Tax Forms to Expect from These 3 Common Sources

tax tips | December 21, 2017 | By Susannah McQuitty

A woman prepping her tax documents

True, filing your tax return may not be on your radar for another week or two at least, but knowing exactly which tax forms you need makes a huge difference when the time comes.

So what records should you expect? That’s different for each taxpayer, but here are three common sources.

What tax forms do I need from my employer?

You’ll definitely need to look out for a Form W-2 if you’re an employee of a business. That W-2 will summarize the wages you received and taxes you paid over the course of the year.

If you participate in an employer-provided 401k retirement plan, the total amount you set aside is also reported on your W-2. Your 401k savings could qualify you for the Saver’s Credit, and, if you file with 1040.com, we’ll automatically check and see if you qualify.

Another statement you might receive based on your participation in employer-sponsored benefits programs is a Health Savings Account (HSA) statement – Form 1099-SA. Like with the 401k, you’ll only receive this form if you participate in the HSA plan.

A laptop ready to e-file taxes in January

What tax forms do I need if I do contract or freelance work for others?

If you're a self-employed freelancer or independent contractor, you should receive a Form 1099-MISC from each client who paid you more than $600 over the course of the year.

If you received payment through PayPal or other third-party payment sites (income from Uber or Lyft, for example), you may also receive a Form 1099-K. This form notifies the IRS how much income you made online from various clients if you had more than 200 transactions and earned more than $20,000 through the third-party payment processor.

Even if you don’t receive these statements from your clients or payment processors (whether it’s due to the threshold requirement or negligence), you’re still required to report all of your self-employment income to the IRS.

What tax forms do I need for healthcare?

As far as healthcare is concerned, the question is primarily whether you (and your household) were covered for the entire year. If you know that you were, you don’t have to worry about waiting for your 1095-B. Go ahead and file your return if you have the rest of your documentation.

Those who weren’t covered for the entire year, or aren’t sure, should wait for the 1095-B to make sure their personal records match the insurance provider’s records. You should also wait to file if your insurance is through the Health Insurance Marketplace (for which you’ll receive a 1095-A).

Don’t forget 1040.com’s Tax Estimator App!

One of the best ways to figure out how many of these forms you’ll need is to walk through our super simple Tax Estimator App. You’ll get a better idea of what information you’ll need to file, which will help determine the forms you should expect to receive.

Since you’re doing some prep on the front end, you’ll have plenty of time to give your tax return the care it needs and file early with 1040.com’s smart, simple process.


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