Tax Forms Explained
February 6, 2019
• W-2 – Wages received from an employer during a calendar year.
• W2-G – Gambling earnings. You can expect to receive one of these from a casino or other betting entity if you have gambling earnings above a certain level. The minimum amounts that require a form depend on the kind of gambling.
• 1099-MISC – Income earned when you are not an employee, but a contractor, small-business owner, etc. Each customer billed more than $600 should send you one.
• 1099-K – Business payments received through credit cards (you may get one if you are an Uber driver or make a lot of sales through websites like Ebay or Amazon).
• 1099-G – Government payments, including for unemployment insurance or state and local tax refunds.
• K-1 – Earnings from business partnerships, LLCs and S corporations.
• 1099-INT – Interest earned. You’ll get one for every interest-paying account, no matter how small.
• 1099-DIV – Dividends paid to you.
• 1099-B – Investment sales, documenting taxable capital gains. You’ll get these if you sold stocks or mutual funds during the year.
• 1099-R – Distributions from retirement accounts (like a 401k or IRA).
For Health Care:
• 1095 – Proof of health insurance, required under the Affordable Care Act. NOTE: The IRS has approved delays in sending many of these to you. Just make sure you have proof of insurance prior to filing your tax return!
• 1099-SA – Documents the use of HSAs to pay medical expenses.
For Tax Breaks:
• 1098 – Mortgage interest statement.
• 1098-T – Confirmation of tuition and fees paid to qualified educational institutions.
• 1098-C – Confirmation of the value of property (such as used clothes or vehicles) donated to charitable organizations.
• 1098-E – Student loan interest paid, from a lender.
Gathering all these forms is important, because the IRS gets copies of each form sent to them as well. Missing one can trigger a letter from the IRS and a correspondence audit that can make extra work and delay your refund. Create a list of expected forms and check them off as they arrive.
As you await your forms, reach out to schedule your tax-filing appointment ahead of the April 15 filing deadline.