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What are the different types of 1099 forms?

There are many types of 1099 forms. Common 1099s include the 1099-NEC (freelance income) and the 1099-INT (interest earned from a bank or other financial institution). If you're generating certain nonwage income this year, keep an eye out for a 1099 form in your inbox by early next year.

What is a Form 1099 & how does it work?

A Form 1099 is issued to taxpayers so they may provide information to the Internal Revenue Service (IRS) about different types of non-employment income received during the tax year. This income may include interest from your bank, dividends from investments, or compensation for freelance work.

Do 1099 forms have to be sent to the IRS?

Issuers of 1099 forms must send one copy to the IRS and another to the taxpayer, the income recipient. 1099 forms report a taxpayer's non-employment income received throughout the tax year to the Internal Revenue Service (IRS). The IRS compares reported income on Form 1040 with the information reported on 1099 forms.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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