That makes it possible for IRS collection efforts to be streamlined and automated. Failing to report a Form 1099 on your tax return (or at least to explain it) is likely to get you an IRS notice ...
You can also look up more information about each form at IRS.gov. For example, if you’re self-employed, you generally report your income from 1099-NEC on Schedule C, Profit or Loss from Business.
Image (c) Jamie Grill Photography/Getty Images ... IRA distributions, and interest. The IRS refers to Form 1099 as an "information return" because it helps the agency track taxable income.
Robert W. Wood is a tax lawyer focusing on taxes and litigation. Closeup of Form 1099-K, Payment Card and Third Party Network Transactions, an IRS information return ... [+] used to report certain ...
If you’re self-employed or work as an independent contractor, you typically report your income, including that from forms 1099-K, on Schedule C of your Form 1040, individual income tax return.