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ID Form 1099-MISC: What You Should Know
If you don't know your Social Security account number, or, you don't know if your employer provides it, you must ask to see your 1099-DIV. Filing Form 1099-MISC (Revision 2017). If your 1099-MISC, doesn't list your Social Security number, you can't use a calculator to figure your total tax payable. However, you can figure your total tax payable on line 1 of Form 1040, line 14a, line 14b, or line 21 or 20a of Form 8962, depending on your filing status. Your 1099-DIV will show the tax due on line 2 of Form 1040, line 14a, or line 20b (depending on your filing status). If you were in an employer's tax shelter, it doesn't matter if you itemize or reduce your tax based on your deductions (line 4) or whether you can deduct more (line 5). You pay 15 percent of the amount you report in box 1 on line 10 (including any amount from box 10 that is over the limit you can deduct). To see if you need to claim a tax credit for the tax paid on your 1099, you can check box 24 of the Form 1099-MISC, which asks if you want to claim a tax credit for any of your income tax paid during the year because of the following circumstances: How to Use Form 1099-MISC (Rev. 2017). To find out if you should claim (or don't) an income tax credit, find out if you made payments to yourself, your spouse, or an arrangement for any of these people. The person or arrangement must have had to pay taxes for you during at least 3 months during the year, or be related to you. For details, see Who Is Covered by the Form 1099-MISC? What is the IRS Form 1099-DIV? The IRS Form 1099-DIV allows you to report your taxable income from sources other than wages, the self-employment tax, or unemployment. 1099-DIVs need to be reported on your Form 1040, line 18. If the amount is too big for a paper form, you can use a computer program to fill it out. How to Use the IRS 1099 or 1099-MISC, Miscellaneous Income — IRS Filing a 1099–DIV is optional, but more and more people are doing it.
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