IRS Forms

by MB on January 14, 2008

It’s the time of year again when our mailboxes begin filling up with all the various documents that we will need to complete our tax return.

Here is a quick list of some of the more common types of forms that you may receive for your 2007 tax year, along with a brief description, and the amount you would typically have received in order to require the form.




Amounts typically Reported


Mortgage Interest Statement

Mortgage interest (including points) you received in the course of your trade or business from individuals and reimbursements of overpaid interest.

$600 or more


Student Loan Interest Statement

Student loan interest received in the course of your trade or business.

$600 or more


Tuition Payments Statement

Qualified tuition and related expenses, reimbursements or refunds, and scholarships or grants (optional).

See instructions


Acquisition or Abandonment of Secured Property

Information about the acquisition or abandonment of property that is security for a debt for which you are lender.

All amounts


Cancellation of Debt

Cancellation of a debt owed to a financial institution, the Federal government, a credit union, RTC, FDIC, NCUA, a military department, the U.S. Postal Service, the Postal Rate Commission, or any organization having a significant trade or business of lending money.

$600 or more


Dividends and Distributions

Distributions, such as dividends,capital gain distributions, or nontaxable distributions, that were paid on stock, and liquidation distributions.

$10 or more, except $600 or more for liquidations


Certain Government and Qualified State Tuition Program Payments

Unemployment compensation, state and local income tax refunds, agricultural payments, taxable grants, and earnings from a qualified state tuition program (QSTP).

Any amount for a QSTP; $10 or more for refunds and unemployment; $600 or more for all others.


Interest Income

Interest Income.

$10 or more ($600 or more in some cases)


Miscellaneous Income (Also, use this form to report the occurrence of direct sales of $5000 or more of consumer goods for resale.)

Rent or royalty payments; prizes or awards that are not for services, such as winnings on TV or radio shows.

$600 or more, except $10 or more for royalties


Distributions From an MSA or Medicare+Choice MSA

Distributions from a medical savings account (MSA) or Medicare+Choice MSA

All amounts


Distributions From Pensions, Annuities, Retirement or profit-sharing Plans, IRAs, Insurance Contracts, etc.

Distributions from retirement or profit-sharing plans, any IRA, or insurance contracts, and IRA recharacterizations.

$10 or more


Proceeds From Real Estate Transactions

Gross proceeds from the sale or exchange of real estate

Generally, $600 or more


IRA Contribution Information

Contributions (including rollover contributions) to any Individual retirement arrangement (IRA) including SEP, SIMPLE, Roth IRA, and Ed IRA; Roth conversions; IRA recharacterizations; and the fair market value of the account.

All amounts


MSA or Medicare+Choice MSA Information

Contributions to a medical savings account (MSA) and the fair market value of an MSA or Medicare+Choice MSA.

All amounts


Certain Gambling Winnings

Gambling winnings from horse racing, dog racing, jai alai, lotteries, keno, bingo, slot machines, sweepstakes, wagering pools, etc.

Generally, $600 or more; $1,200 or more from bingo or slot machines; $1,500 or more from keno


Wage and Tax Statement

Wages, tips, other compensation; social security, Medicare, withheld income taxes; and advance earned income credit (EIC) payments. Include bonuses, vacation allowances, severance pay, certain moving expense payments, some kinds of travel allowances, and third-party payments of sick pay.

All amounts paid by an employer.

This is by no means a comprehensive list.  Please consult your tax advisor with any questions.

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