Though everyone’s situation is different, there are generally 10 common forms your tax preparer needs to complete your taxes. Typically, it is best not to go meet with your preparer until you have all your forms. In this article, we will help you identify 10 common forms your tax preparer needs and what they are used for.
If you are classified as an employee of a business, you will receive a W-2. This form reports the amount of wages you earned and the taxes you paid to the IRS. If you had multiple employers during the year, be sure you receive a W-2 from each one.
If you are a contractor/freelancer, you should receive a 1099-MISC from any business you worked for. This form reports the amount the company paid you during the tax year. You should receive one 1099-MISC per company you worked with. However, if you were paid less than $600 for the entire year by a company you may not receive one from them.
3. Form 1098
Form 1098 is a mortgage interest statement. It reports your total mortgage interest paid for the year. This form may allow your tax preparer to deduct your paid interest from your reportable income.
You will receive a 1099-G if you were the recipient of certain federal or state tax credits or unemployment income. You will need to provide this form to your tax preparer so they can add it to your return.
5. Schedule K-1
A Schedule K-1 is a business-related form. It will allow you to carry over income or loss from an entity you are a part of. Schedule K-1s are used by partnerships, s-corporations, and trusts.
You will receive a 1099-R if you have certain types of retirement income. This includes money from pensions or annuities. If applicable to you, it is vital that you have this form for your taxes to be prepared correctly.
If you receive Social Security Benefits you will get an SSA-1099. This reports your total income received from the Social Security Administration less any taxes or Medicare premiums withheld.
A 1099-S is only necessary if you sell any real estate during the tax year. This form shows the profit or loss you took from the property sale.
A bank or financial institution would issue a 109—INT if your account earned more than $10 during the year. This can include interest on a savings or brokerage account.
If you receive any kind of financial dividend during the year it will be reported to you on a Form 1099-DIV that you will need to provide to your tax preparer.
Preparing for Your Tax Appointment
This list of common forms your tax preparer needs will help you prepare for your tax appointment. You can also view our exhaustive list here.
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