February 7, 2024

It is the time of the year again when you’ll probably see several types of Internal Revenue Service (IRS) forms filling your mailboxes. You might be familiar with some of the IRS forms but if you’ve ever wondered what the rest of them are and why you received them in the first place, then you’re in for a treat because you will find here the most common IRS forms that an individual may receive during a tax season. 

Be sure to keep these IRS forms for your records and reference when preparing your tax returns and read on to have a general knowledge about them.  

Form W-2, Wage, and Tax Statement 

The W-2 form is issued by an employer for the salary or wages you received as an employee. It provides information on your income for the tax year, your contributions to retirement fund, and the taxes deducted from your pay. 

The 1099 Forms 

The 1099 forms are informational records of income you received throughout the year. There are several kinds of 1099 forms for reporting different kins of income. Listed below are some of the most common 1099 forms, the type of income each form reports, and the reason you may receive one. 

  • 1099-INT – You earned at least $10 of interest from your deposits with banks or other financial institutions. 
  • 1099-DIV – You received dividend distributions of at least $10 from corporate shares. You will also receive this form if you were paid at least $600 worth of cash or other properties due to a corporation’s liquidation. 
  • 1099-NEC – Independent contractors, freelancers, gig workers, or small business owners will receive this form due to their work. Being paid at least $600 for services rendered to non-employers warrants a 1099-NEC form. Law firms or attorneys also receive 1099-NECs for their legal services of at least $600. 
  • 1099-MISC – You received miscellaneous income payments related to your trade or business that are non-employee compensation. You will receive this for meeting the threshold for the following income: 
  • At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest. 
  • At least $600 in other income payments including rent, prizes and awards, medical and health care payments, etc. 
  • At least $5,000 of direct sales of consumer products for resale anywhere other than the permanent retail establishment. 
  • 1099-R – You received distributions of at least $10 from retirement plans, IRAs, annuities, pensions, insurance contracts, survivor income benefit plans, permanent and total disability payments under life insurance contracts, or charitable gift annuities. 
  • 1099-G – The government would send you this form if you received income tax refunds, credits, or offsets. You may also receive this form for unemployment compensation, taxable grants, or agricultural payments. 
  • 1099-S – You sold or exchanged your real estate properties for money, indebtedness, property, or services. 

Form 1098, Mortgage Interest Statement 

Lenders would send you a Form 1098 if you paid at least $600 in mortgage interests throughout the year. 

Form 1098T, Tuition Statement  

Eligible educational institutions would send you this form if you spent at least $600 on qualified education expenses such as tuition fees, enrollment fees, and course-related materials.  

Form 1098E, Student Loan Interest Statement 

Government unit, financial, or educational institution would send you a Form 1098E for paying at least $600 in student loan interests throughout the year. 

The 1095 Forms, Health Insurance 

Depending on your health insurance provider, you may receive a 1095A, 1095B, or 1095C which provides information about you and your enrolled dependent’s health coverage. 

Form 5498, IRA Contribution Information 

If you have an individual retirement account (IRA), you will receive a Form 5498 from your IRA issuer or manager. This report includes information about your IRA account type, contributions, rollovers, conversions, withdrawals, and distributions. 

Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information 

This form reports information on your health savings account (HSA), Archer medical savings account (MSA) and Medicare MSAs. 

 Want to learn more? 

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Contact us toll-free (855) 529-1099 or make an appointment for a free consultation. Contact Us


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