Keeping your tax forms ready and organizing them by type can make preparing for tax season a lot easier. That is why we’ve listed some of the most common tax forms here, so you can be prepared to receive and organize these documents.
Form W-2 – Wage and tax statement
This form indicates your total income tax and wages for the year. For some people, this document is all they will need to file their taxes. For others, the W-2 is just the start.
Form 1099-MISC – Miscellaneous income
If you worked with multiple businesses on a contract basis or have done freelance work during the year, you can expect all the companies you worked for to send you your Form 1099-MISC. You should, ideally, receive this form by the end of January.
Form 1099-G – Certain government payments
If you’ve received unemployment benefits during the year, you’ll find these amounts reported on Form 1099-G. You will also receive this form if you’ve received any other payments from the government over the course of the year.
Form 1099-K – Bank cards
If your business accepts bank cards, the bank will report your overall bank card revenue on this particular form.
Form 1099-R – Distributions from retirement plans
This form reports all the retirement plan distributions and retirement income you’ve received during the year.
Form 1098-E – Student loan interest statement
This form indicates how much interest you’ve paid for your student loan during the year.
Form 1098-T – Tuition statement
People who paid for their post-secondary education will receive this form that indicates the amount of tuition-related expenses that were paid.
Form 1099-DIV – Distributions and dividends
This form will report exactly how much you received during the year in the form of distributions and dividends.
Form 1099-INT – Interest Income
You will receive this particular form from brokerages, banks, and other financial institutions that may have paid you over $10 in interest during the year. It is important that you pay taxes on all the interest you’ve received, regardless of whether you’ve actually received this form or not.
Form 1098 – Mortgage interest statement
Your mortgage interest statement will show the exact amount of interest you paid over the course of the year, along with the property taxes that your bank paid through your escrow account.
This form will include all the deductions, income, and other tax items from partnerships or other pass-through entities.