Monthly Archives: February 2015

Before you file your 2014 federal taxes, you should be aware of how the Affordable Care Act will impact your return. Depending on if you have health care coverage and where you received it from, you may notice a larger impact this tax season. Many taxpayers have healthcare coverage through their employers, government provided plans […]

The tax season is rapidly approaching, and it’s as good a time as any for taxpayers to make sure they understand the relationship between their health insurance tax credit and the two tax forms which help calculate the amount of credit an individual is due. For 8962 (Premium Tax Credit) and Form 1095-A (Health Insurance […]

What is a 1099-INT?

A form 1099-INT reports all taxable interest you receive. You are required to report the amount on your federal tax return, regardless of whether or not you have to pay tax on the interest. You aren’t required to attach copies of the 1099-INT to your tax return, as long as you report the information. Understanding […]

What is the 1099-R?

If you’ve received retirement payments throughout the year from your pension, annuity, or similar type of plan, you’ll receive a Form 1099-R as a report of the fund distribution. Payments from Pensions and Annuities When you set up a retirement fund with your employer, you are essentially arranging a compensation agreement. Most retirement plans don’t […]

What is a 1099-Misc?

Anyone who is self-employed has likely received a Form 1099-MISC at some point in their career. Even if you are self-employed for a part of the year, you will receive a 1099-MISC from each client who paid you in excess of $600 during the year. Basically, this form is similar to a W-2, except it […]

What is a 1099-G?

There’s a chance you’ll need to report the information listed on a Form 1099-G should you receive one from a government agency. Typically, 1099-G is used to report compensation from unemployment benefits, along with tax refunds issued by the state or local government. Unemployment Benefits If you receive compensation from unemployment, you are required to […]

What is a 1099-DIV?

You can expect to receive a Form 1099-DIV if you’ve been paid dividends on stocks, or had capital gains distributions on mutual fund investments during the tax year. The different boxes on the Form 1099-DIV are: Box 1a: reports the full amount of ordinary dividends paid Box 1b: reports the amount of the sum listed […]

What is the 1099-B?

If you’ve sold any stocks, bonds, mutual funds, or securities during the tax year, it will be reported on a Form 1099-B which you will receive from your broker or financial institution. It can be a separate form, or may be combined into a statement listing other relevant tax information, such as interest and dividends. […]

What is the Form 1098-T?

The IRS Form 1098-T: Tuition Statement is sent to students who pay tuition at a qualifying college or similar higher education institutions. Any college, university, or vocational school that participates in the Department of Education programs for student aid are qualified institutions. The Form 1098-T lists expenses related to education, and can help determine the […]

What is Form 1098-E?

If you’ve paid $600 or more a year in interest on a loan, the lender must provide you with Form 1098-E. You aren’t required to itemize deductions in order to claim a student loan interest deduction. Instead, student loan interest is subtracted when totaling your adjusted gross income (AGI) for the year. Interest paid on […]