By now, you have started receiving your tax forms in the mail. Earlier in the week we discussed W-2s being one of those forms. If you are like me, you are using this weekend to get organized and get through that dreaded pile of unopened mail. This is a good time make sure that you set aside any of the tax forms you have received thus far. There are some others that you should be on the look-out for as well. Here is heads up to what other tax goodies you might see in the mail.
You will receive one of more of these if you have done any moonlighting or freelance work as an independent contractor.
This form will be in your mailbox if you have received interest on savings and investments. It will come from either banks or financial institutions that you have had dealings with.
The arrival of this form is if you had any dividends or other distributions from investments. This would also be coming from banks and/or financial institutions.
Health Insurance Form 1095 A, B and C
1095-B and 1095-C is not needed to file your taxes, it is more for you to file away in a safe place for your own records (Health Insurance & Tax records). Now, the 1095-A will arrive if you have health insurance through the Health Insurance Marketplace. You can file this just as you file a W-2. Easy enough!
Far too many of us have one of these coming our way if we have any student loans left! This my friends, is for the interest on the student loans. Don’t fret, this one is tax-deductible!!
This form reports mortgage interest of $600 or more during the specific tax year. So if you have a mortgage and have interest of more than $600, you will receive one of these.
Remember to keep yourself organized by putting all of your forms and financial back-up (for deductions and tax write-offs) in one place. You are already ahead of the game if you are doing this. Even if someone else is doing your taxes, you will need all of your forms and back-up for them to crunch numbers and file your taxes.
Hopefully, none of this tax information has been too boring 🙂