1099: the other income form
You must pay taxes on any income, including those not listed on a W-2 from your employer.
All businesses must give annual information statements to recipients of payments you made during 2006, on the appropriate version of Form 1099 or other information return. Payments that are included are:
- compensation for independent contractors
- dividends and other corporate distributions
- interest
- amounts paid in real estate transactions
- rent
- royalties
- amounts paid in broker and barter exchange transactions
- payments to attorneys
- payments of Indian gaming profits to tribal members
- profit-sharing distributions
- retirement plan distributions
- original issue discount
- prizes and awards
- medical and health care payments
- debt cancellation
- cash payments over $10,000
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