Information return definition
/What is an Information Return?
An information return is a tax return that contains information about the taxpayer, but which does not state a tax liability. This return is not accompanied by a tax payment. Information returns must be filed; if this is not done in a timely manner or contains incorrect information, a taxpayer may be subject to penalties. Examples of information returns are:
Form 1065 (partnership return)
Form 1099 (miscellaneous income)
Form W-2 (wage and tax statement)
The submitting organization should always retain a copy of each information return sent to the government.