Question

At the end of the year, Yvonne received a form from her bank that reported income from her savings. That form is called a:

Answer 1

That form is called IRS form 1099.

What is IRS Form 1099?

The IRS 1099 Form is a series of tax forms that reflect various sorts of payments made by a person or business that is not normally your employer.

The recipient (e.g. bank) completes the form with the necessary information and submits it to you and the IRS, documenting payments made throughout the tax year.

• Because the IRS deems any 1099 payment to be taxable income, you must disclose it on your tax return filling.

Therefore, we can conclude that the form Yvonne received from her bank that reported income from her savings is an IRS form 1099.

Learn more about IRS Form 1099 here:

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