What forms do I need to file my tax return?

INTRO: Tax season is in full swing and taxpayers are immersed in organizing their records and filing their returns. What forms do you need to have on hand to file an accurate tax return? Paul Fain, president of Asset Planning Corporation, joins us now with a guide to commonly used IRS tax forms.

 

PAUL WHAT ARE THE MOST COMMON FORMS THAT WE NEED TO BE FAMILIAR WITH?

·        W2                   Wages and taxes paid

·        W4                   Withholdings

 

WHAT THE OTHER INCOME RELATED FORMS THAT WE NEED FOR A TAX RETURN?

·        1099 MISC      Other Income

·        1099 INT         Interest

·        1099 DIV         Dividends

·        1099 R             Retirement Income

·        1099 SSA        Social Security Income

 

WHAT ABOUT THE SCHEDULES, LIKE A, B, AND C?

·        Schedule A      Itemized deductions

·        Schedule B      Interest/dividends

·        Schedule C      Self-employed income

 

Know what you need!  Keep organized all year long.

 

FAST MARKET FACT: Tax returns by the numbers

·        240 million – number of tax returns filed

·        1 million – number of tax returns audited

·        $300 million – expected tax refunds

·        $3,000 – average refund as of March 8, 2019

 

QUESTION FOR OUR MONEYMAN?

Send them to Paul@assetplanningcorp.com!

You can also reach Paul by using the contact page on APC’s website.