What tax forms do I need to complete my taxes?

It’s that time of year again and you are probably getting lots of emails or mail with different tax forms.  What are the different tax forms you need and what exactly are they?  Below is a list of common forms that you will need to include for your taxes:

W-2

  • W-2—this is the income form you should get if you are an employee. 
W-2 Form

1099

  • 1099—there are lots of different versions of 1099’s. I have listed some of the common ones below.
    • 1099-NEC—this is a new form for 2021.  It is for independent contractors.  If you were paid $600 or more for a service you provided, you should expect to get one of these UNLESS YOU WERE PAID WITH A CREDIT CARD.  In this case, your payment settlement entity will issue you a 1099-K.  
    • 1099-MISC—this is the ‘catch all’ form you will receive if there isn’t another specific 1099.
    • 1099-B—this is for sales of securities—think brokerage account with stocks, bonds, etfs, mutual funds
    • 1099-DIV—this is for dividends paid from mutual funds, stocks and etfs
    • 1099-INT—this is for interest paid from mutual funds, etfs, bonds, money markets, bank accounts, etc.
      • Often your 1099-B, DIV and INT will all be in one document from your custodian
    • 1099-G—this is for government payments like a state tax refund (this is federally taxable) and unemployment (also federally taxable, taxable in some states).
    • 1099-R—this is for distributions from a retirement plan like your workplace retirement plan and IRA’s.  Remember to tell your tax preparer if the money was transferred or rolled over to another retirement plan—this affects the taxes.
    • SSA-1099—this form is for Social Security income that needs to be reported on your taxes
    • 1099-SA—this is the form you will get if you took any distributions from your HSA (Health Savings Account).  As long as your distributions were used for qualified medical expenses, the distribution should not be taxable.
    • 1099-Q—this is the form for 529 plan distributions.  You should receive a 1098-T from the school for expenses paid to the school.  Keep track of the other expenses that are qualified expenses for 529’s for your tax preparer so that the expenses are offset and no tax will be due.

1099 Form

K-1

  • K-1—this is a form you will receive from a partnership.  
    • If you own a stock that is an LP, you may receive a K-1 for that particular holding in your brokerage account.  This is will not be reported on your custodian’s 1099 and you will have to wait for this K-1 to be issued.
    • If you are a partner in a business, this is your income form.
    • Again, K-1 forms have a later deadline than 1099’s and W-2’s—March 15th is the due date for corporate returns and K-1’s, BUT this can be extended to September 15th, so watch out for your K-1’s you are waiting on.

When Can You Expect Your Forms

W-2 Forms and 1099’s are required to be sent out by January 31st (or the following business day if January 31st falls on a weekend).  K-1’s come later with March 15th deadline, but that can be extended.  

For those of you that are eager to get a jump start on your taxes, the above list gives you a lot of common forms to be on the look out for.  Another good practice is to refer to your previous year’s tax return and what was reported on it. 

You should consult your tax professional with any questions you may have.

Financial Journey LLC is a registered investment advisor offering advisory services in the state of Virginia and in other jurisdictions where exempted.  Information provided is for educational purposes only and not, in any way, to be considered investment or tax advice.

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