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.
Form |
Title |
Description |
Amounts typically Reported |
1098 |
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 |
1098-E |
Student Loan Interest Statement |
Student loan interest received in the course of your trade or business. |
$600 or more |
1098-T |
Tuition Payments Statement |
Qualified tuition and related expenses, reimbursements or refunds, and scholarships or grants (optional). |
See instructions |
1099-A |
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 |
1099-C |
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 |
1099-Div |
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 |
1099-G |
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. |
1099-INT |
Interest Income |
Interest Income. |
$10 or more ($600 or more in some cases) |
1099-MISC |
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 |
1099-MSA |
Distributions From an MSA or Medicare+Choice MSA |
Distributions from a medical savings account (MSA) or Medicare+Choice MSA |
All amounts |
1099-R |
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 |
1099-S |
Proceeds From Real Estate Transactions |
Gross proceeds from the sale or exchange of real estate |
Generally, $600 or more |
5498 |
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 |
5498-MSA |
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 |
W-2G |
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 |
W-2 |
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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