Key Tax Forms You Need to File This Year

Filing your taxes can feel like a big task. But if you know which forms to look out for, it gets a lot easier. Below, we’ll break down the key tax forms, what they say, and why it’s important to gather them early.

Why You Need to Organize Your Tax Forms

Before you sit down to file, make sure you have all your tax forms together. Missing a form can lead to mistakes, slow refunds, or even extra fees. It’s up to you to collect and enter this information correctly. The earlier you start, the better!

👉 Pro Tip: Check out our post on how to prepare for tax season for more helpful tips.

Common Tax Forms and Their Purposes

Here are the most common forms you might need:

Form W-2: Wage and Tax Statement

• Who Sends It: Your employer
• What It Shows: How much money you made and how much tax was taken out of your paychecks
• Why It Matters: You’ll need this to report your income and taxes paid

Form 1099: Income from Other Sources

• Who Sends It: Clients, banks, or other payers
• What It Shows: Money you earned outside of a regular job, like freelance work (Form 1099-NEC), bank interest (Form 1099-INT), dividends (Form 1099-DIV), and other miscellaneous income. Each type of payment has a specific 1099 form
• Why It Matters: You must report this income when you file

Form 1098: Mortgage Interest Statement

• Who Sends It: Your mortgage lender
• What It Shows: How much mortgage interest you paid last year
• Why It Matters: You may be able to deduct this interest if you itemize deductions

Form 1098-E: Student Loan Interest Statement

• Who Sends It: Your student loan servicer
• What It Shows: Interest paid on student loans
• Why It Matters: You might qualify for a deduction

Form 1095-A: Health Insurance Marketplace Statement

• Who Sends It: The Health Insurance Marketplace
• What It Shows: Details about your health coverage
• Why It Matters: Needed if you claim the Premium Tax Credit

Form 1040: U.S. Individual Income Tax Return (The Main Tax Return Form)

• Who Sends It: You fill this out as the taxpayer
• What It Shows: A summary of your income, deductions, credits, and taxes owed or refunded
• Why It Matters: This is the primary form to file your taxes

Schedule A (Form 1040): Itemized Deductions

• Who Sends It: You (if itemizing deductions)
• What It Shows: Deductions like medical costs, mortgage interest, and donations
• Why It Matters: Itemizing can reduce your taxable income

Schedule C (Form 1040): Profit or Loss from Business

• Who Sends It: Self-employed people and small business owners
• What It Shows: Business income and expenses
• Why It Matters: Helps calculate your business’s profit or loss

Form W-4: Employee’s Withholding Certificate

• Who Sends It: You provide it to your employer
• What It Shows: How much tax to take out of your paycheck
• Why It Matters: Helps avoid owing money or getting a big refund at tax time. While not filed with your tax return, updating it ensures accurate withholding throughout the year.

Form W-9: Request for Taxpayer Identification Number and Certification

• Who Sends It: You give this to clients or banks
• What It Shows: Your Taxpayer Identification Number (TIN)
• Why It Matters: Clients use it to report payments they make to you

Final Thoughts: Stay on Top of Your Tax Forms

Preparing for tax season doesn’t have to be stressful. When you know which forms you need and why they matter, you’re more likely to file accurately and on time. Plus, getting organized now can save you a lot of hassle later.

Gathering your forms early can help you avoid mistakes and speed up your refund. If you need more help, check out our guide on free tax filing resources to save money and make the process easier.

Sources:

• IRS: Gather Your Documents
• TurboTax: A Guide to Commonly-Used IRS Tax Forms
• NerdWallet: Tax Document Checklist

Note: This post is for informational purposes only and does not constitute tax advice. Consult a tax professional for guidance specific to your situation.