The 1099 Form is used to report various types of income other than wages, salaries, and tips. Our system can pull structured data from different types of 1099 forms (like 1099 MISC, 1099 INT, 1099 DIV) whether they are PDFs or scanned images.
We can extract these main parts:
- Payer name, address, and Tax Identification Number (TIN)
- Recipient name, address, and TIN
- Type of 1099 form
- Tax year
- Various income amounts (like nonemployee compensation, interest income, dividends)
- Federal income tax withheld
This is really useful for:
- Tax reporting for independent contractors and freelancers
- Tracking investment income
- Checking accounts payable
- Preparing for and supporting audits
By pulling data from 1099 forms, you can make tax preparation easier, ensure accurate reporting of various types of income, and easily add this information to accounting and financial management systems.