What is a 1099 filling? Why should I be concerned about filling one when I am fully retired?
Has the government gone too far into taxation?
Taxation best answer:
Answer by Bash Limpbutt's Oozing Cyst©
A 1099 merely documents income that you have received, other than wage income. YOU don't file 1099s unless you paid someone in the course of your business. You will receive one or more if you are retired and have any retirement income. The most common 1099 for retirees is SSA-1099 that documents your Social Security benefits. Next comes 1099-R to document other retirement income such as pensions, IRA and 401(k) distributions, etc.
Being retired does not get you a bye on taxation. Hopefully your retirement income is high enough that you have to pay some tax. If it wasn't, you'd probably be eating Alpo.
Taxation
IMG_2928
Image by austinkerr
OccupyDC
Orignal From: What is a 1099 filling? Why should I be concerned about filling one when I am fully retired? and IMG_2928
No comments:
Post a Comment