Form W-2
Also known as a Wage and Tax Statement, W-2 is the IRS form employers are required to complete and distribute to their employees by January 31 of each calendar year. The W-2 needs to be submitted with an individual’s tax returns. Without it, the IRS will not accept the return as valid.
Form 1099-MISC
1099-MISC is a variant of IRS Form 1099 used to report taxable income for individuals that are not directly employed by the business entity or individual making the payment. For example: contractors. It can also be used to report royalties, prizes, and award winnings.
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