
The start of the 2017 tax season occurred this Monday on January 23rd. (Some argue tax season never ends.) By this we mean that Monday was the first day you can officially your income tax returns. Employers have until the 31st of this month to give you your W-2 and 1099 forms. If you made income on your investments in 2016, you may have to wait until mid-February to get all of your required forms.
Below is a chart of some of the forms that you may receive in order to complete you tax filing:
Form Name | Purpose | When you will receive it |
1099-B | Stock sales and capital gains | January to mid-February |
1099-DIV, 1099-INT | Dividends paid and interest earned over $10 | January to mid-February |
1099-G | State and local tax refunds | January |
1099-K | Credit card payments for sharing economy income | January |
1099-MISC | Non-employee income, rental income | January |
1099-R | Distribution from a retirement plan or IRA | January |
1099-SA | Health savings account distributions | January to mid-February |
K-1 | Partner’s share of income, deductions and credits | Could be as late as the business’s extended due date for filing its returns |
SSA-1099 | Social Security income | January |
W-2 | Wage and tax statement | January |
This year, tax payers have until the 18th of April in order to file taxes. If they opt for an extension, that date gets pushed back to the 16th of October.
For some deductions, you will need specific forms. Below is a chart looking at some of the popular deductions and credits you may receive:
Form Name | Purpose | When you will receive it |
1098 | Mortgage interest | January |
1098-E | Student loan interest paid in excess of $600 | January, may be online |
1098-T | Tuition and education costs | January |
Annual giving statement | Size and timing of your charitable gift | 2016 and through January |
Childcare expenses | Amount paid to your childcare provider | Ask your care provider for details |
Property tax statement | Amount you owe on property taxes | Late 2016 to early January, may be online |
Remember, some tax returns may be mailed back to you later than usual, as per the IRS. Don’t fret. AS long as you get your taxes in on time, you will be fine.
Source: Cari Weston, American Institute of Certified Public Accountants
1 comment on “Time To File Your Taxes: Tax Season Has Begun!”
what about the 1095 forms
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