What forms do I need to file my taxes?

• Know what forms you need to file your taxes.
• Make sure the information presented is verifiable. 
• Learn the most efficient way to fill out tax forms.

Which form do I need to file my taxes? If you are preparing all the documentation you need to file your taxes, it is necessary to know which forms apply to your current financial situation.

Some of the information relevant to filing your taxes includes medical reimbursements, dividends obtained from the rental or sale of a property, investments and any other record of income for the year.

4. What forms do I need to file my taxes? W-2

The answer to what forms you need to file your taxes may vary depending on the type of work you do or your economic activities. A W-2 form must be submitted by all taxpayers who receive remuneration from an employer for services rendered, whether temporary or permanent. In cases where the payment is not in cash, it is considered mandatory to report payments for amounts over $600.

The form must contain all the details about the amount received by the worker, as well as their employee number, Social Security number, name, address, zip code, taxes withheld for medical benefits such as Medicare and all payments received, including bonuses, tips and other compensation.

3. Form 1099

The 1099 form is used to document all payments to non-employees. This includes freelance workers and independent contractors. It also documents income from rent, royalties, prizes or for temporary work.

You may also be responsible for issuing a 1099 form. This applies when you received the professional services of a self-employed worker. It also applies to expenses related to paying rent or obtaining economic benefits in a casino or lottery, to name just a few cases.

2. Form 1099-C

Don’t be overwhelmed by trying to figure out what forms you need to file your taxes. Take into account that each case is different. For some people, it is essential to fill out the 1099-C form. This applies to people who have received debt forgiveness.

If you incurred a debt with a financial institution during the tax year and they decided to cancel it for any reason, they will be tasked with submitting a 1099-C form, detailing the amount of debt forgiven, so that the IRS will take this amount into account and assign it to the income received.

1. What form do I need to file my taxes: Form 1040

One of the key forms for filing your taxes is the 1040, as well as all its variations (if applicable). Form 1040 is divided into several sections and its objective is to determine the amount of taxes you owe or how much the IRS will refund to you.

There are a few variants of the 1040 form, one of them is the 1040-SR, which is for people over 65, as well as the 1040-NR, for undocumented immigrants. Finally, the 1040-X form is used in case the taxpayer needs to make adjustments to the information sent on the 1040 form. To download forms and instructions visit the IRS website.