2021 Tax Forms You May Need

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Your tax forms are coming soon.

Make sure you receive everything you need for your 2021 return.

What tax forms to expect when tax season comes.
Your tax documents for the 2021 return should have arrived, or will soon.
Here is what you need to watch for.

If you received Advanced Child Tax Credit, the IRS will be sending you letter 6419 showing the amount you received.

If you received an economic payment, the IRS will be sending you letter 6475 showing the amount you received. Caution: Married couples will receive two letters 6475, each for half the amount.

If you were employed in 2021, you will receive a W-2 from each of your employers.

If you earned interest and/or dividends on your investments this year, you will be receiving forms 1099-INT and/or 1099-DIV.

If you sold stocks during the year, you will receive a 1099-B or substitute form, providing all the details of your sales for the year.

If you sold your home during the year, you may receive a Form 1099-S showing the sales price.

If you receive Social Security benefits during 2021, You will be receiving a Form SSA-1099 (RRB-1099 for railroad retirement).

Retirement plan benefits you received, including IRA distributions, will be reported to you on a 1099-R, showing the total amount you received.
Generally, the taxable amount is also included on the 1099-R.

If you paid college tuition for yourself or a dependent, you will need the 1098-T that will be sent to you by the educational institution in order to claim an education credit.

If you obtained your health insurance through a government marketplace, You should receive a Form 1095-A that is needed to reconcile your advance premium tax credit used to reduce your 2021 premiums.

If you are self-employed in 2021, businesses that paid you $600 or more will be issuing you a 1099-MISC, some even if the amount they paid you is less than $600.

If your business accepts credit cards, debit cards, as well as PayPal or other third-party payments, you may receive a 1099-K showing those sales for the year.

If you are a partner in a partnership, shareholder and an S-Corp, or a beneficiary of a trust, you will also receive a K-1 from the entity, showing information from the entity needed to prepare your return.

The IRS also gets a copy of these documents. If the information on these forms is not reported correctly on your tax return, you will hear from the IRS. If you don’t receive an income reporting 1099 that you were expecting, you are still required to report on your tax return the income that you received from that payor or business.

Please call this office if we can be of assistance.

For more information, call Alex Franch at 781.789.7200. WorthTax has locations in Norwell, Dedham, and Weymouth, Massachussetts.
Alex Franch

Mr. Franch is a Tax Specialist and Partner at Joseph Cahill & Associates / WorthTax. He has a diverse background including a Bachelor of Science from Boston College in Mathematics and extensive military service. Mr. Franch is an Enrolled Agent and has eight years of tax preparation experience. He has been serving individuals, families, and businesses for several years with tax and financial planning strategies and is a junior partner with the firm. Mr. Franch is licensed by the Financial Industry Regulatory Authority (FINRA) with a Series 6, 63, 65, and 7, and by the Commonwealth of Massachusetts Division of Insurance.