In the next few weeks your mailbox will be filling up with the forms you'll need to file your tax return. Employers, lenders and brokers have until January 31 to send the paperwork. Here's a review of what you may receive and how to handle missing or incorrect documents.
Most likely, you know what forms to expect. But if you started investing, bought your first home, started receiving retirement benefits or experienced some other financial change, you might not be familiar with the documents or what to do if they don't arrive on time.
Check the list below to make sure you receive all the forms you need this filing season. You also can refer to IRS Publication 17, Your Federal Income Tax, to get more information about these forms.
Once you get all your statements, here are the forms you'll need to file your tax return.
Income
Form number
Used for
Explanation
W-2
Wage and Tax Statement
This is a statement of wages and compensation as well as the amount of taxes withheld from your pay.
W-2G
Certain Gambling Winnings
This form shows the amount of your gambling winnings and the taxes withheld.
1099-MISC
Miscellaneous Income
You'll receive this form if you were paid more than $600 for contract or freelance work.
Schedule K-1
Beneficiary's Share of Income, Deductions, Credits, etc.
This shows the interest you receive as the beneficiary of a trust or estate. Also, if you are part of a limited partnership, a K-1 shows your share of the income.
Investment statements
If you have investments or receive social security or retirement benefits, be on the lookout for these 1099 forms. You don't have to file most 1099s with your return, but you should keep them with your records.
Form number
Used for
Explanation
1099-B
Proceeds from a Broker and Barter Exchange Transactions
If you've sold stocks, bonds or other commodities through a broker, this statement shows the proceeds or losses.
1099-DIV
Dividends and Distributions
You'll receive this form if you got ordinary stock dividends or distributions during the year. Even if you do not receive Form 1099-DIV, you still must report all of your taxable dividend income.
1099-G
Certain Government Payments
This form shows the amount of a state tax refund or unemployment compensation you received. If you got a state tax refund last year and you itemized, you must include the refund as part of your income.
1099-INT
Interest Income
This is a record of any interest earned on investments, including U.S. savings bonds and treasuries, as well as investment expenses you may be able to deduct. If taxable interest is more than $1,500, you must fill out a Schedule 1.
1099-MISC
Miscellaneous Income
Not only is this form used to report freelance income, but also it shows various other types of income, such as substitute payments in lieu of dividends or tax-exempt interest.
1099-OID
Original Issue Discount
This statement shows amount of a bond's original issue discount and interest. To determine the OID to be reported on your tax return, refer to Publication 1212.
1099-R
Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
If you're receiving retirement benefits, you'll get this statement with the amount of your distributions and any taxes withheld. Unlike most 1099s, this form must be attached to your return if federal income tax is withheld.
SSA-1099
Social Security Benefit Statement
This shows the net benefits received (you have to figure how much is taxable).
Form 2439
Notice to Shareholder of Undistributed Long-Term Capital Gains
Some mutual funds and REITs keep long-term capital gains and pay tax on them. But you must treat your share of these gains as distributions, even though you did not actually receive them. These capital gains dividends are not reported on a 1099-DIV.
Interest Statements
Form number
Used for
Explanation
Form 1098
Mortgage Interest Statement
If you paid more than $600 in mortgage interest during the year, you'll get this form showing the amount (including certain points) you paid. It also shows any refund of mortgage interest you overpaid in an earlier year or prepaid interest.
1098-E
Student Loan Interest Statement
You'll receive this form if you paid $600 or more in interest on student loans during the year.
1098-T
Tuition Payments Statement
This form is sent by an educational institution showing the amount of tuition and related expenses you paid during the year. The information can be used to claim the Hope or Lifetime Learning Credit.
If a form is incorrect or doesn't arrive
If you receive a statement with incorrect information, call the telephone number or write the sender using the address on the form. You should receive a new form marked "Corrected."
Let your employer, broker or lender know if you fail to receive your statements by January 31. If you still haven't received a form by February 15, get the IRS involved, says IRS spokeswoman Nancy Mathis.
If you're missing a W-2 form, call 800-829-1040 or visit an IRS office and be prepared to provide the following information: your name, address, telephone number and social security number, your employer's name, address, telephone number, employer identification number and an estimate of the wages you earned.
An IRS agent will submit a complaint, Form 4598, to the person or organization that has failed to send you a form and send a copy of the complaint to you. You'll get a Form 4852, Substitute for a Missing Form W-2, you can file with your tax return.
If you haven't received a 1099, 1098 or other form by February 15, call the IRS at 800-829-1040 for help.
If you've a forgotten about a form and mailed in tax return, you can correct the mistake. File a Form 1040X to report income that wasn't reported and take credit for income tax withheld.
GETTING STARTED
