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Time is quickly running out to finalize and submit your tax forms as the deadline approaches. Missing the due date can result in penalties and major issues down the line. If you’re unsure about which forms you need to file, now is the time to learn what forms are right for you and what information you need to file your forms accurately.

In this blog we will give you a comprehensive overview of each form and the important filing details you need to stay on top of this tax season.

1099 Series

1099 forms are generally issued by businesses or corporations to report payments made to a taxpayer who has received at least $600 in compensation throughout the year. These payments are typically made to individuals who are not classified as employees, such as freelancers, contractors, or gig workers. 

While most forms in the 1099 series are used to report payments to non-employees, certain forms are designed to track payments received or other financial benefits related to the business. The main purpose of issuing a 1099 form is to provide the IRS with accurate records of all income earned throughout the year.

Here’s a quick rundown of the forms and the key information necessary for filing:

1099-MISC

A form that reports miscellaneous payments made to non-employee workers, as well as payments made for various purchases from the business.

To file, you will need to provide:

• Company information
• Vendor information
• Amounts paid to the vendor
• Tax withheld from payments

1099-DIV

Reports dividends and distributions paid to investors, banks, and financial institutions from any type of investment through the year.

To file, you will need to provide:

• Company information
• Vendor information
• Amounts paid to the vendor
• Tax amount withheld from vendor payments

1099-R

Used to report various distributions based on retirement benefits such as pensions, annuities, insurance contracts, and more.

To file, you will need to provide:

• Company information
• Payee information
• Amounts paid
• Tax withheld from payment

1099-S

A form that reports sales and exchanges of real estate properties. 

To file, you will need to provide:

• Payer information
• Payee information 
• Amounts paid
• Tax withheld from payment

1099-B

Reports proceeds from broker and barter exchanges throughout the year. With the forms, recipient copies must be distributed to each person who made a sale or exchange through a broker as well. 

To file, you will need to provide:

• Payer information
• Payee information
• Amounts paid
• Tax withheld from payment

1099-K

Reports settlements of payment transactions made through payment cards or third-party networks throughout the year. 

To file, you will need to provide:

• Payer information
• Payee information
• Amounts paid
• Tax withheld from payment

1099-G

Form used to report certain government payments made to taxpayers.

To file, you will need to provide:

• Amount paid by the company
• Legal Name
• Address
• Taxpayer ID Number

1099-C

This form is used by creditors to report canceled debt of $600 or more owed to the debtors (individuals, partnerships, corporations, and more).

To file, you will need to provide:

• Payer information
• Payee information
• Amounts paid
• Tax withheld from payment

1099-OID

Reports the Original Issue Discount (OID) on certain bond interest.

To file, you will need to provide:

• Amount paid 
• Legal Name
• Address
• Taxpayer ID Number

1099-SA

Form used to report distributions from Health Savings Accounts (HSA), Archer Medical Savings Accounts (Archer MSA), or Medicare Advantage Medical Saving Accounts (MA MSA).

To file, you will need to provide:

• Amount paid
• Legal Name
• Address
• Taxpayer ID Number

1099-Q

Reports distributions made from Coverdell Education Savings Plans (ESA) and 529 plans, also known as qualified education programs.

To file, you will need to provide:

• Payer information
• Payee information
• Amounts paid

1099-PATR

Used to report the amount of taxable distributions received from cooperatives to the IRS, recipients, and state.

To file, you will need to provide:

• Amount Taxable Distribution received
• Legal Name
• Address
• Taxpayer ID Number

1099-A

Reports a foreclosure or repossession of a property.

To file, you will need to provide:

• Amount of debt owed(principal only)
• FMV of secured property

1099-LTC

Form used to report any long-term care benefits.

To file, you will need to provide:

• Payer information
• Payee information
• Amounts paid
• Account Number

W-2G

Reports gambling winnings received by an individual, as well as any federal income tax that has been withheld from those winnings. 

To file, you will need to provide:

• Winner information(Name, address, TIN)

To learn more information about each of the 1099 forms, click here.

ACA Forms

The Affordable Care Act (ACA), also known as Obamacare, mandates that all citizens are eligible for basic healthcare coverage through their employer. To comply with this requirement, companies and insurers must file either a 1095-B or 1095-C tax form. These forms are used to verify that businesses are meeting IRS compliances.

Form 1095-B

The 1095-B form is used by businesses with fewer than 50 employees to confirm they are offering healthcare coverage to their full-time workers. Only employees covered by the plan need to be included on this form. 

In addition to the 1095-B, businesses must also file a 1094-B form, which acts as a transmittal form to support the 1095-B and verify the coverage information. When filing, the following details should be included:

• Employee information
• Origin of coverage
• Coverage provider details
• Covered individuals

Form 1095-C

The 1095-C form, like the 1095-B, is used by Applicable Large Employers (ALEs) with more than 50 employees to report that they are providing healthcare coverage. Unlike the 1095-B, the 1095-C must be filed for all employees, regardless if they are covered or not. 

Employers must also file a 1094-C form, a transmittal form that supports the 1095-C, just as the 1094-B supports the 1095-B. Information required to file the form includes:

• Employer information
• Employee information
• Coverage provider details
• Covered individuals 
• Employee required Contribution(if applicable)

To learn more information about 1095-B and 1095-C forms, click here.

1098 Series

The 1098 form series consists of filings made throughout the year, primarily related to mortgage interest payments and transactions reported by educational institutions.

Form 1098

The IRS requires you to file Form 1098 if you reported mortgage interest payments received by a lender or financial institution and the total exceeds $600 within a tax year. However, if the total mortgage interest received is under $600 for the year, filing Form 1098 is not mandatory.

You should also file if you have:

• Governmental units that received mortgage interest from an individual of $600 or more
• Cooperative housing corporations

To file, you will need to provide:

• Interest paid
• Outstanding Mortgage Principal
• Mortgage Origination Date

Form 1098-T

Form 1098-T is a form for educational institutions to report each student attending the institution who paid tuition and related expenses. Insurers must also report each student who received a reimbursement or refund from the institution. Related expenses include:

• Housing
• Courses
• Materials for courses
• Extra fees(food, transportation, etc.)

When filing this form, the only information you will need is the amount paid by the student for their tuition and related expenses.

Form 1098-E

The 1098-E form is an educational and financial institution form that reports student loan interest payments. This form is required when the total interest paid on a student loan exceeds $600 within a tax year. To be reported, the loan must be subsidized, financed, or guaranteed as a student loan by a government agency.

To file, you will need to provide:

• Amount of the loan
• Mortgage Holder information

Form 1098-F

Form 1098-F is used by governmental and certain nongovernmental entities to report fines or penalties resulting from legal actions, such as lawsuits, court orders, or agreements related to law violations. This form is typically required when the total amount involved meets or exceeds the IRS threshold of $50,000.

To file, you will need to provide:

• Filer information
• Payer information
• Amount paid

Form 3921

Form 3921 is a tax form that is used when an employee exercises an Incentive Stock Option (ISO). These forms are used to report information based on ISO a business and corporation offers throughout the year. 

Businesses and corporations with shareholders who exercise their stock and receive ISO compensation are required to file these forms. The information required for filing is:

• Employee tax ID number
• Company information 
• Date of option grant
• Date of option exercise
• Exercise price per share
• Number of shares transferred
• Fair Market Value (FMV) per share on the exercise date

Form 3922

Form 3922 is a tax form businesses and corporations use to report transfers of stock options received to an employee who has purchased  company stock at a discounted price(also known as the Employment Stock Purchase Plan (ESPP)). When filing you will need:

• Company information
• Employee information
• Account Number
• Date option granted
• Date option exercised
• FMV per share on the grant date
• FMV per share on the exercise date
• Exercise price paid per share
• Number of shares transferred
• Date legal title transferred
• Exercise price per share on the granted date

Form 8027

Form 8027 is used to report employers that operate a food or beverage establishment with more than 10 employees, where tipping is customary as a source of income for the workers. Key information that is required to file:

• Company information
• Employer information
• Tips reported
• Total sales
• Tips allocated
• Cash tips

Need an Extension?

Worried that you won’t meet the deadline for all your forms? If that’s the case, you can file the 8809 Extension Form to gain some extra time. Submitting this form will grant you an additional 30 days, giving you time to complete and double-check your forms to ensure they are accurate and ready for submission. Along with the previous forms, the deadline to submit your extension request is March 31. The extension applies to all forms except:

• 1099-K
• 1099-C
• 1099-OID
• 1099-SA
• 1099-Q
• 1099-PATR
• 1099-A
• 1094-B
• 1098-T
• 1098-E
• 1098-F

Get Started Now With TaxBandits

With so many forms due soon, the pressure of filing can be overwhelming, but that’s where TaxBandits steps in. Our intuitive software makes filing quicker and easier than ever, with time-saving features like bulk file importing, error checks, and automatic file saving. Filing before the deadline has never been simpler. 

Don’t wait—submit your forms on time and enjoy a smooth, stress-free experience.