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2022 IRS 1099-MISC for Evansville Indiana: What You Should Know

Please note the following: • No more than 2,350 in reporting income from a single source is allowed. •  1099 or 1099-B (in box 8) and 1099-DIV (in box 10, only) may be given by the filer, but only if the account was open and the income was paid during one of the 6 months immediately preceding the filing of the return or in a previous 12 months. • In addition to the amounts shown above, the filer is required to pay an additional penalty per dollar of overpayments under the law, which is calculated on the tax form shown for overpayments: For a return in excess of 600, 20% of the tax overpaid; and For a return in excess of 50,000, 50% of the tax overpaid. • The maximum penalty is 50 per return, maximum penalty is 500 per year, maximum penalty is 1,000 per taxpayer, max penalty is 9,000 per year, maximum penalty is 45,000 per year, maximum penalty for both returns is 7,500. • Under certain conditions (as defined in Section 1001), the following additional taxes may be assessed and collected through the Department of Revenue under the authority of Section 1031: Federal income tax withheld (up to 25%) Federal unemployment tax In some cases, payments in lieu of dividends or tax-exempt dividends under section 1(h) or 1(k) of the Internal Revenue Code and any dividends paid within 2 months of the filing of the return for a qualified domestic trust, which is treated as a partnership by the Internal Revenue Service, will be subject to Section 1033, withholding tax. • Form 1099-DIV and 1099-MISC (if amounts are reported in boxes 8 or 10) will be treated as tax-exempt to the extent of the amount reported on the Form 1099-DIV and the amount of any dividends paid in a tax-exempt manner in excess of 600, as the case may be.

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