What Tax Forms Should You Expect This Season?

As tax season rolls around, your mailbox (or inbox) will soon be filled with various tax documents. Knowing what to expect can help you stay organized and ensure you don’t miss any important deductions or income reporting. Here are some of the most common tax forms you might receive:

For Employees & Retirees

• W-2 – If you had a traditional job in 2024, your employer will send you a W-2 summarizing your wages and the taxes withheld.
• SSA-1099 – If you’re collecting Social Security, this form reports how much you received in benefits.

For Business Owners & Self-Employed Individuals

• 1099-NEC – If you did freelance or contract work, expect a 1099-NEC for non-employee compensation.
• 1099-K – If you received business payments through platforms like PayPal, Venmo, or credit card processors, you may receive a 1099-K (though the reporting threshold has changed in recent years).
• Schedule K-1 – If you’re a partner in a business, own an S-corp, or have income from a trust, a K-1 will report your share of profits and losses.

For Investors

• 1099-INT – Reports interest income, typically from savings accounts or bonds.
• 1099-DIV – Reports dividends and capital gains distributions from investments.
• 1099-B – Shows proceeds from the sale of stocks, bonds, or other investments.

For Homeowners

• 1098 – If you have a mortgage, this form reports the interest you paid, which may be deductible.
• 1098-T – If you or a dependent paid college tuition, this form reports qualified education expenses.

For Charitable Givers

• Charitable Contribution Statements – While not always a formal tax form, many organizations send a summary of your donations, which may be deductible if you itemize.

Last-Minute Tax Strategies to Consider

Even though the calendar has flipped to 2025, there are still tax-saving opportunities available. You can make Traditional or Roth IRA contributions until the tax filing deadline, potentially lowering your taxable income or adding tax-free growth opportunities. Health Savings Account (HSA) contributions can also be made up until the deadline if you have a qualifying high-deductible health plan. If you’re self-employed, you may still be able to contribute to a SEP IRA or solo 401(k), depending on your tax situation. These strategies can help optimize your tax bill and keep more money working for you.

What’s Next?

Most tax forms arrive by late January or early February, but if you don’t receive one you were expecting, be sure to follow up. And before you file, double-check that you have everything—missing forms can lead to filing mistakes and potential IRS corrections later.

If you have questions about how these forms impact your financial plan or tax strategy, let’s talk! Tax efficiency is a key part of retirement and wealth planning, and we’re here to help.

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