What forms do I need to file my tax return?
What forms do I need to file my tax return?

What forms do I need to file my tax return?

It’s that time of year again. No, not a new season of The Bachelor. We are talking about treasure season and all the paperwork that comes with it.

There are many different types of tax forms and you will probably need a few of them to fill out yours money back in tax no later than 18 April. So which ones should you keep an eye on in your mailbox (or inbox)?

Here is a quick overview of some of the most common forms that may come to you soon and the situations in which they apply.

What tax forms should I use?

It depends on your financial situation. Read: whether you worked full time, were self-employedmade investment moves, etc. There are a few common tax forms you can expect to get:

Form W-2

If you earned more than $ 600 from an employer at some point last year, they are required to send you a W-2. This shows how much income you have earned, how much tax was withheld from your payslips, certain benefit information and more. If you are missing a W-2 form, you may need to go online to access it, or it may have been sent to the wrong address. Talk to your HR department to fix it.

Form 1099-MISC or 1099-NEC

If you have received side income or are self-employed, there is a good chance that you will need a 1099-MISC or a 1099-NEC form to pay your taxes. (Hint: the difference comes down to whether you are taxed on the self-employed or not – if so, you get a 1099-NEC, if not, you get a 1099-MISC.) If you worked for a company as a contractor, the company’s HR department will make sure you get the right shape.

Form 1099-G

Received unemployment benefits in 2021? If so, you will receive a Form 1099-G from the government. For yes, unemployment benefits are taxable income in 2021.

Form 1099-INT

This form is used to report most types of interest income (think: from savings accounts, savings bonds, etc.). The interest you earn on these accounts is added to your regular earnings and taxed at your same income rate. You only pay additional tax if you have earnings from capital gains, interest or dividends totaling over $ 200,000 as a single branch or $ 250,000 for couples applying jointly.

Form 1099-DIV

You will receive a 1099-DIV if you have earned dividends from a share you owned. Or if a mutual fund you own distributes capital gains to you. If these situations do not apply, do not worry about this form. However, you may want to check with your investment company if you think it is missing.

Form 1098-E

Do you have a student loan? If so and you have paid interest, you will receive a 1098-E. You may be able to deduct this amount from your tax, depending on your income. Generally, this form is downloaded from your service provider’s website.

Form 1098

If you paid more than $ 600 in interest on your mortgage, a 1098 form is probably on its way to you. There should be one form for every mortgage you have. If you have not paid $ 600 in interest, you may not receive this form.

Form 1095-A

Did you get health insurance through the federal marketplace? If so, use this form. You can find it at healthcare.gov once you are logged into your account.

Form 1098-T

Are you going to college or are you paying tuition this year? If so, you get a 1098-T. This form comes from the school and shows the total amount you have paid for tuition and other qualifying education expenses such as fees and necessary expenses for courses.

Form 1099-K

Do you own a business that received payments from credit or debit cards, or made transactions worth over $ 20,000 on a payment app like Venmo, Zelle, or CashApp? In that case, you may receive this form for the 2021 application year. Psst … that threshold drops to $ 600 for the 2022 tax year.

What if I got a stimulus or a child tax deduction?

Check your email for …

Letter 6475

If you received financial impact payments (also called stimulus checks) in 2021, you will receive this letter from the IRS by mail. You will use it to make sure you have got all the stimulus you owe – and if not, this letter will help you correct it when you file your tax return.

Letter 6419

If you received staggered child tax deduction payments in 2021, keep an eye on this document. It not only helps you to report your prepayments correctly, but also helps you claim the other half of the credit. If you are missing this letter, check out the child tax deduction portal www.irs.gov to get it.

Design: theSkimm | Source: IRS.gov

When can I file my tax return?

The tax season started on January 24th and ends on April 18th. The IRS is already overwhelmed (related) and expects delays in reimbursements. Filing as soon as possible means getting closer to the front of the long bottleneck. But make sure you have all the forms you need at hand to make it official. You able to Change a tax return if you get a schedule later, but it’s complicated. Having all the forms you owe before hitting the “file” will help save Future You a lot of time and hassle.

theSkimm

There are many tax forms out there, but some are more common than others. If you are self-employed or earned more than $ 600 from a single company, you should probably be looking for a W-2 from an employer or any 1099s. So see what other forms apply to your life and financial situation.

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Skimm’d by Liz Knueven, Casey Bond, Kamaron McNair, Stacy Rapacon and Megan Beauchamp

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