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Keepseagle Settlement Payment And Your Form 1099 Information Returns, Ruby Ward, Trent Teegerstrom, Jc Hobbs, Guido Van Der Hoeven Jan 2013

Keepseagle Settlement Payment And Your Form 1099 Information Returns, Ruby Ward, Trent Teegerstrom, Jc Hobbs, Guido Van Der Hoeven

Rural Tax Education

Receiving either the Track A or Track B settlement payment was the first step in finalizing your Keepseagle settlement. All settlement recipients will need to file a federal income tax return and report this settlement as income regardless of their current income level, land status, current employment status and even if they have not filed a Federal income tax return before. Each settlement recipient will be receiving a Form 1099 MISC and/or a Form 1099-C around mid- January. Recipients must file a tax return to comply with IRS regulations. Many recipients may qualify for a tax refund and will ...


Form 1099 Information Returns, Jerry S. Pierce Jr. Aug 2010

Form 1099 Information Returns, Jerry S. Pierce Jr.

Rural Tax Education

The 1099 tax form is used to report various forms of income (other than wages, salaries, and tips) to the Internal Revenue Service (IRS) and to the recipient of the payment. Agriculture producers may both receive Form 1099 information returns and be required to issue them. The Form notifies the IRS and the recipient of the payment. The IRS will then look for the amounts from the Form 1099s to show up on the recipient’s Federal tax return. This article covers many 1099s that producers may encounter.