Explore All the Forms

Who needs to file Form 1099-NEC?

• Businesses and organizations that make payments of $600 or more to nonemployees (such as independent contractors) during the tax year need to file Form 1099-NEC.
• Examples of nonemployee compensation include freelance work, driving for ride-sharing companies (like Uber or Lyft), or other self-employment income.

What are the penalties for not filing Form 1099-NEC?

If you do not file your Form 1099-NEC on time, the IRS may impose penalties Up to $270 per form. Additionally, there are two other penalties:

• Failure to file the correct Form 1099 with the IRS: This penalty can vary based on the number of forms not filed and the duration past the deadline. For tax year 2023, it ranges from $60 to $310 per form
• Failure to provide the payee with the correct Form 1099 statement: The penalty for this can also vary, but for small businesses, it can be as high as $580 per form.

Who needs to file Form 1099-K?

Payment app or online marketplace providers are required to send Form 1099-K if :

• The payments made for goods or services total over $20,000 from over 200 transactions.
• This applies to various platforms like payment apps, online community marketplaces, craft or maker marketplaces, and more.
• Personal payments from family and friends should not be reported on Form 1099-K because they are not payments for goods or services1.

Who needs to file Form 1099-MISC?

• Entities or individuals who make payments for various purposes (such as rent, royalties, or attorney fees) must issue Form 1099-MISC to recipients.
• If you’re a payer, ensure you provide accurate information to the recipient.

1099-INT

What is Form 1099-INT?

Form 1099-INT is an IRS document used to report interest income

• It’s issued by banks, financial institutions, and other entities that pay interest.
• All taxable and tax-exempt interest income must be reported on your tax return.

Who needs to file Form 1099-INT?

• Bank, brokerage, or other financial institution that paid $10 or more interest income to investors or clients during the tax year issue Form 1099-INT.
• It includes a breakdown of all types of interest income and related expenses.

Who needs to file Form 1099-DIV?

• Bank, brokerage, or other financial institution that paid $10 or more dividends and certain distributions during the tax year issue Form 1099-DIV to recipients.
• It’s essential for accurate reporting and tax compliance.

1099-SA

What is Form 1099-SA?

Form 1099-SA is an IRS document used to report distributions made from the following accounts:

• Health Savings Account (HSA).
• Archer Medical Savings Account (Archer MSA).
• Medicare Advantage Medical Savings Account (MA MSA).

Who Will receive Form 1099-B?

You should receive Form 1099-B if:

• You sold assets such as stocks, bonds, or mutual funds through a broker or barter exchange.
• This form helps you report the proceeds from these sales on your tax return.

Who needs to file Form 1099-B?

• Brokers or barter exchanges must file Form 1099-B for each person:
• For whom they sold various assets (e.g., stocks, commodities, debt instruments) for cash.
• Who received cash, stock, or other property from a corporation that underwent an acquisition of control or a substantial change in capital structure.
• Who exchanged property or services through a barter exchange.

W2

What is Form W-2?

Form W-2, also known as the Wage and Tax Statement, is a document that employers send to each employee and the Internal Revenue Service (IRS).

• It shows the income earned from an employer and the amount of taxes withheld from an employee’s paycheck.
• Taxpayers use Form W-2 to file federal and state taxes.

Who needs to file Form W-2?

• Employers engaged in a trade or business who pay remuneration (including noncash payments of $600 or more) for services performed by an employee must file a Form W-2.
• Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship.
• It applies even if the employee is related to the employer.

W-2G

What is Form W-2G?

Form W-2G reports gambling earnings and tax withholdings.

You’ll receive a Form W-2G if you:

• Win $600 or more in gambling winnings.
• The payout is at least 300 times the amount of your wager (except for winnings from bingo, keno, slot machines, and poker tournaments)

Who needs to file Form W-2G?

Casinos and other gambling establishments issue Form W-2G to recipients who meet the criteria for gambling winnings.

1098

Form 1098, also known as the Mortgage Interest Statement, serves to report mortgage interest paid. Here are the key points.

What is Form 1098?

Form 1098 is used to report mortgage interest of $600 or more received by you during the year.

It applies to mortgage interest received from an individual, including sole proprietors.

This form helps borrowers report their mortgage interest on their tax returns3.

Who needs to file Form 1098?

• Lenders, banks, and financial institutions issue Form 1098 to borrowers who meet the criteria for mortgage interest payments.
• If you’re a lender and you received mortgage interest payments of $600 or more, you must issue Form 1098 to the borrower.
• Each mortgage generates a separate Form 1098.

Form 1098-T

What is Form 1098-T?

Form 1098-T, also known as the Tuition Statement, is a crucial tax form sent by educational institutions to students and the Internal Revenue Service (IRS)

It provides details about the amounts paid for qualified tuition and related expenses, which are essential for calculating potential education tax credits.

Who needs to file Form 1098-T?

• Educational institutions (colleges, universities, etc.) issue Form 1098-T to students who meet the criteria for qualified tuition and related expenses.
• It’s essential for accurate tax reporting.

5498

Form 5498 is an informational statement that your IRA provider files with the IRS. It outlines your tax-deductible contributions made to your Individual Retirement Arrangement (IRA) during the tax year. Here are the key points:

Purpose of Form 5498:

• Reports the fair market value of your IRA.
• Includes details about contributions, required minimum distributions (RMDs), Roth IRA conversions, and rollovers.
• Anyone who owns an IRA should receive Form 5498 each year for each IRA they own.
• It covers traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs.

5498-SA

Form 5498-SA is an essential tax form used to report contributions made to specific accounts. Let’s break it down.

What is Form 5498-SA?

Form 5498-SA is filed by trustees or custodians for each person for whom they maintained one of the following accounts:

• Health Savings Account (HSA)
• Archer Medical Savings Account (Archer MSA)
• Medicare Advantage MSA (MA MSA)

Who needs to file Form 5498-SA?

• Trustees or custodians of HSAs, Archer MSAs, or MA MSAs issue Form 5498-SA to account holders.
• Remember, a separate form is required for each type of plan.

1095-B

What is Form 1095-B?

Form 1095-B reports information about individuals who have minimum essential health coverage and are not liable for the individual shared responsibility payment.

It shows details such as health insurance coverage, effective coverage dates, individuals covered, and the coverage provider.

Who needs to file Form 1095-B?

• Providers of minimum essential health coverage (such as health insurers) issue Form 1095-B to individuals who meet the criteria for coverage.
• It’s essential for accurate tax reporting.

Form 1095-C

What is Form 1095-C?

Form 1095-C is a tax form sent from employers to employees that describes the health insurance available to them.

It’s an annual statement required by law under the Affordable Care Act.

Companies must send 1095-Cs to their workers if they have 50 or more full-time employees.

Who needs to file Form 1095-C?

• Employers with 50 or more full-time employees issue Form 1095-C to employees who meet the criteria for health insurance coverage.
• It’s essential for accurate tax reporting.