Explaining Tax Documents

By Avery Mills | Jan 28, 2021 8:13:00 AM

699The earlier you start collecting the necessary documents needed for your taxes, the smoother and less stressful the process will be. Here are some of the important documents you will need when filing your taxes and where you can find them.


A Wage and Tax Statement, also known as a W-2, is the document that will show how much of your paycheck was withheld for federal and state taxes. Your employer will send this document to you by the end of January. If you worked for multiple employers during a calendar year, you will receive multiple W-2’s to reflect that.


If you claimed unemployment during the previous year, you will receive a 1099-G form from a government agency. This amount from box 1 will need to included on your tax returns but you will not need to upload the actual document.


If you are self-employed, you will not receive a W-2. Instead, you will need a record of your expenses, asset list, a 1099, and more. It may be helpful to reach out to a tax professional to let you know exactly what you will need.


If you made investments during the previous calendar year, you may need to include these in your tax filings. There are various forms depending on the type of investment, some of which include 1099 (-INT, -DIV, -B, etc). These forms can be found on the IRS website.

Disclaimer: This article is intended for educational purposes and not as legal tax advice. As every situation is different, please speak to a financial professional if you have specific questions when filing your taxes.

Topics: filing taxes, tax season, taxes

Author: Avery Mills