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Tax Forms: A Quick Look for Individuals

January 20, 2013

There are a plethora of 2013 tax forms. Some of these forms you will receive in the mail from your employer and the IRS, and others you might need to be download or your CPA will provide them. A small sampling:

An employer must fill out a W-2 form for every employee they pay compensation to. Then the W-2 is submitted and a copy is sent by the employer to the federal government, the employee, along with the local and state tax agencies. These forms must be sent by the employee to every employee who worked for them during the previous year by January 31.

A W-2 lists all the important tax information. This will include; your wages, commissions and tips, along with federal, social security and Medicare tax withholding.  Any contribution to retirement plans, HSA, cafeteria plans, or other reductions to your gross pay are also detailed.

It is the function of the W-2 to let you, along with the local, federal and state governments know how much you made for the year, and how much your employer withheld for taxes. This is the information used to determining your federal and state taxes.

Form 1099-Misc

If you worked as an independent contractor, expect to receive a Form 1099-Misc from the entity to whom you provided services. No taxes are typically withheld from 1099-Misc, so it is up to you to make provisions for this. If you are a 1099-Misc independent contractor, we can help you devise a tax-saving strategy.

Forms 1099-INT and 1099-DIV

If you have money or investments in a financial institution, you will receive these forms. This information will include; your amount of interest or dividends earned for the year, plus capital gains or losses.

The purpose of these 1099s is to let the governments know of any interest, capital gains or losses and dividends from the year.

Form 1098
This form is for your mortgage lender to show the total amount of interest you paid on your mortgage for the year. Homeowners may be able to claim a tax break on their mortgage interest payment.

Forms 1099-SSA and 1099-R
For taxes on social security income or a distribution from a profit sharing plan annuity, IRA, retirement plan, or a pension, you’ll receive one of these forms.

Forms You Might Need To Fill Out


This is the simplest tax return form of the 1040 tax series. This is for people with simple tax returns, not good for anyone with more difficult tax considerations. To qualify for the 1040EZ you must; file single or married jointly, have no dependents. There are other stipulations to consider, such as; be under 65 and not blind, have less than $100,000 in taxable income, no income other than wages, tips, salaries, unemployment compensation and fellowship grants. Other stipulations may apply.

You may be able to use the 1040A form if you do not qualify for the 1040EZ return. To qualify for a 1040A, you must have less than $100,000 in taxable income made up of; wages, tips, salaries, capital gain distributions, interest, IRA distributions, pensions and annuities, unemployment compensation, and taxable social security. Other stipulations may apply.

You will need this form if you do not qualify for 1040EZ or 1040A. This form allows for reporting all types of deductions, income and credits. Itemizing your deductions will require the use of the 1040 form. It is more difficult than the other two tax forms, but you can save money by using the 1040 by using the deductions and credits that you can claim.

This list is meant to be a sampling of information that in individual filing single or a married couple filing joint or filing separately might need.  This list does not cover the forms that are needed for a business filing.

Contact Kathleen M Egan CPA PLLC at (602) 569-1003 to discuss your tax needs today!


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