There are many different forms that you may receive that report the income you received during the tax year. Here we break down a few common forms and their uses.

If you are an employee of a company, you will likely receive a W-2. Your W-2 will report your wages, benefits, and taxes withheld for the year. Your W-2 is also sent to the Internal Revenue Service (IRS) and the state you live in, if you had state or local tax withheld. You’ll generally only receive a W-2 if you earned more than $600 in wages from the employer issuing the form.

Your pay stub information will not match the W-2 you get from your employer so you should wait for your W-2 form(s) to arrive. Employers have until January 31st to mail out your W-2.

If your employer corrects any information on your W-2 you’ll receive a corrected W-2, which will be on a form called a W-2C. It’s not common to receive a W-2C but it does happen. It’s important that you use the most recent W-2C issued to you since you are responsible for making sure your information is accurate and complete when you file your taxes. If you’ve already filed and your return has been accepted by the IRS you may need to file an amended return to correct the information originally reported.

Note: At this time, april does not support amendments. However, you can follow the information in the link above for how to amend your federal return.

If you notice something you believe is incorrect on your W-2 and you’ve attempted to work with your employer on multiple occasions to get a W-2C and have not received it by the end of February, you can lodge a complaint with the IRS by contacting your local IRS representative or click here.

A 1099-K is a form you might see if you’re earning money through payment card transactions or third-party platforms like PayPal, Venmo, or Stripe. It basically reports the total payments you’ve received in a year, which can include anything from freelance work to selling items online.

For tax year 2024, you’ll get a 1099-K if you receive over $5,000 in payments through these platforms, no matter how many transactions that involves. This is a bit different from previous years when the threshold was much higher ($20,000). Remember, even if you don’t receive a 1099-K, you’re still required to report all your earnings to the IRS.

A 1099-NEC is a form you’ll receive if you’re a freelancer, gig worker, or independent contractor and you’ve earned:

NEC stands for "Nonemployee Compensation," and this form is specifically designed to report payments made to nonemployees, like gig workers. You’ll typically receive a 1099-NEC from each company that hired you for services, whether it’s freelance writing, graphic design, or consulting.

A 1099-MISC form is used to report income earned outside of regular wages, primarily for freelancers and contractors. You’ll typically receive this form if you have earned one or more of the following:

You’ll receive Form 1099-INT by the end of January if you earned at least $10 in interest from your bank or financial institution during the previous year. This form reports all the interest income you made from savings accounts, bonds, and other interest-bearing accounts. It includes details like the total interest earned, any early withdrawal penalties, and federal income tax withheld, if applicable. All of this info is important for your tax return, so keep it handy when it’s time to file!

Form 1099-DIV is like a year-end report card for your investments, showing how much you’ve been paid in dividends and capital gains. If you earned $10 or more from stocks, mutual funds, or other investments, this form breaks down all your dividend income, including regular and qualified dividends (which can be taxed at a lower rate). It’s your ticket to staying on top of your investment earnings and making sure everything’s squared away for tax season!

Form 1099-OID is all about interest you didn’t even know you earned! If you’ve got bonds or other financial instruments bought at a discount, this form reports the "Original Issue Discount" which is basically, the interest you’ve earned as the bond’s value creeps up to its full price over time. It might feel like hidden money, but the IRS wants you to report it, so this form makes sure you’re in the know about how much you’ve gained. Keep it handy when you’re prepping your tax return, because you’ll need to enter values from it to accurately report your income.

Form 1099-B is your broker's way of keeping you in the loop about all the investments you sold during the year! If you sold stocks, bonds, or other securities, this form details everything you need to know, including the sale date, proceeds, cost, and any gains or losses. It’s like having a financial assistant that helps you stay organized for tax time, ensuring you report your capital gains and losses accurately. With Form 1099-B, you're all set to navigate tax season with confidence and show off your savvy trading skills.

A consolidated 1099 is a handy form that combines several different 1099s into one, making it easier for you to track your investment income. If you’ve made investments through a brokerage firm, you might receive a consolidated 1099 that includes details from multiple forms, like 1099-DIV for dividends, 1099-INT for interest, and 1099-B for sales of securities.

This consolidated form simplifies your tax reporting by summarizing all your earnings in one place. This will typically get mailed by February 15th, which gives you a little extra time to prepare for tax season.

When you sit down to file your taxes, you'll want to carefully review the consolidated 1099 to make sure all the information is accurate. Even if you don’t get a consolidated 1099, you’re still responsible for reporting all your investment income, so keeping track of your earnings throughout the year is key. It’s all about making sure you report everything accurately to avoid any surprises come tax time!

Form 1099-R is your retirement account’s way of keeping you informed about any money you've withdrawn. If you've taken distributions from pensions, annuities, or other retirement plans, this form not only shows you how much you received and any taxes withheld but also includes distribution codes that explain the type of withdrawal you made. These codes can tell you if it was an early withdrawal, a rollover, or something else entirely. When tax season rolls around, grab your Form 1099-R and those distribution codes to report your withdrawals accurately while enjoying the benefits of your hard-earned savings.

Form SSA-1099 is your annual report from the Social Security Administration, showing how much Social Security income you've received during the year. This form details your total payments from Social Security and any taxes withheld from your payments, making it simple to keep track of your income for tax season. While many enjoy their benefits tax-free, some might need to pay taxes on a portion if their total income exceeds certain limits.

Form 1099-G is your annual update from the government, showing how much you received in payments like unemployment benefits or state tax refunds. This form details the total amount you got throughout the year from the government and serves as a helpful reminder that while those funds can give your finances a boost, they might also impact your taxes.

The 1099-SA is a form you’ll receive if you’ve taken distributions from a Health Savings Account (HSA), Archer Medical Savings Account (MSA), or a Medicare Advantage MSA. This form shows the total amount of money you withdrew from these accounts during the year.

If you used your HSA funds for qualified medical expenses, those withdrawals aren’t taxable. But if you took money out for non-qualified expenses, you might owe taxes on that amount, plus a penalty if you’re under 65.

A W-2G is a form you’ll receive if you’ve won money from gambling or lottery winnings that exceed a certain threshold. Gambling winnings include:

The 1099-C is a form you'll receive if you’ve had any debt canceled or forgiven, like a credit card balance or a loan. When a lender writes off your debt, they have to report that to the IRS using this form because canceled debt is generally considered taxable income. You’ll typically get a 1099-C if the canceled amount is $600 or more. The form will show the amount of debt that was canceled and any interest that might have been included.

It’s important to remember that while canceled debt usually counts as income, there are exceptions. For example, if you were insolvent (meaning your liabilities exceeded your assets) when the debt was canceled, you might not have to pay taxes on that amount.

If you have not received your income forms or maybe you’ve lost them, there are ways to still get this information. First, it’s best to reach out to your issuer whether that be your employer or your broker to get your copy sent to you. You can also get a Wage and Income transcript for Forms 1098, 1099, and W-2 directly from the IRS as long as your issuer has submitted them. You can read more about requesting documents from the IRS here.

This content is provided for informational purposes only and should not be construed as tax, legal, financial, accounting, or other advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need advice specific to you.

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