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Video instructions and help with filling out and completing Pro series 1099 ltc
Instructions and Help about Pro series 1099 ltc
Some tax savers let's continue breaking down certain tax forms today and we're gonna discuss two today that are commonly lumped together and that's the 1099 div and the 1099 int they're very similar but but different forms and oftentimes you'll see them on the same page if you have a brokerage statement so the ten minute nine int reports interest income so this is any interest that you've earned on accounts or loans that you have out to private parties and so so if you've got a checking account historically they've been very low for these last few years and then but we're starting to see them pick up but usually you'll get some form of interest income on your bank accounts or savings accounts or any brokerage accounts that that you have and so whatever interest is earned on those accounts your bank will put them on a 1099 int and you have to recognize that as interest income a more common what place you'll see that is if you've got an escrow account on your mortgage the money that sits in that escrow account throughout the year also earns interest so not only will you have interest expense on your mortgage you'll also have interest income that was earned on that escrow account and then if you if you're someone who loans loans money to people and they pay you interest technically they should be sending you a 1099 int for the total interest portion not the principal portion but the interest portion of whatever they paid you throughout the year so that you pick up and report that interest income on your tax return now if it's under ten dollars then they're technically not required to send you a 1099 int technically you're still required to report that seven or eight dollars of interest reality is most people end up not realizing it's even earned and don't report it but technically you are supposed to report those dollars of interest so that's the ten minute an int the 10 million ID of div is for dividends received so if you own stock so say you own Dizz or Comcast or a publicly traded company and they pay an annual dividend throughout the year any dividends they pay they'll report on the 1099 div so it's easy to track those and get a tax time and pick those up as income so that's the int and the div kind of fun to say when you see them together like that and we'll see you next time Music.