Penalties for Not Filing a 1099-Misc IRS FormIf you receive income from a source other than earned w

Penalties for Not Filing a 1099-Misc IRS Form

If you receive income from a source other than earned wages or salaries, you may receive a Form 1099-MISC,Miscellaneous Income. Generally, the income on this form is subject to federal income tax and state income tax. The IRS requires those that pay miscellaneous income in the course of their trade or business to issue Form 1099-MISC to their payees and requires the payees to include these payments on their tax returns. For details, see the full TurboTax article.