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When preparing taxes, it is essential to have a W-2 and 1099 form in order to accurately calculate an individual's tax liability. These forms provide information such as wages, taxes withheld, and income from other sources that is necessary for tax preparation software to accurately compute an individual's taxes.
Why is it necessary to have a w-2 or 1099 form when using tax preparation software?
W-2 and 1099 forms are necessary for tax preparation software because these forms provide essential information that is used to accurately calculate an individual's tax liability.
- The W-2 form shows the wages and taxes withheld from an employee’s paycheck.
- While the 1099 form shows income from other sources, such as investments, rent, or self-employment.
Using these forms, tax preparation software can accurately calculate the amount of taxes that an individual must pay.
Learn more about Tax preparation software: https://brainly.com/question/25783927
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