It may be only February, but tax season is officially upon us. By now, you should have received all of your relevant tax documentation to file your tax return for the past year.
The April 15 deadline may still be a long way off, but as we’ve discussed previously, there are significant advantages to filing early. In today’s post, we outline the tax forms you should have received by now.
The tax documents you receive depend on your personal tax circumstances. All of the following must be postmarked and mailed to you by January 31—unless you have expressly consented to receiving them electronically.
If you work as an employee, your employer should send you a W-2 form for your wages and benefits. If you received gambling winnings in the previous year, you should receive a form W-2G.
You may receive a 1098 form if you have home mortgage interest. There are also other variations of this form, which you may receive based on your circumstance. For example:
- 1098-E: You’ll receive this form if you need to report student loan interest.
- 1098-T: Your academic institution will send you this form if you have to report education credits, such as tuition and scholarships.
1099 forms can apply to many different types of income. Some of the most common 1099s include:
- 1099-MISC: You’re likely to receive this form if you completed work in the previous year as a contractor.
- 1099-DIV: If you received dividend payments from stocks you own, your financial institution should send you this form.
- 1099-R: If you received distributions from an IRA or other retirement plan, you’ll receive this form.
If there is a form you should have received by now, the IRS provides guidelines on steps you should take.