As the W-2’s and other tax forms start making their way to your mailbox or inbox, Yahoo! Finance reminds us of five tax forms that most Americans shouldn’t be without. There are of course exceptions, but it doesn’t hurt to double check.
1. Form 1040
This is the standard form that you will actually file with the IRS. On this form you will find out if you owe the government or if they owe you.
2. Form W-2
This form comes from your employer. It tells you how much you made during the year and the amount of taxes that were withheld.
3. Form 1099
This form is for all different sorts of income, including but not limited to interest or investment earnings.
4. Annual Mortgage Statement (if you have a mortgage)
This form tells you how much interest you paid on your mortgage, which is tax deductible.
5. Last Year’s Tax Return (a useful reference and refresher)
You never know when last year’s information could come in handy.
Take a look at the video from a Yahoo! Finance expert, as she explains what each form is and why it’s important.
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Do you prepare your own taxes or take them to an expert?
Chris Whalen, VP of Unbanking
