What Forms Do I Need to File My Taxes?
Tax time will be here before you know it. But before you sit down at your computer with the newest tax software or with your accountant to file your taxes, you need to have all necessary forms organized and ready to go.
If you have an accountant, he or she should know what forms you need to file; however, it is your responsibility to look for the forms in the mail and bring them when you meet with your accountant. If you use tax software like TurboTax, the process should ask for specific forms. But if you receive an unexpected form after you've filed, then you will have to amend your return, which will cost you.
That's why it's best to ensure all your information is accurate and complete before you file your taxes. Below, our rundown of the forms you'll need this tax season.
W-2 and W-4 for Each Job
The first form you'll need to file your taxes is a W-2. This form, which shows the wages you've earned and the taxes you've paid over the last taxable year, will be sent to you by your employer – and they are required to send it. Worth noting: You may need to check to make sure your employers have your current address
If you worked more than one job, you will need a W-2 from each employer. If you have worked as an independent contractor, you will not receive a W-2 since you are responsible for paying your own taxes.
You will also need to fill out a Form W-4 every time you start a new job. The W-4 form tells your employer how many allowances you want to claim.
1099 or W9 Forms
If you received income other than that from your employer over the last taxable year, then you will need to file a 1099 form.
There are several different types of 1099 forms and they will be labeled differently. For example, if you worked as an independent contractor and earned more than $600 last year, you will need to file a 1099. Concurrently, if you earned dividends and/or distributions from your stock portfolio last year, a 1099 (albeit a different type) will also be required.
You will also need a 1099 if you received government payouts (like unemployment), made a withdrawal from a taxable retirement account, or if you had a debt cancellation.
You'll also need a W-9 form if you were an independent contractor and made at least $600 during the last fiscal year. This is also an important tax form for the self-employed since you'll need a W-9 from each of your employers before you can fill out a 1099.
It helps to make a list of places that you should receive tax forms from so that you can cross the forms off as you receive them. If you are not sure, make a master list as you receive them, because the list will likely be similar next year
1098 Forms for Interest Deductions
If you plan on claiming a deduction because of your mortgage interest, you will need a Form 1098. This form allows you to deduct any mortgage interest you paid in the last year, which then reduces your taxable income. But keep in mind that you only need this form if you paid at least $600 in mortgage interest last year.
If you have student loans or paid college tuition, you may need a Form 1098-E. This allows you to deduct any student loan interest you've paid. Sidenote: You may also need a 1098-T, which allows you to report any tuition payments you made and you may get a tax credit there, too.
Timeline to Receive the Forms
Your employer, mortgage lender, and your student loan servicers are required to send you these forms by January 31, so be sure to keep an eye on your mail and cross them off as you receive them.
Remember, in order to correctly and accurately file your taxes, it's important to ensure that you received all necessary forms. Try making a checklist of all the places you worked, the banks and investment firms you have accounts with, any other other forms you are expecting. Once you receive the necessary forms, it's important to double check them to make sure the amount and other details are correct.
Compare it to your own records or your pay stubs. f there is an error, then the company will need to issue you a new form, which will say 'corrected form' somewhere on the document. Keep in mind that it can take a few weeks to receive the corrected form, so you should check each one as soon as it arrives to ensure you are ready for tax season.
Additional Schedules and Forms
You may also need forms for any tax credits you qualify for. For example, in order to claim the child care tax credit, you need to file Form 2441. You'll also need separate paperwork if you are claiming the energy saving credit. And be sure to check out these tax tips if you are a recent college grad or college student.
Updated by Rachel Morgan Cautero