Tax Filing Season is upon us yet again. Everyone will receive their W-2 forms on or before January 31st. As soon as you receive your W-2 form, you may have all of the information you need to get a head start and file online.
This week, from January 18-22, I'm going to go over all the important Tax Forms and documents needed to file your Taxes. Today is part one, Documents for Determining Income.To find out about your Taxable Income for 2009, you’ll need any of the following:
W-2s - Get this from your HR or Payroll Departments. They will likely distribute W-2 forms voluntarily before January 31st, if they don't, be sure to see them to retrieve your form.
this form is used to report income and withholding related to gambling. Use Form W-2G if you receive:
- $600 or more in gambling winnings and the payout is at least 300 times the amount of the wager (except winnings from bingo, keno, and slot machines);
- $1,200 or more in gambling winnings from bingo or slot machines;
- $1,500 or more in proceeds (the amount of winnings less the amount of the wager) from keno; or
- Any gambling winnings subject to federal income tax withholding
Include records of any gambling income.Form 1099-INT- This summarizes your income earnings for the year.
This form is also used to report other tax items related to your interest income, such as early withdrawal penalties, federal tax withheld and foreign tax paid.
Forms 1099-MISC-records for business or side job income and expenses
Form 1099 OID-
Form 1099 OID is intended to be an annual recognition of estimated amortized interest resulting from buying a debt instrument such as a bond or CD at a discount.
- Schedule K-1 is used to report a beneficiary's share of income, deductions, credits, and other items from trusts or partnerships.
Form 1099-Div is used to record all taxable capital gains and dividends paid to an investor, including those that have been re-invested for that tax year. The form is sent by investors or by investment fund companies.Form 1099-B-
Brokers and barter exchanges must report proceeds from
transactions to you and the IRS on Form 1099-B.
Form 1099-R- Generally, distributions from pensions, annuities, profit-sharing
and retirement plans (including section 457 state and local
government plans), IRAs, insurance contracts, etc., are reported
to recipients on Form 1099-R.
The Form RRB-1099 tax statement is issued by the U.S. Railroad Retirement Board (RRB) and represents payments made to you in the tax year indicated on the statement.
You will need to determine if any of the railroad retirement payments made to you are taxable.
Form SSA-1099 is used to report to you any Social Security benefits that you may have collected during the year. If you elected to have taxes withheld, it will also show this amount.
Be sure to include documents to prove all income received for 2009. Don't attempt to hide income earned, because the IRS WILL find out.
Be honest when you report income to avoid Tax Debt issues in the future.