Category Archives: Forms

Understanding Your W-2

Your W-2 is a statement of your wages and withholdings sent to you from your employer. You will need this form in order to fill out your tax return, but it’s important to understand all of the information contained within. Box 1- the total of your wages, tips, bonuses, prizes, and compensatory benefits. The first […]

You will receive a 1099-R if you have received any payment from sources such as pensions, annuities or similar plans. This form will report any income earned from these distributions. Pension and Annuity Payments By setting up a retirement funds with your employer you are arranging a compensation agreement. Many retirement plans are contributed to […]

If you have received income via unemployment benefits or from tax refunds issued by state or local governments you may receive a Form 1099-G. You will need to report this income when you prepare your taxes. Benefits from Unemployment You are required to pay taxes on any income earned from unemployment benefits. The amount you […]

The tax season is upon us and now is the perfect time for taxpayers to make sure they know the relationship between their health insurance coverage and the two tax forms that help figure out the amount of tax credit that is due to each person. Forms 8962 (Premium Tax Credit) and Form 1095-A (Health […]

If you are self-employed or a contract employee you will have likely received a Form 1099-MISC at some point. Even if you are not self-employed for the whole year you will still receive a 1099-MISC for any client or company who paid you more than $600. In simple terms this form is like a W-2 […]

You will receive a 1099-B if you have sold any stock, bonds, mutual fund or securities in the tax year. You should receive this form from the financial institution or broker you used to make the deals. This form can be sent separately or may also be combined into a statement with other tax information […]

If you purchased a health plan through the Health Insurance Marketplace you can expect to receive a Form 1095-A Health Insurance Marketplace Statement by January 31, 2015. Many have decided to take a premium tax credit in advance that helps subsidize their monthly health insurance premiums. The credit you receive will be reported on 1095-A, […]

Caring for Your Dependents

Many taxpayers require a little extra help when it comes to taking care of their dependents. Those who hire professional care for their disabled relatives or childcare for their children younger than 13 so they can work may be eligible to recoup their expenses through the Child and Dependent Care Credit. This tax credit is […]

Let’s Make Amends

If you’ve found errors on your tax return after it’s been filed, you may need to file an amended return, depending on the type of error and the circumstances of the return. However, determining when to file an amended return can be a complicated process. In some cases, taxpayers may notice that their previous year […]

Party Like It’s 1099

You can’t escape the IRS. No matter what your job, even if you’re an independent contractor, the IRS wants you to pay your taxes, and they will find a way to make sure they get their money. Thanks to the Form 1099-MISC, independent contractors can file their taxes and avoid scrutiny from the IRS. The […]