A Simple Guide to the Most Common IRS Tax Forms for Individuals

Wondering which tax forms to gather ahead of tax season? Wondering which IRS tax forms and schedules are actually relevant to you? We’ve gathered a list of common tax forms needed by individuals to do their basic taxes.

Beyond collecting last year’s information, you’ll also want to grab these forms. Some come directly from your businesses, brokers, and employers, but some receipts also should be gathered by you. Look at our tax forms checklist to see if you’ve gotten everything you need.

• W-2 – Every employer who pays for services by an employee must issue this form. Employers typically provide this to their employees via mail or digitally.
• SSA-1099 – Report income for your social security benefits.
• 1099-R – Report income from pensions, retirement, IRAs, etc.
• 1099 Composite – Composite tax forms from your bank or broker typically include the 1099-DIV, 1099-INT, and INT-B forms together.
  • 1099-INT – Report your interest income (i.e. when a person or entity pays you interest).
  • 1099-DIV – Report your dividends and distributions from your investments.
  • 1099-B – Report gain/loss from your brokerage account transactions.
• 1099-NEC – This is a common tax form needed for side-gigs. The “NEC” stands for “nonemployee compensation.”
• 1099-G – Any government payments, such as unemployment or state funds received are reported here.
• 1099-Q – Qualified education program income such as Sections 529 are reported here.
• 1099-S – Report your real estate sales and exchange income here.
• 1099-MISC – Report payments you’ve made or report other types of income, such as winnings from prizes, etc.
• K-1s – If you are a partner of a business, you’ll need to report your income, deductions, credits, etc. for your share in the business.
• Schedule C – If you own a business as a sole proprietor, you will neeed to report your business’ profit or loss on a Schedule C.
• Schedule E – Supplemental income from royalties, real estate rent, estates, s-corps, partnerships, and etc. are reported here.
• Schedule F – Farm Income is recorded on Schedule F.
• W-2G – Report income from certain gambling winnings.
• Alimony received – If you were divorced before 2018 and are still receiving alimony, report alimony received on Schedule 1.

• 5498 – This form records your IRA contributions.
• 5498-SA – This form records contributions to HSA accounts (or MSAs, Medicare Advantage MSA, etc).
• 1099-SA – Report distributions from your HSA/MSA accounts.
• 1098-E – Report your interest paid on student loans.
• 1098-T – Report what you paid for college tuition.
• Alimony paid – For divorces before 2018, you may claim an adjustment to include for alimony paid.

• Property Tax Bills – Your local government will send tax statements for property tax that you’ve paid. (Here is an example from local Dekalb county.)
• Medical Expenses – Some medical expenses are deductible, and so you will want to record your expenses when relevant.
• Charitable Contributions – If you donate to a qualified organization, you’re going to want to record those charity expenses.

• Schedule H – For hired household employees, you’ll need to report their wages subject to Household Employment taxes.
• Estimated Tax Payments – If you pay quarterly tax payments throughout the year, you want to submit proof of payment to your accountant.
• 1095-A – If you or anyone in your house used a marketplace health insurance plan, you should get this form in the mail by February.
• 1095-B – This form reports your health insurance coverage provided through your employer or directly through the insurance company.
• 1095-C – This form reports your health insurance coverage provided through your employer.

• 1040 – This blanket term refers to the main form used for federal individual taxes.
  • 1040EZ – “EZ” stands for “easy,” in that it’s meant to be a simpler, shorter 1040 for those without a dependent, no deductions, and no advanced premium tax credits.
  • 1040A – This is a simpler version of the 1040, but not as simple as the 1040EZ. You can use some of the most common deductions or credits, but not all.
  • 1040-SR – This tax return is a simple alternative for seniors (over age 65).
  • 1040X – If you need to amend your tax return, this is the form you’ll use.
• Schedule 1 – Report any additional income.
• Schedule 2 – Report any additional taxes.
• Schedule 3 – Report any additional credits.
• Schedule A – This form itemizes all of your deductions.
• Schedule B – This form reports your interest and dividends.
• Schedule C – Report profit and losses from businesses you own.
• Schedule D – Report capital gains and losses.
• Schedule SE – This form is for self-employment.

Naturally, this is an overview of the most important, most common IRS tax forms and schedules. Your accountant can guide you through many of the special circumstances that may require their own forms. If you have questions about how this topic will impact you, Team LittleOwl CPA is here to help. Schedule a discovery call today!