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Form 1099-MISC for South Carolina: What You Should Know

Carolina withholding, the information should be submitted to South Carolina Department of Revenue. Form 1099 is not allowed to be transmitted electronically to the IRS. Form 1099 is acceptable to file electronically to report income from foreign sources if South Carolina tax is withheld at the source. Form 1099 is required to report the sale of certain property, such as furniture, tools and motor vehicles. Form 1099 is accepted for self-employment tax purposes if the value is less than or equal to 200,000. Taxpayers must prepare and file a Form 1099-C at the time of payment and must retain the 1099-C from the IRS. 1099-MISC, 1099-INT, 1099-DIV, 1099-R, W-2G or Form 1099-G Form 1099-MISC is filed when income is reported to the IRS. 1099-INT reports income in any form. 1099-DIV reports income in excess of 200,000 and 1099-R reports income from a foreign country. 1099-DIV is only required for income from a foreign country. W-2G reporting is only for payments for services performed for a business or organization. Form W-2G is filed when a business makes an actual payment for a service. The payment must be entered on an appropriate Form W-2G or a Form W-3 N and must show gross income. For more information, see Publication 536, Business Income and Expenses. 1099-DIV & 1099-R Form 2555 Form 2555 was created to report the withholding and withholding-related information for any partnership, S Corporation, LLC, S corporation, or sole proprietorship that has a gross income, determined by the partnership, that is more than 5,000. For information, see Publication 535, Business Tax Guide. Form 1099-K You can file by paper; electronic submission is not currently allowed. You must file Form 1099-K electronically to report income from interest and dividends paid. Forms 1099-K may be filed for an amount paid by credit or debit card, check, money order, electronic funds transfer (EFT), money remittance and prepaid debit card. Do not file a W-2. For more information, see Publication 703, U.S. Tax Guide for Individuals, 2017.

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