What Tax Forms Do I Need. . .
The holidays are over and the excitement is winding down, but many of us are looking forward to the next big event. . . Taxes!
Whether you love them or hate them, get a refund or owe more money, filing taxes is a mandatory activity for the majority of the U.S. population.
For many of us, taxes must be completed by April 15th (or later if the 15th falls on a holiday or weekend). For those who file for (and are granted) an extension, the filing deadline is October 15th.
If you’re at all like I used to be, you probably spend entirely too much time trying to figure out what tax documents you’re supposed to receive and when you should be receiving them.
Then you still have to determine which tax documents you actually need to accurately file your taxes, and which ones are purely informational.
Hopefully I can help answer some of these questions for you.
As you likely know, if you work for an employer and receive a paycheck with taxes withheld, you should receive a W-2 from them sent out no later than January 31st.
However, there are a lot of other tax forms and taxable events that you’ll need to be aware of before filing and I’ve gathered this information for you in the list below.
To help you avoid confusion (as much as possible anyway, we are talking about taxes after all), I’ve even included a few non-taxable events on the list below that likely generate a tax form.
As a friendly reminder and to avoid having to be repetitive, most (not all) companies provide all the necessary tax information online, you just need to know where to find them. (Hint – your email is a good place to start)
Alright, here we go!
|
Tax Form |
Must be Sent by: |
Purpose/ Reason the form is received |
Needed for filing? |
|
1095-A |
Jan 31 |
Issued to those with Marketplace insurance |
Yes – For premium tax credit |
|
1098 |
Jan 31 |
Issued if more than $600 paid on mortgage interest |
If itemizing |
|
1098-E |
Jan 31 |
Paid student loan interest of $600 or more |
Yes |
|
1098-T |
Jan 31 |
Issued if college/tuition payments were made |
Yes |
|
1099-C |
Jan 31 |
Received debt cancellation |
Yes |
|
1099-DIV |
Jan 31 |
Received dividends and/or distributions from investments |
Yes |
|
1099-G |
Jan 31 |
Received Gov’t payments such as unemployment or state refund |
Yes |
|
1099-INT |
Jan 31 |
If any interest was received (over $10) |
Yes |
|
1099-K |
Jan 31 |
Received payment for goods/services in excess of $600 through third-party payment network or payment card |
Yes |
|
1099-LTC |
Feb 15 |
Received long-term care benefits or payments |
Yes |
|
1099-MISC |
Jan 31 |
This one’s tricky. Basically, compensation received for rent, prizes & awards, healthcare payments, and attorney fees, among others. If you received “other income” of over $600. 1099-MISC Instructions |
Yes |
|
1099-NEC |
Jan 31 |
Received payment of $600 or more for services performed for a non-employer |
Yes |
|
1099-Q |
Jan 31 |
Received distributions from Coverdell education savings account or 529 Plan |
Yes |
|
1099-R |
Jan 31 |
Received payment/distributions from retirement plans |
Yes |
|
1099-S |
Feb 15 |
Sale or exchange of real estate |
Yes |
|
1099-SA |
Jan 31 |
Took distributions from a qualified medical savings account (HSA, MSA, MA MSA) |
Yes |
|
5498 |
May 31 |
Made contributions to an IRA |
No |
|
5498-ESA |
April 30 |
Made contributions to a Coverdell Education Savings Acct |
No |
|
5498-SA |
May 31 |
Made contributions to a qualified medical savings account (HSA, MSA, MA MSA) |
Not usually |
|
Sched K-1/ Form 1065 |
Mar 15 |
Income (or loss) from a partnership |
Yes |
|
W-2 |
Jan 31 |
Employer withheld tax from your pay. |
Yes |
|
W-2G |
Jan 31 |
Received certain gambling winning |
Yes |
Be aware that form 1099-K issuance requirements have changed due to the American Rescue Plan Act of 2021.
Technically the change shouldn’t take effect until 2023, but since the IRS was late getting the message out, some companies may still issue the forms.
If you feel like you’ve received the 1099-K in error, or would like to learn more, visit the IRS website Understanding Your Form 1099-K.
If you have any questions or received any forms not listed above, check out IRS Online Instructions for Forms for more information than you likely want.
You can also reach out to your CPA or Certified Financial Planner to get your questions answered.
I hope this helps, and Happy Tax Season!!
Additional Sources and Resources:
IRS:
- https://www.irs.gov/instructions
- https://www.irs.gov/instructions/i1099msc
- https://www.irs.gov/businesses/understanding-your-form-1099-
https://www.bankrate.com/finance/taxes/tax-forms.aspx
https://www.fool.com/taxes/the-13-most-common-tax-forms/
https://www.investopedia.com/terms/f/form-1065.asp
https://www.nolo.com/legal-encyclopedia/when-do-you-need-file-form-1099-misc.html