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8962 2024 irs gov Form: What You Should Know

For example, Box 20 entries may only be entered into the 1099-INT, a tax form that indicates the employer provided the income for the employee. See the instructions for the 1099-INT to enter Box 20. See the instructions to Form 1099-INT for help completing Box 20. Form 1095 — IRS Form 1095 may be used by the self-employed to report taxable compensation. If a business partner received taxable compensation of 200,000 from a self-employed individual that is taxed at the self-employment rate, the business partner must file a Schedule B-4C with Schedule K-1 and Form 1095 to pay Social Security and Medicare Income Taxes. The business partner need not file Schedule B-4C unless: • the compensation exceeded or was equal to the self-employment tax exclusion for the individual, or • the individual had not taken the allowable amount of exemption from the SSA for the individual's own filing year. Additional forms used in the case of a partner with a business income: Forms 1099-MISC, and Form 1099-MISC/ESTER. Form 1099-DIV/SKIN are sometimes used to report certain types of business interest income. These forms will only report the amount reported on Form 990 in box 21 and the business interest income on the Schedule K-1. You can get these forms and instructions from a tax professional. For more detailed instructions see the chart below. Form 1099-INT Additional examples of Form 1099-INT use: • If you were an employee, the amount you received from a partner that is taxed at the individual or corporate rate. • If you received compensation of 100,000 from a partner that is taxed at the individual rate, but you were the employee of another individual that was taxed at the corporate rate, you need only file Schedule B-4C. • If you received compensation of 25,000 from a partner that is taxed at the corporate rate, including dividends, interest, capital gains, and/or capital losses, you need only filed Schedule B-4A. Form 3115 — Forms 3115 may be used by the self-employed to report taxable compensation. Form 3115 is an informational return filed annually to report taxes withheld. See the instructions for Form 3115. Form 3115A — Forms 3115A may be used by employers to report wages as self-employment income.

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