Common Tax Documents & Statements Checklist
Preparing an accurate and complete tax return requires that you have various tax documents provided to you at tax time.
If you are missing any tax documents you can request from the IRS a free "Wage & Income Transcript" which gives you everything reported to the IRS under your name and social security number by various third parties. This will ensure that you are reporting ALL income that was reported to the IRS on your behalf.
Some institutions will not issue a tax document if the amount is below a certain threshold. You will need to check with the institution regarding this situation.
TAX TIP: If you fail to report ALL income, the IRS document match system could flag your tax return for a possible audit.
Below is a partial list of the most common tax reporting documents you should be aware of:
W-2: Employee Wage & Salary
1099 Miscellaneous Income: Rental Income, Other Income, Royalty Income, Self-Employment Income, Awards, Prizes, Gross Proceeds Paid To Attorneys
1099-Div: Divident Income, Non-Taxable Distributions, Capital Gain Distributions
1099-Int: Interest Income
1099-B: Proceeds from sale of investments (Bonds, Mutual Funds, Stocks)
1099-C: Cancellation of Debt
1099-OID: Original Issue Discount
1099-R: Annuity, IRA, Pension Distributions, Insurance Plans
1099-S: Gross Proceeds From Real Estate Sales/Transactions
1099-K: Credit Card Income Received
W2-G: Gambling Winnings
1099-G: Unemployment Compensation, State Income Tax Refunds
SS-A: Social Security Benefits/Income
Schedule K-1: Estate, Partnership, S Corporation, & Trust Statements
Alimony: Taxpayer own records
Cash Income: Taxpayer own records (YES, ALL Cash income & tip income are reportable taxable income regardless of the amount)
1098: Mortgage Interest & Real Estate Taxes (issued by the mortgage lender)
1098-E: Student Loan Interest (issued by lender)
1098-T: Tuition Statement (issued by the educational institution)
1098-Q: Payments Fom Qualified Education Programs
1099-SA: Distributions From Health Savings Accounts, Archer Medical Savings Accounts
5498: IRA Contributions (Traditional, SEP, Simple, Roth IRA's)
5498-SA: Contributions to Health Savings Accounts, Archer Medical Savings Accounts
CALL NOW 561-746-1926 or 561-339-8102 if you have any questions or concerns or would like to schedule a FREE, Confidential, No-Obligation Tax-Saving Consultation.