11 Forms to Know to Get Your Taxes Done Before the April 18 Deadline

It’s that time of year again. No, we’re not talking about the new season of “The Bachelor.” We’re talking about tax season. And allll of the paperwork that comes with it. There are many different types of forms, and you’ll probably need a few of them to file your tax return by the April 18 deadline.

Which tax forms will I need? 

That depends on your financial situation. Read: Whether you worked full-time, were self-employed, made investing moves, etc. There are a few common tax forms you could expect to get:

Form W-2

If you earned more than $600 from an employer at any point last year, they’re required to send you a W-2. This shows how much income you earned, how much tax was withheld from your paychecks, certain benefits info, and more. If you’re missing a W-2 form, you might have to go online to access it, or it could have been sent to the wrong address. Talk to your HR department to sort it out. 

Form 1099-MISC or 1099-NEC

If you received side hustle income, or are self-employed, there’s a good chance you’ll need a 1099-MISC or a 1099-NEC form to do your taxes. Hint: The difference comes down to whether or not you’re subject to self-employment taxes. If you are, you’ll get a 1099-NEC. If you’re not, you’ll 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 form.

Form 1099-G

Did you receive unemployment compensation in 2022? If so, you’ll be getting a 1099-G from the government. Because yes, unemployment benefits are taxable income.

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 gets added to your regular earnings and is taxed at your same income rate. You only pay additional taxes if you have earnings from capital gains, interest, or dividends totaling over $200,000 as a single filer or $250,000 for couples filing jointly.

Form 1099-DIV

You’ll receive a 1099-DIV if you earned dividends from a stock you held. Or if a mutual fund you own made capital gains distributions to you. If these situations don’t apply, don’t worry about this form. But you may want to check in with your investment company if you think it’s missing. 

Form 1098-E

Have student loans? If so, and you paid interest, you’ll receive a 1098-E. You may be able to deduct this amount from your taxes, depending on your income. Generally, this form is downloaded from your servicer’s website. 

Form 1098

If you paid more than $600 in interest on your mortgage, a 1098 form is likely headed your way. There should be one form for each mortgage you have. If you didn’t pay $600 in interest, you may not receive this form.

Form 1095-A

Did you get health insurance through the federal marketplace? If so, you’ll need this form. You can find it at healthcare.gov when logged into your account. 

Form 1098-T

In college or pay tuition this year? If so, you’ll be getting a 1098-T. This form comes from the school and shows the total amount you paid for tuition and other qualifying educational expenses like fees and required expenses for courses.

Form 1099-K

Do you own a business that took payments from credit or debit cards or processed $20,000 worth of transactions on a payment app like Venmo, Zelle, or CashApp? If so, you might be getting this form for the 2022 filing year. Even if your transactions don’t meet this threshold, you might get a 1099-K form in the mail if you sold personal items. Psst…that threshold is expected to drop to $600 for the 2023 tax year.

When can I file my taxes? 

Tax season started on January 23 and ends on April 18. Make sure you have all the forms you need on hand so you report your income to the IRS correctly. You can amend a tax return if you get a form later, but it’s complicated. Having all of your forms organized prior to hitting “file” will help save Future You a lot of time and trouble. 

theSkimm

There are a lot of tax forms out there, but some are more common than others. You’ll probably need to be on the lookout for a W-2 from an employer or any 1099s if you’re self-employed or earned more than $600 from a single company. Then see what other forms apply to your life and financial situation.