The types of tax forms you need to file your return will arrive in your mailbox at different times. Fortunately, keeping an eye out for each one—and then managing them correctly—doesn’t need to be all that complicated!
General Guidelines for Prepping Your Tax Forms
To start your tax prep, make a list of the forms you received for the previous year’s tax filing. Then you add any new accounts, employers, or vendors that are new to you this year. Having a quick list gives you an easy way to confirm that all of the forms you know you need this time around have actually been received. Just check them off as you get them.
As you’re gathering these documents, it’s also important to be on the lookout for any digital forms. While official correspondence from the IRS will come through the postal service, more and more organizations are making their tax forms available to you electronically. Make sure to check your email inbox, as well as your junk and spam folders, for any digital forms. You can even make digital copies of your paper forms to keep everything securely saved in one place.
Before you get ready to file, though, make sure to thoroughly check your forms for any errors. If there happen to be any mistakes, reach out to the issuer to get them corrected. If that's not possible, then make sure to report the error to the IRS when you file. They will need you to provide an explanation in order to get your information corrected for an accurate return.
3 Tax Forms That Are Easy to Overlook
Typically your W-2 and 1099 forms will always be top of mind, but there are three other forms that can require extra attention for taxpayers. These forms can be especially easy to forget about if you’ve never worked with them before.
Form 1095
Proof of health insurance is required under the Affordable Care Act (ACA). This form is only necessary if you receive your insurance through the Healthcare Marketplace. If that applies to you, then you may be eligible for a special premium tax credit. You’ll need your Form 1095 to support that deduction.
Form 1098-T
If you plan to take an education deduction, the IRS will also need confirmation of the tuition and fees you’ve paid to that qualified educational institution. Form 1098-T should be sent to you from your accredited school. Be sure to verify the amounts to make sure you don’t miss out on any deductions you might be able to claim.
1099-K
The IRS recently delayed the expanded reporting requirement for income received through third party services like Ticketmaster and Venmo, but many forms were still sent out. Make sure to watch out for them so you’ll have them ready to go when you need them later.
Want to Schedule an Appointment?
If you want to beat the rush before the April filing deadline, we can help! Planning ahead can help ensure that you get all your questions answered and avoid any last-minute stress. Reach out to schedule a tax filing appointment by calling our office at (317) 588-3131. Then we can work with you to make sure you have all of your forms and information in order.
