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Tax-Filing Phobia:
Making sense of your forms How many forms does it take to file a tax return? For many people, it takes ju$t two — a 1040 form and a W-2. Others aren't so lucky. There are currently 392 tax forms currently being used. Since the Tax Reform Act of 1986, legislation heralded as the key to tax simplification, 88 forms have been added to the list! Fortunately, most individuals don't have to complete all 392 forms. But if you're one of those who files more than a 1040 and a W-2, the table below can help you make sense of all the paperwork. It includes important information on some of the most common tax statements filed with the Internal Revenue Service. Federal law requires that these statements be mailed by the listed mandatory issue date. If you don't receive yours within a week of that date, contact the issuer immediately. Tax Information Mandatory Statement Issuer Provided Issue Date W-2 Employer Wages earned January 31 1099-INT Investment Company Interest earned January 31 1099-DIV Investment Company Dividends earned January 31 1099-B Investment Company Returned proceeds January 31 and principal 1099-OID Investment Company Undistributed, January 31 accrued interest earned, as in zerocoupon bonds 1099-R Trustee Total distributions January 31 from IRAs, SEP/IRAs and qualified business plans W-2P Trustee Distributions from January 21 IRAs, SEP/IRAs and qualified business plans K-l Partnership Income and tax Depends on deductions for fiscal year partnerships, S corporations and estates
95.1%