1099 Tax Reporting Requirements

Posted By: BSL87

1099 Tax Reporting Requirements - 01/23/23 04:35 PM

Are financial institutions required to file 1099 (A,B,C,INT,MISC,NEC) forms with various states or just the IRS?
Posted By: rlcarey

Re: 1099 Tax Reporting Requirements - 01/23/23 05:20 PM

This is a complex question, and you would have to research all the States in question. Most States participate in information sharing with the IRS I believe. For example, here are the Michigan rules.

https://www.michigan.gov/taxes/business-taxes/incomestatement/income-record-form-remittance-guide