1099 information returns are tax documents that are prepared by businesses, financial institutions and other payers and sent to the IRS to report payments paid to non-employees and other businesses during a tax year. 1099s that are submitted to the IRS are also required to be filed with the Mississippi Department of Revenue. Recipients of these tax documents are to report this information on their state income tax returns.
Common income types reported on a 1099 include:
•Non-employee compensation
•Retirement income/pensions
•Interest
•Dividends
•Proceeds from stock sales
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