting - finance ky

Proper Use of Forms 1099 & W-2 Essential for Accurate Reporting - finance ky-2025

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The document from the Division of Social Security outlines the proper use of Forms 1099 and W-2 for accurate reporting, particularly focusing on the classification of non-resident aliens and FICA withholding. It emphasizes the importance of correctly identifying employee status under IRS common-law rules and ensuring accurate reporting of names and social security numbers on W-2 forms. Additionally, it discusses the expiration of educational assistance exclusions and updates to the DOSS website for improved user experience.

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Why do I have a 1099 and a W-2?

Entities provide a Form 1099-Misc to independent contractors and Form W-2 to employees. See this article on worker classification for more information. However, there may be instances where a worker may be serving as an independent contractor and an employee for the same entity.

Why is it necessary to have a W-2 or 1099 form when using tax preparation software brainly?

Final answer: W-2 and 1099 forms are essential when preparing tax returns as they report income that must be accurately reported to the government. The W-2 form details income from employers, while the 1099 form covers income from independent sources. Accurate reporting prevents discrepancies and potential audits.

When would I provide a Form W-2 and a Form 1099 to the same person?

If the worker was performing two or more distinct services and was considered an employee for one service and an independent contractor for the other service. If the payment reported on Form 1099-NEC represents additional compensation to the worker for which they received compensation reported on the W-2.

Why is it necessary to have a W-2 or 1099 when using tax prep software?

In conclusion, the W-2 and 1099 forms are integral to the tax preparation process when using tax software. These forms provide essential information for accurately reporting income, calculating tax liability, and ensuring compliance with tax laws.

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