Mominar 059: Forms Needed to File Taxes

09Feb 2022 by Dr Laura Jaget

This Mominar is about all the forms needed to file taxes.

If you want more information about this CLICK HERE check out this Mominar on how to fill out W-4 and W-9 forms.

Even if you have someone else do it for you, you need to do this part so that they can do their part.

Make Sure You Have This Information

First of all: All taxpayers will need the following to do their taxes. This is MANDATORY:

Your social security number or tax ID number(if you are filing for a business)
If you have a spouse, their full name, social security number or tax ID number, and date of birth
IRS Letter 6475 – your 2021 Economic Impact Payment (EIP), to determine eligibility to claim the Recovery Rebate Credit. This is money that was issued due to the pandemic. Everyone got it. Look for this form.
Routing and account numbers to receive your refund by direct deposit or pay your balance due if you choose

Dependent(s) Information

If you have dependents, children or others you care for, you need:

Dates of birth and social security numbers or tax ID numbers
Income of dependents and of other adults in your home

You MAY need these:

Form 8332 showing that the child’s custodial parent is releasing their right to claim a child to you, the noncustodial parent (if applicable)
IRS Letter 6419 – official documentation that has the details you need to report your advance Child Tax Credit (CTC) payments

But if not, don’t worry about it.

Forms Needed to File Taxes

At the beginning of the year, you will start receiving mail from anyone or any institution where you earned money.

This will be from employers, banks, investment accounts, unemployment, any type of income.

When you see an envelope that says IMPORTANT TAX DOCUMENT ENCLOSED on it, do NOT throw that away.

You may get these forms by email as well. Save them.

Save them and put them somewhere safe. Somewhere you will REMEMBER. You will need these for your taxes.

Here are some examples of INCOME forms you may receive:

If you worked for a company as an employee you will get a W-2 form
If you worked for yourself, or you work for someone who paid you IN FULL, meaning nothing was taken out for taxes, you got the whole amount, you may get a 1099 form
A 1099 is a common form. It is for money you earned that had nothing withheld for taxes. Some common things you might get a 1099 for:
- any money you earned in interest from savings accounts
- Interest from dividends
- Selling a stock
- Unemployment payments

To name a few. If you receive any type of 1099, you have to report it on your taxes.

The person or entity that sent it to you is reporting to the IRS that they paid you that much money. What you report to the IRS has to match.

Deductions

Yes, you have to report your income to the IRS, but you can also deduct certain expenses to offset that income which could lower the amount of taxes you pay.

You will get tax forms for these:

1098-for interest you paid on your home mortgage
1098-E for interest you paid on student loans

Another common tax form you may get these days is a 1095-A. If you have health insurance from the Marketplace (through the government for a reduced amount)

You won’t get a form, but if any of these apply to you, list it when doing your taxes, or let your account or tax preparer know.