Form 1099 is issued by U.S. corporations, small businesses and other employers to record the income earned by employees and independent contractors.
There are several versions of the 1099 which may be used to report different types of income such as interest, dividends, real estate sale proceeds and debt cancellation. The form reports income to the Internal Revenue Service so that it can track and tax the income.
Note:
If you are an individual who is NOT a U.S. citizen or U.S. resident alien, foreign partnership or foreign corporation you should be issued Form 1042-S.
