U.S. Tax Reporting Glossary: Key Terms & Definitions
Key U.S. Tax Reporting Terms
Explore our U.S. tax reporting glossary for clear definitions of key terms used across IRS information reporting and withholding. Understand terminology relating to Forms 1099, 1042 and 1042-S, reporting requirements, filing processes and other concepts organizations encounter when managing U.S. tax reporting obligations.
Form 1042
Form 1042 is a U.S. tax return used by withholding agents to report certain U.S.-source income paid to foreign persons and the associated federal income tax withheld.
Form 1042-S
Form 1042-S is a U.S. information return used to report U.S.-source income paid to foreign persons, including the amount of income and any U.S. federal tax withheld.
Form 1099-MISC
Form 1099-MISC is a U.S. information return used to report certain types of payments made to individuals or entities during the tax year, such as rents, prizes, awards, and other miscellaneous income.
Form 1099-DA
Form 1099-DA is a U.S. information return used by brokers to report digital asset transactions to the IRS and taxpayers, including proceeds from the sale or exchange of digital assets.
Form 1099-INT
Form 1099-INT is a U.S. information return used by banks and other payers to report interest income paid to individuals and certain other recipients during the tax year.
Form 1099-DIV
Form 1099-DIV is a U.S. information return used by financial institutions and other payers to report dividends, capital gain distributions, and certain other investment income paid to recipients during the tax year.
Form 1099-K
Form 1099-K is a U.S. information return used by payment settlement entities to report payments made to participating payees through payment card transactions and third-party network transactions.
Form 1099-OID
Form 1099-OID is a U.S. information return used by issuers, brokers, and other payers to report original issue discount (OID) and certain related amounts associated with debt instruments, such as bonds, certificates of deposit, and other obligations issued at a discount.
Form 1099-NEC
Form 1099-NEC is a U.S. information return used to report nonemployee compensation paid in the course of a trade or business, including certain payments to independent contractors
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