The best way to have your tax return appointment go quickly and smoothly is to gather all of your yearly tax documents before the appointment. What are the most common tax documents that you need? Read on to find out.
**Tip: Many of these documents are now delivered electronically, either via email or, more commonly, as a downloadable form in your online account, such as a bank or investment account.
Your W-2 Wage and Tax Statement
The most common tax form is the W-2 wage and tax statement. If your employer withholds federal and state taxes with each paycheck, you will most likely receive a W-2 form, which tells both you and the IRS how much money you earned throughout the year and how much has already been paid in taxes. Employers must send you this form by January 31st.
The 1099-NEC (Non-Employee Compensation) Form
If you work for another person or company during the year where you are not an employee and taxes are not withheld from your paycheck, you will receive a 1099-NEC form. This form must also be sent to you by January 31st and reports the sum you were paid. If you are self-employed or freelance, and work for multiple companies throughout the year, you will receive multiple 1099-NEC forms.
**As of 2025, you will not receive a 1099-NEC form if you were paid under $600.
Other Common Tax Forms You May Receive
There are a variety of other tax forms you may receive that report other kinds of income that could be relevant. These include:
- 1099-G Form
This form is most commonly used to report unemployment income you may have received during the year, but it can also be used for state or local tax refunds or credits.
- SSA-1099 Form
If you receive social security benefits, you will get an SSA-1099 form. While not all social security benefits are taxable, a portion or all may be taxable depending on your overall income.
- 1099-R Form
If you took any sort of distribution from a retirement plan (401k, IRA, annuity, etc.), you will receive a 1099-R form that will indicate the amount distributed and if any tax was withheld at the time of distribution.
- 1098 Form
If you own a home, have a mortgage, and paid interest on that mortgage, you will receive a 1098 form from your lender reporting the amount of interest that you paid throughout the year.
- 1098-E Form
Similar to the 1098 is the 1098-E form, which reports the amount of student loan interest that you paid throughout the year.
- The K-1 Form
While the K-1 form is not as common as the above documents, if you do receive one, you will need to include the information in your personal tax return. You will only receive this form if you are a partner in a partnership, a shareholder in an S-corporation, or a beneficiary of an estate or trust.
Tax Forms That Report Interest and Investment Income
If you receive any interest income from a bank and/or an investment account, you’ll be sent a 1099-INT from that institution. If you have stocks or mutual funds that pay out dividends throughout the year, regardless of whether those dividends are paid to you by check or automatically reinvested, you will receive a 1099-DIV and you will have to pay taxes on that investment income. If you also have a capital gain or loss from your investments, you will typically receive a 1099 composite form including that gain or loss.
**Please note: Unlike other forms reporting taxable income, 1099s related to investment accounts are not required to be sent out by the end of January. These forms often don’t get sent until mid-February. If you have these types of investments, it may be better to book your tax appointment after February 15th.
Reporting Self-Employed Business Expenses
When it comes to reporting business expenses for self-employment, you are responsible for keeping track of those expenses on your own and maintaining records that support the expenses your report on your personal tax return. For a list of common expenses that you can deduct from self-employed business income, please read: Self-Employed Expense Categories.
Preparing for Your Tax Appointment
The best way to prepare for your tax appointment is to make sure you have received all of the necessary tax forms and gather them together in one place. You can either print these forms out and bring them to your appointment or email them directly to your tax preparer prior to the appointment.
Have questions about these common tax documents? Moore & Paquette Tax Group can answer them. Call to make an appointment with one of our tax preparers today.
Please note that tax laws and due dates change often, and this is simply a guide to help you. For the most up-to-date information, please contact a tax preparer.