Watch the mail Box for these forms!

By: Kerry Freeman EA Tax Planning 1 Follower

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Watch the mail Box for these forms!


January is not your mail carrier's favorite time of the year. Every U.S. Postal Service delivery bag is overloaded with statements from employers, banks, stockbrokers and other institutions and agencies that were involved in taxpayers' financial lives last year. Each of these groups has, by law, until Jan. 31 to get their annual tax statements in the mail to taxpayers. Here's a look at some of the more common tax documents that should be arriving in your mailbox shortly and what they mean to your tax return. When they arrive, check them!


This is the key form, and you need one from each employer you worked for during the past year

For most homeowners, mortgage interest is tax deductible and this document will tell you how much you paid last year. Your lender is required to send you one of these forms if you paid at least $600 interest

If you earned more than $10 in interest on a bank account or a certificate of deposit, you'll get one of these forms for each account. Tax law says you received the income even if you didn't actually have it in your hand, and reinvested earnings are still taxable income.

Earnings from individual stocks and mutual funds are reported on Form 1099-DIV. This will show both dividends and capital gains distributed over $10.

If you sold stocks, bonds or mutual funds, you will receive a 1099-B from your broker or mutual fund company. This will tell you the number of shares sold, when sold and the amount you got for the sale.

Taxpayers who got a refund of state or local taxes last year will get this form. And if you were out of work for a while last year and collected unemployment, you'll get a separate 1099-G showing those payments. Sorry, unemployment benefits are taxable income.

If you received a pension or a distribution from an individual retirement account or retirement plan, the 1099-R provides the details of these transactions.

Self-employed individuals who earned $600 or more should get a 1099-MISC from the employer.

Late-arriving forms

Schedule K-1
Finally, if you received money from an estate, trust, partnership or an S corporation last year, you should get a Schedule K-1. Account managers tend to send out K-1s later in the tax season -- sometimes not until after the April filing deadline.


Kerry Freeman Is your Anthem Enrolled Agent. Enrolled Agents are licensed by the U.S. Treasury to represent taxpayer before the IRS. Mr. Freeman Is a Member in good standing with the NAEA (National Association of Enrolled Agents) and the CACEA (Central Arizona Chapter of Enrolled Agents). Mr. Freeman will gladly answer any question by calling 800-925-6924.


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