Tax time is here, which means you’ll be getting tax forms from your employer. For some of you this could mean many different forms from a few employers.
The team at Broussard Poché, LLP wants to help guide you through what the most common tax forms are and what they mean.
This form includes information about your wages and other earnings from your regular employer. It will also include information about how much you have paid in federal and state taxes, as well as your payroll taxes.
This form is for people who may do contract work at freelancers or consultants.
This form applies to freelancers who typically work on demand. A 1099-K reports income processed through third-party networks like PayPal. You will get one of these if your income is over 20k or you made 200+ transactions during the year.
If you received interest from savings or investments, you will get a 1099-INT.
This form is a reporting of dividends and distributions from investments.
This 1099 is for cancelled debt.
This is the form is for mortgage interest you have paid during the year.
The 1098-E provides details on tax deductible student loan interest you have paid during the year.
The 1098-T offers information on the eligible education costs paid for attending an institution of higher learning.
1095 A, B, C
Depending on your health insurance coverage, you may receive one of these regarding your health insurance.
The above forms are the most common, but depending on your circumstances, you could receive others. If you have any questions, it’s important to contact your tax professional. Do not let forms pile-up unanswered, you could owe money or leave money sitting on the table.