Which tax forms do I need? When will I get them?
“You better claim your income
Like the real men do
You better send a 1099
To anyone you gave five bucks to”
One of the biggest hassles of tax filing is collecting the various forms needed to complete your return. I keep my financial life as simple as possible, so I’m often surprised at the number of forms I receive in January and February. Knowing what forms to expect and when to expect them can reduce the mental burden of tax preparation.
Organization
When you receive your forms, it’s important to organize them. If you receive most of your forms in the mail, I recommend you create two separate folders. One folder is for your records, and the other is to give to your tax preparer. When you receive a new tax form in the mail, detach one copy and place in the “tax preparer” folder, and put the remaining copies in your own records.
If you receive your forms electronically, create a folder on your computer or cloud storage program (I use Google Drive) to store all your forms. Once all the forms are in the right place, it’s easy to transfer them electronically to your tax preparer.
To help you stay organized, I’ve created a free checklist so you can keep track of the forms as they roll in over the next couple of weeks. Click here to get your printable copy.
Common forms
The following list displays some commonly used forms with their due dates. Sometimes companies are slow, so don’t panic if your forms are a day or two late. Find the complete list on the IRS website.
If you are an employee…
W-2 – January 31st - This form, sent by your employer, reports your wages earned and taxes withheld from your paychecks.
If you are a contractor…
1099-NEC – January 31st – This form reports income received as payment for a service performed where you are not an employee.
If you receive Social Security benefits…
SSA-1099 – January 31st – This form reports your benefits received from Social Security, as well as taxes and/or Medicare premiums withheld, if applicable.
If you have a savings account or other investments…
1099-B – February 17th – This form reports sales of securities - stocks, bonds, ETFs and mutual funds – that are held outside of retirement accounts. So, you will not receive a 1099-B for your IRA, Roth IRA, or 401(k).
1099-DIV – January 31st*– This form reports income from dividends or capital gains distributions, excluding retirement accounts such as IRAs, Roth IRAs, and 401(k)s.
1099-INT – January 31st*- This form reports interest payments from a bank or another borrower. If you received less than $10 in interest last year, you will not receive a 1099-INT from your bank. However, that interest is still taxable and should be reported on your tax return.
*In practice, many custodians will send a 1099-Composite, which includes 1099-B, 1099-DIV, and 1099-INT. This form is usually sent before February 17th.
If you have an HSA…
1099-SA – January 31st – This form reports distributions from an HSA or other medical savings accounts, except an FSA which will not send a form. When you give this form to your tax preparer, be sure to provide receipts of qualified medical expenses, so that this distribution will not be taxable.
This form does not report contributions to an HSA. If you made contributions to an HSA through your employer, these contributions are reported on your W-2. If you made contributions outside of your employer, you should consult your year-end statement to determine the amount of contributions you made and provide this number to your tax preparer.
If you have retirement accounts
1099-R – January 31st – This form reports distributions from a retirement account, such as an IRA, Roth IRA, or 401(k), or an insurance policy.
Form 5498 – May 31st – This form reports contributions to an IRA (including Roth, SIMPLE, etc.) This form is interesting, because it would be useful to have before you file your tax return, but because contributions can be made up to the filing deadline, it can’t be sent until after that date. If you need to know the amount contributed to an IRA, it’s best to consult your year-end statement or call your custodian.
If you have a mortgage…
Form 1098 – January 31st – This form reports the amount of interest you paid on a mortgage. If the mortgage is on your primary residence, the amount can be used as an itemized deduction. If the mortgage is on an investment property, the amount can be used to offset any income generated by the property.
If you are current or former college student (or a parent of one)…
Form 1098-E – January 31st – This form reports interest you paid on student loans. If your income is less than $95,000 ($195,000 if married filing jointly), you can deduct up to $2,500 of this interest from your other income.
Form 1098-T – January 31st – This form reports tuition paid to an educational institution. This amount can be used for various education tax credits. See IRS Pub. 970 for more information.
If you enrolled in health insurance through the marketplace…
Form 1095-A – January 31st – This form allows you to reconcile your premium tax credit (i.e. your subsidy).
If you have kids or grandkids…
Receipts for contributions to 529 college savings accounts and for daycare expenses are not always sent to you, but these expenses may be tax-deductible and you should provide these numbers to your tax preparer.
Less common forms
1099-C – January 31st - This form shows debt that is forgiven or cancelled, which you must include as taxable income. For example, if your credit card company forgives $2,000 of your debt, you will need to report $2,000 as taxable income.
1099-G – January 31st – This form reports certain government payments, including unemployment benefits and tax refunds.
W-2 G - January 31st - Certain gambling winnings will require the payer to send you a form. Don’t forget to include this on your tax return.
If you haven’t already, click here to get your free printable checklist to keep track of your tax forms this year.
About the Author
Joseph Fowler, CFP® is a financial planner and co-owner of 402 Financial in Lincoln, NE.
402 Financial provides financial planning and investment management services to people approaching or in retirement. Joe always acts as a fiduciary and never takes commissions on product sales.
Click this link to schedule a free consultation with Joe.
