Tax season is officially in full swing. The Internal Revenue Service (IRS) began accepting paper and electronically filed returns on Tuesday, January 19, 2016; the due date for tax returns is Monday, April 18, 2016 (not April 15, 2016, as in years past since there’s a holiday).
By now, you should have received most of your forms. If you’re still looking for yours, here’s a list of due dates for forms – along with information about what to do if yours are late.
Figuring out what’s on your tax forms – and how to report that information on your tax return – can be daunting. Follows is a quick primer for tax forms you might expect to receive in 2016:
- Understanding Your Tax Forms 2016: W-2, Wage and Tax Statement
- Understanding Your Tax Forms 2016: 1099-MISC, Miscellaneous Income
- Understanding Your Tax Forms 2016: 1098-T, Tuition Statement
- Understanding Your Tax Forms 2016: 1098, Mortgage Interest Statement
- Understanding Your Tax Forms 2016: 1099-A, Acquisition or Abandonment of Secured Property
- Understanding Your Tax Forms 2016: 1099-C, Cancellation Of Debt
- Understanding Your Tax Forms 2016: 1099-INT, Interest Income
- Understanding Your Tax Forms 2016: 1099-DIV, Dividends And Distributions
- Understanding Your Tax Forms 2016: 1099-K, Payment Card and Third Party Network Transactions
- Understanding Your Tax Forms 2016: SSA-1099, Social Security Benefits
- Understanding Your Tax Forms 2016: 1099-B, Proceeds From Broker & Barter Exchange Transactions
- Understanding Your Tax Forms 2016: 1099-G, Certain Government Payments
Included in each of the posts is a brief summary of the purpose of the tax form along with a line by line (or box by box, as the case may be) explanation of the reporting requirements.
You’ll use the information reported on the forms to help you file your tax return – assuming you need to file. You may not need to file if you meet certain criteria. To figure out if you need to file a tax return in 2016, click here.
