1099 Form
Also known as: IRS Form 1099, 1099-NEC, 1099-MISC.
Definition
A 1099 form is an IRS information return used to report payments made outside of a regular employer-employee relationship. Common variants include 1099-NEC (nonemployee compensation), 1099-MISC (rents, royalties, other income), 1099-INT (interest), and 1099-DIV (dividends). Each form lists the payer, recipient, taxpayer identification numbers, and one or more reported amounts in numbered boxes.
Why it matters
1099s are how the IRS cross-checks income reported on individual and business tax returns. Tax preparers and lenders need the exact box values, not a scanned image, to file returns and verify income. Manual transcription of stacks of 1099s during tax season is a major bottleneck for accounting firms.
How DocuClipper handles it
DocuClipper extracts payer, recipient, TIN, and box values from 1099 forms in seconds. See 1099 data extraction.
Related terms
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