Tax Checklist for Simple Tax Returns

2020 is coming to an end and that means tax season is here! You will be receiving a couple of tax forms in the next couple of weeks. We've compiled a checklist of all the possible forms that you will need to have before you file your 2020 taxes.

W-2 (Wages and Tax Statement) – If you worked for any employer during 2020, this form will be issued directly by the employer. If you worked for multiple employers, you will receive one from each.

1099-G (Certain Government Payments) – If you filed for unemployment this year and received payments, you can download this form from the UI site once it becomes available.

1099-NEC (1099-MISC) – If you are an independent contractor that conducted work for more than $600, you will receive this form from the person/company that issued you the payment.

1099-DIV (Dividends and Distributions) – 2020 was definitely a year that many of you invested in the stock market. This form will be issued from your brokerage firm if you earned dividends in 2020.

1099-B (Proceeds from Broker and Barter Exchanges)– For anyone that sold their stocks or mutual funds through a broker, you can expect to receive this form.

1099-INT (Interest Income)– If you received $10 or more of interest money from your bank (usually through share certificates) your bank will issue this form.

1098-T (Tuition Statement)– For all the students out there, this form will be from your college/institution. It summarizes the tuition that was billed to you for 2020. If you received financial aid, you can expect to have this form as well. Be aware that if you are a dependent, your parents have the option to file this under their return.

1095 A/B/C – This is for your health insurance coverage for the year. You will receive A, B, or C depending on your health plan coverage.

This is just a shortlist that summarizes some of the forms that you can possibly get for 2020. Hopefully, this can give you an idea of what to expect! Please be aware that if you incurred other transactions during the year or if you are a corporation or partnership, you will most likely be getting different forms outside of this list.