Friday, January 23, 2015

Your Tax Forms Are In the Mail: A Guide to Deciphering Your IRS Paperwork writes: It may have started already, and in the next few weeks, you will continue to receive in the mail the information forms you will need to prepare your 2014 income tax returns.
In addition to the Form W-2 to report taxable wages and deductions, you may also receive – 
  • W-2G - gambling winnings
  • 1098 - mortgage and home equity interest, points, and mortgage insurance premiums
  • 1098-C - information needed to claim a deduction for donating a motor vehicle to charity.
  • 1098-E - student loan interest paid.
  • 1098-T - tuition and fees paid or billed, and scholarships and grants received.
  • 1099-B - proceeds, and some cost basis information, for the sale of stocks, bonds, mutual funds, and other securities.
  • 1099-C - mortgage, home equity, credit card, student loan, and other debt that has been forgiven or cancelled.
  • 1099-DIV - ordinary, qualified, and tax-exempt dividends, capital gain distributions, non-dividend distributions, and foreign tax paid.
  • 1099-G - unemployment compensation, state tax refunds, and other payments made by government agencies.
  • 1099-INT - taxable and tax-exempt interest received and foreign tax paid.
  • 1099-K - payments from a credit card or other third-party processing agent.
  • 1099-MISC - payments to independent contractors and subcontractors, rents, royalties, prizes and awards, broker payments “in lieu of” interest and dividends, and a variety of other payments received in the course of a trade or business.
  • 1099-OID - accrued interest on zero-coupon bonds, Treasury bills, and other securities issued at a discount from par that must be currently reported.
  • 1099-Q - distributions from a Section 529 qualified tuition program or Coverdell Education Savings Account.
  • 1099-R - distributions from annuities, pensions, and retirement accounts.
  • 1099-S - gross proceeds from the sale of real estate.
  • SSA-1099 - Social Security benefits received and Medicare insurance premiums deducted from these benefits.
  • RRB-1099 - “Social Security Equivalent” Railroad Retirement benefits received and Medicare insurance premiums deducted from these benefits.
  • RRB-1099R - Railroad Retirement benefits taxed like any other private or public pension.
  • Schedule K-1 - pass through income, deductions, credits, and other information from partnerships, sub-Chapter S corporations, estates, and trusts.


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