Community news & announcements articles

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Tax Refunds: What Do All Those Statuses Mean?

KarenL — Fri, 06 Feb 2026 21:08:06 GMT

Let’s get clear on the steps, status meanings, and timelines so you can feel confident that everything is progressing as normal, or if you need to do a little follow-up to discover if there’s a reason to take action. Your best bet to avoid any surprises later on is to proactively track the progress every step of the way. That tracking starts right in the TurboTax software and your email.

TURBOTAX

Pending - Your tax returns were sent to the IRS and state taxing authority (if needed). Now you’ll watch to see if they Reject them or Accept them. This, typically, takes 24-48 hours.
Rejected - Most rejects are for very common reasons such as typos in a Social Security Number. You should receive an email from TurboTax (keep an eye on your TurboTax account too) that will tell you the reject code or reason. Then simply log in to your TurboTax account, go to your return and select Fix it now or Revisit the section that applies to the reject code. To help, common reject codes and the steps to fix them can be found here.
Accepted - The IRS has them now! This doesn't mean they’re “approved”, only that the IRS accepted them for processing. Once you see that Accepted, follow along and check the status of your federal return directly through TurboTax or watch it directly on the IRS or state taxing authority’s website. If all is good, you should expect your refund (typically) within 21 days of Acceptance.

TIP: Often states process refunds quicker than the IRS, so don’t be surprised if this happens for you too. It’s a good thing!

IRS & STATE WEBSITES

Return Received - The 21-day clock starts to tick. This is the “average” time to process your refund.
Refund Approved - Your refund should hit your bank soon! As a matter of fact, the IRS Where’s My Refund page will show when to expect your refund.
Refund Sent - It’s officially on its way to you! If you don’t receive it when expected, it’s time to contact the IRS directly to verify the bank information the refund was sent to.

TIP: State taxing authority websites may have different statuses and timelines.

Have 21 days passed and the IRS or state taxing authority still hasn’t Approved your refund?

This could happen for one of several reasons and it’s usually something simple. A few common reasons for a delay are:

An IRS backlog is very common, especially as tax season nears its end.
Your tax return was randomly pulled for human eyes to look at. Watch your mail, not your email, but your physical mailbox. If there’s something the IRS needs clarification on, they’ll send you a letter. Usually, they’re just asking for proof of an expense or deduction.
Perhaps there was missed income like an extra W-2 or 1099 form. In that case, you’ll soon receive a letter explaining the details and what action you need to take.
If you filed early, your refund may be delayed by The PATH Act This is a delay due to certain tax credits that are claimed and for fraud prevention.
On occasion, the IRS will randomly request proof of identity. It’s a simple process for most people and can often be done over the phone. Follow the instructions you receive via mail from the IRS.

TIP: For your own safety and security, it’s best to verify any correspondence you receive from the IRS as legitimate before sharing any personal information or tax documents.

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The 3 Simple Steps to File Tax Returns

KarenL — Wed, 17 Dec 2025 17:15:16 GMT

Would you like to take the overwhelm out of tax-filing? Let’s be honest - tax filing is no fun, and stressing about getting it right is normal. Rest assured, filing your taxes doesn’t have to be super-complicated. Actually, it can be broken down into just 3 simple steps - and a few tips to make it even easier in years to come!

STEP 1 - Gather Financial Records

It’s so much easier, and definitely reduces stress, if your financial documents are all together and ready to go. Here’s what’s needed:

Gather all official tax forms (such as W-2s, 1098s, 1099s) from brokerages/investments, education, mortgage interest and don’t forget your 1095-A form if your insurance is from the Healthcare Marketplace. Remember, many tax forms are now only available online so you might need to log into your various accounts and download them. Some can even be imported directly into the TurboTax software.
Collect your receipts for childcare costs, charitable donations and out-of-pocket medical costs. Even if some of these expenses can’t be deducted on the federal (IRS) side, many states allow deductions.
Remember the little things such as bank interest and that little side gig you did. And it’s not a bad idea to peek at your bank statements (or that online store you frequent) to see if any of those expenses are deductible.
For any business or side gig where you don't receive a W-2, be sure to gather your Profit & Loss (P&L) statement (or a record of all income and business expenses), along with your business mileage log.

PRO TIP: Make your own customized checklist of what you need and keep it for next year. Also make note of any life changes such as moves, marital status, dependent status, job changes, home or investment sales/purchases.

STEP 2 - Sort by Income & Expenses

Start by sorting your income by the form and type of income. It’s easiest to enter those forms in tax software first. For example all W-2s go together and maybe a stack for 1099-Bs, 1099-INTs, and 1099-DIV forms. Any income that doesn’t have a form number should be separated by the type of income it is and if it’s taxable. For example if you were paid for services you provided but didn't receive a W-2 as an “employee”, that’s taxable self-employment. If you were given a gift from a family member, that’s not taxable to you…but winning a prize is taxable.

Next, work on receipts and expenses and sort by type. For example out-of pocket copays for medical, dental, or vision in one group. Charitable donations should be separated by cash or property donated. Anything business-related (if you have a business) should be separated and categorized as well.

If you’re in doubt whether it should be included in your tax return, simply set it aside until your taxes are completed. Don’t worry! The TurboTax software is very thorough and will take you step-by-step so you don’t miss a thing! Then make a note for next year if it’s needed or not. Add it to your customized checklist that you create (see above).

If you start implementing the Pro Tip below, you can skip this step next year! Congrats!

PRO TIP: Organize as you go throughout the year. Keep physical receipts that are tax deductible in labeled file folders or scan and organize on your computer. Also, it’s a good idea to set up folders (or tags) in your email to categorize and immediately move emailed receipts into those folders. Even if you simply have one email folder that says “2026 Receipts” (or similar), it separates them out of regular email. And you can create one for each year!

STEP 3 - Prepare, File & Monitor

Follow the easy interview in TurboTax (make sure to read the Learn more and other helpful info). Start with federal and do your state afterwards. Do a final review and check for errors. Then file and monitor to make sure your tax filings were Accepted for Processing.

Enjoy your refund!

Done! (until next year)

Top 5 Strategies to Financial Success & Retirement Planning

KarenL — Wed, 26 Nov 2025 13:24:18 GMT

The biggest challenge for retirement planning is the mindset that we don’t have enough “extra” to invest. The answer to that part is simple: think of investing in your retirement as a monthly bill you must pay. You commit to an initial amount, and it can change as income increases or decreases.

The next biggest challenge is deciding what types of investments to make. Usually, the best and first place people start to invest is a tax advantaged plan like your employer’s 401(k) or 403(b). The reason for that is because those contributions save you taxes right now which make less of an impact on your overall cash flow. If you don’t have access to those, the next most common place is a Traditional or ROTH IRA.

The five strategies below are the very basics, forget the fancy, high-risk “get rich quick” investments. If you get these down, you’re on track for a financially prosperous and comfortable life in your golden years! But if you do want to “play with your money”, it’s probably best to do it using discretionary money you have leftover after maximizing these basics.

Start Early & Pay Yourself First
I know, I know…everyone says this. There’s a reason for that - it’s the absolute BEST strategy to accumulate the funds you need to retire early and in the style you want to live your life. Even if you just set aside a small amount each week or month, it will give you a significant jumpstart compared to contributing lump sums in your later years (trying to catch up).

If you haven’t started yet, don’t despair, just start now! It’s never too late to begin or to increase your contributions. We hear rumblings about not being able to count on Social Security and, truthfully, nobody knows what will be available to you at retirement. It’s best to plan for your own financial future and that starts by taking action on it now.

For most of us, we tend to somehow find the money for the things that we really want or are the most important “in the moment”. Retirement seems like a far off goal so we tell ourselves “there’s still time”. Then, before we know it, we’re scrambling and worrying that we won’t have enough to ever retire. Ohh…you don’t want to be in that situation! Make retirement savings a high priority in your monthly budget. You’ll truly thank yourself later!
Contribute as Much as Possible
Any amount is better than nothing, but when it comes to retirement savings/investing, more is usually better. Start by taking a close look at what you currently spend your money on. For example, how often will you wear those new shoes? Was the last expensive meal you ate at your favorite restaurant for a lasting memory - or just because it was easier that day? And do you really need two of those lattes every single day?

Before you spend, remember the best parental advice we’ve all heard and “make good choices”. Don’t get me wrong, it’s not about sacrificing, it’s about budgeting and balancing. You can do both - set some money aside for retirement and some for those extra little luxuries. And if you make those extra luxuries “special” you appreciate them all that much more IF they’re truly special treats.
Mix It Up
Diversify! You’ve heard that before, right? Diversification is more than just asset allocation (mixing up stocks, bonds, mutual funds, crypto), you also want to diversify in the types of accounts you have and even the investment firms. If your employer has a company match for contributions to your 401(k) or 403(b), you’re leaving money on the table if you don’t at least contribute up to the matching amount.

Always remember that you’re in this for the long run. Don’t get scared into selling from normal market fluctuations (value of your investments). Sudden dips and increases happen for many reasons. It could be a fund manager is reallocating or it’s just normal reactions to the current economic environment. History tells us the value comes back. And it’s the reason for the diversification - if one investment is having a rough week/month/year, another may be having the best increases ever. Speak to a qualified and licensed financial advisor. Choose one who has exactly the experience and knowledge needed to reassure you that you’re on the right track, or steer you in a better direction.
Buy Real Estate
Investing in your own home might be the best and easiest way to start in the world of real estate. And if you’re more conservative in your investments, it might be the only real estate you ever own. While it may take 30 years to pay off that mortgage, you’re simultaneously building equity. And, it always increases in value in the end, except in rare locations. If the typical down payment is a concern, work with your mortgage broker as there are numerous down payment assistance programs and most are geared toward first-time homeowners.

Owning a home means access to an abundance of options for obtaining needed cash flow pre- or post-retirement.

If more monthly income is a goal, you might have space over the garage or other areas for tenants. And if your future health situation needs it, it might be the space for live-in assistance so you can stay in your home longer. Another option, if you’re in a cash flow pinch, is to take out a HELOC - Home Equity Loan/Line of Credit. If that’s not for you because you don’t want to pay back a loan during your latter years, there are options such as Reverse Mortgages or a Home Equity Investment - HEI (aka Home Equity Agreement - HEA). With those options, you get the money you need and still live in your home for as long as you like. While your heirs won’t get the full value of your home after you pass, they’ll still get a good portion of it. Having options is a good thing, especially for that peace of mind we all want during retirement!

If you’re more entrepreneurial, maybe investing in rental real estate or even land is an option for you. And real estate isn’t the only appreciable physical asset you can own. There are other possibilities such as certain collectibles or rare metals like gold and silver. Just remember that very important investment rule about diversification.
Have a Goal
You don’t need a goal to get started - instead start with the “start early” part - just do something. When considering the ultimate financial retirement need, life expectancy and lifestyle are critical to determining the goal amount. Do you want to travel? Do you want to indulge more in life’s luxuries? Estimate your expenses such as monthly bills, vehicle/rideshare costs, help around the house, and those extra “just because” treats for yourself. Add a little more because you likely forgot something (10% is common). Then adjust that total for inflation. Once you see progress, the ultimate goal will seem a lot closer and easier to confirm. You might see the numbers hit sooner than you expect! But you must start first!

Pro Tips for Even Better Retirement Planning:

Try to complete anticipated major expenses while income is flowing, or budget for them when planning your financial needs at retirement. Do your best to anticipate as much as you can so it's less of a surprise when it happens. Consider whether you’ll need a new car during retirement years, or are there home repairs such as a roof that’s seen better days? What about your plumbing and electrical - will it last during retirement? There will absolutely be unexpected expenses after you retire so go into it in the best possible way.
Protect yourself - now and in the future. This means in addition to having that extra slush fund for the unexpected, make sure your insurances are adequate. Life happens and it’s better to be proactive and ready than having to deal with a potentially devastating hit on your lifetime retirement funds.

Unless you’re wealthy enough to self-insure (have enough extra funds to cover nearly any financial emergency), insurance is the tool to mitigate potential large cash outlays. In addition to your auto, home, health, and life, you’ll want to consider long-term care insurance so you can have options if you become ill or unable to fully care for yourself. Some expenses may be covered with Long Term Care insurance such as household chores…read up the benefits and don’t assume all plans cover all possible needs.

The point is to be aware and prepared. Have a plan in place for the “what if” scenarios so you don’t have to worry about them later. You’ll be able to simply enjoy the rewards and time-freedom to do whatever you want during your retirement years! As it should be…

It wouldn’t feel right to end this without throwing in a great resource chock-full of Retirement Tax Tips!

TurboTax Windows 10 Desktop Software End of Life

KarenL — Mon, 27 Oct 2025 18:33:31 GMT

October 20, 2025, Keela Robison, Vice President TurboTax
[Updated10/27/2025]

At Intuit, the security of your personal and financial data is our top priority. Today, we sent a reminder communication to our valued Windows 10 Desktop customers informing them that TurboTax Desktop personal software for tax year 2025 and beyond will require Windows 11 or future operating systems. At the same time, we communicated that TurboTax Desktop Windows 10 business editions would be available for one more year - tax year 2025, after which business customers will need to upgrade their operating system or switch to TurboTax Online. I wanted to share some context on those decisions.

On October 14, 2025, Microsoft stopped providing updates, technical support, and security fixes for Windows 10. While they are offering a paid extended security updates (ESU) program for one year (for consumers), it will only cover critical and important updates (more info). Moreover, our analysis suggests that very few consumers plan to pay for the ESU program. Given that, we’ve made the decision to discontinue support for TurboTax Desktop personal software on Windows 10.

While we expect business customers to adopt the ESU at much higher rates, we have reiterated in our communications that businesses should carefully consider and acknowledge the risks of using an unsupported operating system before installing TurboTax Desktop for Business on Windows 10.

Thankfully, TurboTax customers have options. We know many of our customers have already upgraded to Windows 11. Additionally, our customers can always access TurboTax Online via any supported web browser (many web browsers will be supported on Windows 10, regardless of whether the extended security program is active) or on mobile devices (iOS, Android).

TurboTax Online offers many additional features beyond what is available on our desktop versions. To highlight just a few:

This year, we’re offering many new ways to automatically bring in your tax documents into TurboTax Online, including uploading PDFs of 1099-B and 1099-Composite forms.
If you have Restricted Stock Units (employee stock grants) or Employee Stock Purchase Program sales that show a zero cost basis, TurboTax Online now automatically adjusts those using supplemental forms that you upload from E*TRADE or Fidelity (Schwab is already supported). Last year in testing, we found that this removed a lot of work – 50 clicks on average – and reduced our customers’ taxable income by $12K on average!
We have an intelligent, personalized tax topic recommendation system that highlights topics you may have missed that will save you money. In our testing last year, this system improved tax outcomes by over 3.5% for our Deluxe and Premium customers.

We have made it easy for our desktop customers to move to TurboTax Online and transfer their prior year tax information. Plus, we’re providing a special offer to our desktop customers: If you purchase TurboTax Desktop personal software for tax year 2025 and cannot install it because you have Windows 10, we have you covered. You will receive an in-product offer to switch to our TurboTax Online Premium service at no additional cost (includes one federal and one state return).

We deeply value your loyalty to TurboTax, and we hope that we continue to earn your business for many years to come.

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ErickaY — Thu, 23 Oct 2025 18:01:11 GMT

Multi-state Income: Simplifying Tax Reporting

KarenL — Wed, 15 Oct 2025 15:36:18 GMT

Filing taxes in multiple states is fairly common these days! People are mobile - they’re making the big move to their dream location, taking temporary out-of-state jobs, purchasing a short-term rental/vacation home in another state, and traveling for their business. Whatever the reason, filing taxes for more than one state doesn’t have to be scary - it’s actually simpler than most people realize. Not only does TurboTax make it easy, but the scenarios below are going to make it clear for your unique multi-state tax situation. You’ll be confident and ready to go at tax time!

DO YOU REALLY HAVE TO FILE IN BOTH STATES?
Maybe - maybe not. Each state has its own filing requirements ranging from states with none at all (because they don’t even have income tax), to those that require filing simply because you’re filing a federal tax return, even if you don’t have enough income to have a tax liability.

To find out if you even need to file in a particular state, it’s best to go to the state resource. This list is pretty comprehensive with ALL states and the links to their webpages - and who must file in their state!

And as of this writing, there are nine states in the U.S. that have no state income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

PRO TIP - If you do have to file in more than one state, most states offer to ease the tax burden a bit by allowing a tax credit for taxes paid to the other state - assuming the same income is being taxed in both states.

ARE YOU A RESIDENT, PART-YEAR RESIDENT, OR NONRESIDENT OF THE STATE?
It’s more than just your intentions or making the choice - there are rules (of course) to determine whether you’re a resident of a state or not. While many states’ residency rules are similar, some are vastly different. And military members have their own set of rules - so check out the resources below if that applies to you. To help you out a bit more, this article on Multiple States - Where To File explains the difference between resident vs. nonresident state taxes, and includes some insight into military moves too.

DID YOU MOVE?
This is the simplest scenario. You’ll file a part-year tax return for each state. Let’s start with W-2 income - if you’re an employee with a new job, you had to fill out a new W-4 federal withholding form. You also should have filled out the equivalent tax withholding form for the state. That takes care of it and each W-2 reflects income from the two employers and already separates it by state.

If you moved with the same employer, ideally, you filled out a new state withholding form on the first day in the new state. If that’s the case, it’s already separated out for you on your W-2 form. Yay!

But sometimes the tax withholding doesn’t quite happen like it should and there may be some overlap where income is taxed by the wrong state. In that case, you’ll need to figure it out and adjust your state tax returns to allocate the appropriate income to each state. Again, it should be simple to figure it out because you know the date you moved and you know what’s on your paychecks. Whatever your paychecks were pre-move are in the former state, and post move is all the new state. Just make sure to grab the right numbers for the taxable income, not the gross amount before your pre-tax deductions (like health insurance or retirement plan contributions).

If you’re self-employed - that’s easy too - since all of your revenue and expenses are listed by date in your books. You’ll just run a report (generally a P&L - Profit and Loss) in your bookkeeping software with the cut-off date of the move, and you’re set!

DID YOU LIVE IN ONE STATE, BUT WORK IN A DIFFERENT ONE?
The only tricky part here is if the states have reciprocity. Reciprocity simply means the two states have an agreement for this situation so you can request an exemption from state tax withholding in the nonresident state and you won’t have to file tax returns for that state - which makes your tax filing (you guessed it) simpler! And to help you further, another great resource list and this one’s about which states have reciprocal agreements.

If there is no reciprocal agreement between the two states, you’ll file a nonresident return in the state you earned the money, and a resident return in the state in which you reside.

DID YOU TRAVEL FOR WORK OR EARN INCOME FROM OTHER STATES?
Okay - this is the trickiest scenario, but not really! Let’s start by saying your “resident” state will tax income from all sources. Other states want their fair share of tax dollars if your bank account benefitted from their state’s citizens or businesses. You’ll see terms such as “source income” or “income derived from” referring to, quite simply, where the income was earned.

Most states keep it simple - you worked there, you probably owe taxes there. Another common scenario is owning a rental property in another state. Allocating that income to that nonresident state is simple since you’ll typically file a Schedule E for that income, and it’s all right there for you. If you own a business in another state, the same situation applies - you’ll have a Schedule C or Schedule K-1 from that income source, so allocating to the nonresident state is easy peasy!

And we can’t continue without a link to another great article that includes two methods to apportion your income between states: Multiple States—Figuring What's Owed When You Live and Work in More Than One State.

This is especially helpful if you’re self-employed and regularly travel for business. While your P&L should have the breakdown for each income source, for some annual expenses that apply to all of your income, you might need to do a little math to allocate the cost to each state.

If you still have concerns about getting it right, no worries! TurboTax will be there to guide you every step of the way!

Are you a member of our incredible military? These resources are just for you!

What is my military state of residence?
Where can I find state information on filing my return as an active duty military member?
Military Tax Return Filing and Extensions - Active duty, combat zones, travel, moving expenses, extensions & more!
Military Personnel Tax Tips - Quick look at a couple of tax deductions - plus links with more info at the end of the article.

IRS Update: The Government Shutdown and Your Taxes

KarenL — Thu, 09 Oct 2025 17:12:47 GMT

Update October 8, 2025: The IRS announced that it was furloughing employees. According to the IRS, essential workers will still process e-filed tax returns.

A government shutdown can create uncertainty, especially if you filed a tax extension for tax year 2024. If you’re wondering how it might impact your tax return, here are the answers you need.

Key Takeaways:

File by the deadline: The extended tax deadline of October 15 is still in effect for tax year 2024.
E-file for speed: The IRS continues to process e-filed returns and issue direct deposit refunds.

Should I still file my 2024 taxes by the extension deadline?

Yes. The October 15 deadline still applies, and you should file by this date to avoid potential late-filing penalties. The only exception is if you’ve been granted a specific extension due to a recent federally declared disaster.

E-filing is the fastest way to get your return processed, and you’ll receive an electronic confirmation once your return is accepted by the IRS.

Will the shutdown delay my tax return or refund?

According to the IRS, processing for most returns and refunds will continue as usual. If you e-file and choose direct deposit for your refund, the IRS will process your return and issue your payment as they usually do.

I have to file by mail. Will my return still be considered on time?

Yes, it will be considered “filed on time” as long as it is postmarked by the October 15 deadline.

Can I file late without penalty because of the shutdown?

No. The IRS still expects you to file by the October 15 extension deadline to avoid late-filing penalties. This deadline is firm unless you have been granted a specific extension for disaster relief.

What if I owe taxes?

You should still pay the amount you owe by the deadline. Electronic payments submitted with your e-filed return will be processed and posted to your account as usual.

What if I need to contact the IRS?

During a government shutdown, live phone support and other in-person IRS services may be unavailable or have longer than normal wait times. For specific tax questions, TurboTax Live experts are available to provide help and guidance year-round.

Will I still get my Social Security check?

Yes. Social Security is considered a mandatory program, so payments will continue to be sent out. Other federal benefits, like Medicare and Veterans’ benefits, will also continue.

Originally published on our TurboTax Blog on October 1, 2025 / Lisa Greene-Lewis

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Fixing a Tax Return: Do I Really Have to Amend?

KarenL — Sat, 22 Mar 2025 15:54:39 GMT

It’s hard to believe, but some people just don’t find joy in tax preparation. And if a mistake is caught or there are missing documents, that makes for an even less joyful task! If that’s you, you’re probably also wondering if you really even need to amend. Can you just skip it? The truth is not all changes require filing a tax amendment (Form 1040-X).

It’s a happy surprise to many that if there’s a change that doesn’t affect your tax bottom line, you really don’t need to prepare and file that amended tax return. As a matter of fact, the IRS prefers you don’t (in most cases). Whew!

You also don’t need to amend if you received an IRS or state taxing authority “love letter” telling you they adjusted your tax return. Instead, follow the instructions on the letter. Of course, always verify the letter is authentic and any corrections they made are accurate to your situation.

Here are few other reasons you don’t need to file an actual tax amendment - but still need to take some action to resolve a possible incorrect tax filing:

You made a mistake on your tax return but didn’t file yet. Don’t panic. First confirm that you haven’t filed yet. If not, you can go back into the TurboTax software, make the corrections, then e-file as usual. Simple fix!
If you filed, but your tax filing was Rejected, you can also just go back into your tax return, make the fix, and e-file again. There’s no tax amendment needed in this situation because the IRS never Accepted your tax return for processing. Makes total sense, right?
Another reason why you wouldn’t amend is if the incorrect bank info is on the tax return. Instead follow the instructions on what to do if you entered the wrong bank account.

Now that we have the reasons to not file an amended tax return out of the way, it’s time to share when filing an amended return is required, or at least highly recommended, to either mitigate potential tax penalties or increase your refund. For example:

You forgot to include income or received a corrected tax form (W-2, 1099, etc.) that affects your tax outcome.
You filed using the wrong filing status (Head of Household, Single, Married Filing Jointly, Married Filing Separately, Qualified Surviving Spouse).
You claimed dependents, deductions, or credits that you shouldn’t have.
You forgot to claim dependents, deductions, or credits that you should have. (This one is usually a bit more joyful than adding income.)

If you expect a larger refund, keep in mind you only have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment to get those additional funds in your bank account.

PRO TIP: Always make sure your tax return has been fully processed by the IRS before amending.

If you’re at the point where you know it must be done, here’s How to File an Amended Tax Return with the IRS. And remember to amend your state tax return too, if needed. As always, TurboTax will help you every step of the way!

How do I…
How do I amend my federal tax return for this year?
How do I amend my state tax return?
How do I amend my federal tax return for a prior year?
How do I cancel or undo an amended return in TurboTax Desktop?

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JoeyB — Thu, 27 Mar 2025 01:04:34 GMT

Beyond the W-2: Deciphering Your Tax Forms (1099, 1098, 1095)

KarenL — Tue, 18 Feb 2025 19:31:58 GMT

There’s an entire world of tax reporting forms beyond the most famous of all tax forms, the W-2 Wage and Tax Statement. All of them serve a purpose - and most are to let the IRS know what they should expect to see on your tax returns. Some increase your taxable income, while others can help you get incredible tax deductions!

It’s not practical to list all of the forms the IRS has created, but let’s see if we can sort through some of the most popular ones and include links with more information to help you understand them better.

INVESTMENT AND BANKING FORMS

1098, Mortgage Interest Statement
1099-B, Proceeds From Broker and Barter Exchange Transactions
1099-DA, Digital Asset Proceeds from Broker Transactions (coming for Tax Year 2025)
1099-DIV, Dividends and Distributions
1099-INT, Interest Income
1099-OID, Original Issue Discount
1099-S, Proceeds from Real Estate Transactions
1099-PATR, Taxable Distributions Received From Cooperatives

SELF-EMPLOYMENT OR MISCELLANEOUS “OTHER” INCOME FORMS

1099-MISC, Miscellaneous Income
1099-NEC, Nonemployee Compensation
1099-K, Merchant Card and Third Party Network Payments
1099-G, Certain Government Payments (includes unemployment and state tax refunds)
Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc.
Schedule K-1 (Form 1120-S), Shareholder’s Share of Current Year Income, Deductions, Credits, and Other Items

RETIREMENT FORMS
What we commonly know as the “retirement” tax forms can be received even before retirement. They included distributions from such things as pensions, annuities, 401(k) plans, IRAs, and of course Social Security.

1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
RRB-1099-R, Annuities or Pensions by the Railroad Retirement Board
SSA-1099, Social Security Benefit Statement

HEALTH AND LIFE INSURANCE
The health insurance forms are confusing to many people. If you received a Form 1095-A from the Health Insurance Marketplace, that must be reported on your tax return. If you only received health insurance forms from an insurer outside of the Health Insurance Marketplace (1095-B or 1095-C), those generally don’t need to be reported on your federal return. Keep in mind, some states still require reporting of health insurance regardless of the source.

1095-A, Health Insurance Marketplace Statement
1095-B, Health Coverage (insurers outside of the Marketplace)
1095-C, Employer-Provided Health Insurance and Coverage
1099-LS, Reportable Life Insurance Sale (typically not taxed/reportable as a return of premium)
1099-LTC, Long-Term Care and Accelerated Death Benefits
1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA

EDUCATION TAX FORMS

1098-E, Student Loan Interest Statement
1098-T, Tuition Statement
1099-Q, Payments From Qualified Education Programs (Under Sections 529 and 530)
1099-QA, Distributions from ABLE Accounts

Of course we need a few common miscellaneous forms to wrap it up!

1098-C, Contributions of Motor Vehicles, Boats, and Airplanes
1099-A, Acquisition or Abandonment of Secured Property
1099-C, Cancellation of Debt

The forms above are all federal (IRS) forms. Be aware that many financial institutions no longer mail physical copies of that reporting form. The best practice is to track anything you do that relates to income or expenses and find out if you have tax forms waiting for you in an online portal. Many state taxing authorities also no longer send physical copies. A suggestion is to go to your state’s tax website and create an online account to make sure you’re not missing a valuable document.

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