Applying for loans or signing a new lease requires proof of income. There might come a time when proof of income is needed for other reasons also. Unfortunately, not everyone has a traditional paycheck.
If you’re not given a paycheck, then proving your income can become difficult when you don’t know your other options. Luckily, there are many other options to choose from.
In the guide below, you’ll find a list of several non-traditional proof of income documents. Continue reading to learn more!
1. IRS 1099 Form
An IRS 1099 form is a great option for proof of income for self-employed individuals. The 1099 form is distributed to self-employed individuals from the company who pays them more than $600 during the tax year. Contractors hired to do work for a company are one example.
If you make more than $600 from one company during the tax year, then you should be given this form. You can then use your 1099 as proof of income.
2. Bank Statements
If you’re paid through direct deposit into your bank account, then you should be able to use your bank statements as proof as well. Contact your bank and ask them for a print out of your bank statements for the number of months required.
You can also do this through different electronic commerce companies as well. For example, if you receive payments through Stripe, PayPal, PaymentCloud, or something similar, you can print out your statements on there.
3. Written Letter from Employer
In some instances, you might not receive a 1099 form from the company you work for. When this happens, you can request they write a proof of income letter for you instead. The letter should include all the necessary information, such as your name, the name of the company, the number of hours you work, the amount of income you receive, and how often you’re paid.
Make sure you check with the business you need to provide the proof of income to before having the letter written to ensure all required information is provided in the letter.
4. Income Statement or W-2
W-2s are one of the easiest ways to show proof of your income other than providing a paycheck. The W-2 is given to you by your employer. If your employer doesn’t provide you with W-2s on a regular basis, then this is something you can ask them to do.
Using a check stubs maker can also come in handy. Take your income amount, your payment schedule, and all other necessary information and put together your own W-2 or paystub. As long as all the information provided is correct, this is another way to show proof.
5. IRS Tax Return
When no other options are available, you can always wait until you receive your IRS tax returns. Your tax return documents are a reliable way to show proof of income. After you file your taxes, make a copy of these documents and give them to your lender, apartment complex, or whoever else is in need of them.
The only downfall to this is you’ll have to wait until tax season to provide these documents.
How Will You Provide Proof of Income?
No paycheck? No problem! There are plenty of other reliable ways to provide proof of income.
Use the information provided in this guide above to decide how you’ll show proof of your income.
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Article Submitted By Community Writer