These tax documents come in many versions, but most of us are quite familiar with the 1099-MISC for gig or freelance work, 1099-DIV for investment earnings and 1099-G for state tax refunds or unemployment benefits (yes, they're taxable). The most widespread third-party reporting, as this process is known, comes from employers who issue workers W-2 forms.Īnother big batch comes from 1099 forms. In most income earning instances, the Internal Revenue Service finds out how much we make and owe taxes on thanks to reports from those who pay us. Photo courtesy Tom's Old Days via Twitter) (Baltimore Orioles' Gus Triandos showed how the mitt at left, which he used when Hall of Fame knuckleballer Hoyt Wilhelm was on the mound, compared to his regular one. The IRS uses backup withholding to catch potentially errant income amounts. The over-sized baseball glove helps a catcher handle, he hopes, the hard to predict (and hold onto!) pitches. Backup withholding basically is the tax collector's knuckleball mitt.
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