The IRS has hundreds of forms. Each one reports specific types of income, expenses and other financial data. The exact form(s) you will need depends on your job and your situation. Here are some of the most commonly used forms and why you might get one.
What is a W-2?
The W-2 is a form you’ll receive from your employer if you are traditionally employed (not a contractor). The W-2 shows your total wages, salaries, and tips for the year that has just ended. It also shows how much money was withheld from your paycheck throughout the year to pay your tax liability. You should receive your W-2 in January or early February at the latest.
Learn more: What is a W-2 Tax Form? Here’s What it Means
What is a W-4?
The W-4 is a form you filled out when you started your new job as an employee. It tells your employer how much to withhold for taxes. You won’t need this form to file your taxes. It won’t arrive in the mail.
You can make changes to the information on the W-4 as needed. This could happen if you have a change in certain life circumstances, like having a baby, getting a second job, or getting married.
Learn more: All About IRS Form W-4
What is a 1040?
This is the form that gets submitted to the IRS when you file your personal federal income tax return. It is used to calculate how much you owe for taxes. If you have had too much withheld for taxes during the year, then the 1040 is used to calculate how much you are owed in your refund.
If you need to file an amended return because you made an error on your previous year tax return you will make your corrections using a 1040-X, Amended Return.
Read also: An Overview of IRS Form 1040
What is a W-9?
The W-9 is a form you fill out and provide to your employer or anyone who needs to file an information return on your behalf. The W-9 tells them your Taxpayer Identification Number (TIN), so they can report things to the IRS – things like income they paid to you, real estate transactions, mortgage interest you paid, or IRA contributions you made.
If you’re self-employed, the information you provide on your W-9 is used by your client(s) to complete any and all Form 1099s you’ll receive.
Read also: Understanding Form W-9
What is a 1099?
The 1099 is used to report types of income other than wages, salaries, and tips. There are several types of Form 1099.
- 1099-A: Acquisition of secured property
- 1099-B: Proceeds from broker exchange transactions
- 1099-C: Cancellation of debt
- 1099-DIV: Dividends
- 1099-G: Government payments
- 1099-H: Health insurance payments
- 1099-INT: Interest
- 1099-K: Merchant card and third-party network payments (Uber & Lyft drivers, for example). This includes the gross amount of all payable transactions over $600.
- 1099-Q: Qualified education programs
- 1099-R: IRAs, retirement plans, and pensions
- 1099-S: Real estate income
- 1099-MISC: Used to report royalties, rental income, prizes, and other miscellaneous income not earned from work.
- 1099-NEC: Reports non-employee compensation. Independent contractors and freelancers frequently use this form to report their earnings.
What is a 1098?
You’ll receive one of these from your financial institution if you paid student loan interest, college tuition, made mortgage payments, or donated a vehicle to charity in the past year.
Learn more: Everything You Need to Know About Form 1098
What is a 4868?
If you can’t complete and submit your income tax return by the due date, you can use this form to file an extension. You will still need to file your Form 4868 extension request and pay any taxes you owe on Tax Day, but your return won’t be due for another six months.
Learn more: How to File a Tax Extension with TaxSlayer
What is a state return?
The federal government collects income tax, and so do most states. If yours does, you’ve probably had money withheld from your paycheck for state income tax. This means you’ll need to file a state income tax return in addition to your federal return. The state return is how you’ll report how much you’ve earned and how much you’ve paid for state taxes during the year.
Wyoming, Washington, Texas, South Dakota, Nevada, Florida, and Alaska are states that do not collect individual income tax. You do not have to file a state tax return if you live in one of these states.
What is a tax schedule?
A schedule is an attachment to Form 1040. Some of the most commonly used schedules are:
- Schedule A: Used for itemizing your deductions
- Schedule B: Used to report taxable interest or ordinary dividends over $1,500
- Schedule C: Used to report self-employment income and expenses
- Schedule SE: Used to calculate self-employment tax
What’s next?
When you file with TaxSlayer, you enter your income and expense information exactly as it appears on the tax forms you’ve received. We’ll put it where it belongs on your tax return, then the software does the calculations for you. TaxSlayer makes it simple to file – find out for yourself.
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