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What is 109 terms?
109 terms refer to the IRS Form 1099, which is used to report various types of income, such as interest, dividends, self-employment earnings, and more.
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The purpose of 109 terms is to report income paid to others and help the IRS ensure that taxpayers accurately report their income and pay the correct amount of taxes.
What information must be reported on 109 terms?
The information that must be reported on 109 terms includes the recipient's name, address, tax ID number, and the amount of income paid during the tax year.
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