It’s March, and you should have received all of your tax forms by now. Let’s look at the most common forms you might need to file your taxes.

W-2

This is the most common tax form and the most important one for most employed people. You will receive one from each employer you worked for during the previous year. It will show the amount you earned and the amounts withheld for income taxes, Social Security, Medicare, and contributions towards a retirement plan, medical savings account, or child care reimbursement plan.

1099-MISC

If you run a small business or did work as a freelance or consultant and received payments totaling $600 or more from a business, you will receive this form.

1099-B

This form summarizes the proceeds of any stock transactions you made. You need to report gains or losses from the sale of stocks. This form is usually sent to you by a broker.

1099-G

You will receive this form if you collected unemployment insurance. It will state the amount you collected during the previous year.

1099-DIV

This form is sent out by investment companies. It lists the capital gains and dividends paid to you during the year. However, you will only receive this form if the distributions are more than $10.

1099-INT

If you earned more than $10 in interest on a bank account or certificate of deposit, you will receive this form for each account. The same form will be sent if you cashed in any savings bonds. It will detail the taxable interest paid out during the year.

1095-A

If you or your spouse bought health insurance through the state or federal exchange you will receive this statement. Use this information to calculate your premium tax credit amount on Form 8962.

1099-C

This form is sent when a lender or creditor discharges a debt you owe. The forgiven debt must be reported as income on your tax statement.

1098

Lenders will send you this form if you paid $600 or more in interest on your home mortgage in the previous year. You will be able to write off this interest if you itemize your deductions.

1098-T

Students enrolled in higher education receive this form, which reports the amount of qualified education expenses paid. If the student qualifies for education-related tax benefits, this is an important form to have.

1098-E

Students and graduates paying back a student loan receive this form if the interest paid is $600 or more. It will be sent to you by your lender.

If you are unsure about the forms you need or how to use them, please give us a call at (856) 794-8400. We are experts in tax preparation in Millville, New Jersey, and will be happy to assist you filing your taxes.