Tax Forms

It’s easy to feel overwhelmed by tax documents because there are so many complex instructions, and some forms change from year to year. Contact Real Tax USA to help you navigate through the intricate maze of forms. They will complete and file the 2021 forms for you.

Form 2848

The Power of Attorney form gives the IRS permission to speak directly with a specific individual about the taxpayer’s taxes other than the taxpayer. This is typically a tax professional who is licenced and authorized to speak to the IRS on the taxpayer’s behalf.

Form W-7

Non-citizens who have earned U.S. sourced income and who need to file a federal tax return need to submit a W-7 form to apply for the individual taxpayer identification number.

Form W-9

A W-9 is a form furnished by the IRS for employers to verify the name, address, and tax identification number of someone who is receiving income from the employer.

Form W-2G

Form W-2G is used to report any income earned from gambling. Income from gambling is subject to federal and state income tax. The W-2G is issued by the provider of the winnings and issued to the taxpayer.

Form W-4

Every employee needs to fill out a W-4 form. This form determines how much taxes the employer will withhold from the employee’s paycheck. The goal of this deduction is to pay as you go the amount of income tax owed to the IRS.

Form 1098

Form 1098 is issued by lenders to report any interest, points, or mortgage insurance premiums of $600. This form is needed for taxpayers who take the standard deduction in order to lower tax liability.

Form 1098-E

If a taxpayer paid a lender $600 or more of student loan interest, the lender will issue 1098-E form.

Form 9465

If a taxpayer is not able to pay all of their tax bill, then he or she may be eligible to pay the IRS in installment payments. Form 9465 form is used to request permission to pay taxes off in installments.

Form W-2

Form W-2G is used to report any income earned from gambling. Income from gambling is subject to federal and state income tax. The W-2G is issued by the provider of the winnings and issued to the taxpayer.

Form 1099-C

Form 1099-C is received from a lender after working out an agreement for a debt cancellation. With a few exceptions, this amount is reported to the IRS as taxable income.

Form 1099-MISC

Form 1099-MISC reports payments made by a business to others. This does not include non-employee compensation. A taxpayer receives this form if $10 or more was paid in royalties or $600 or more was paid in other types of miscellaneous income.

Form 1099-R

Form 1099-R is used to report distributions such as annuities and pensions which are retirement benefits. If a taxpayer received $10 or more from a retirement plan, then a 1099-R will be issued.

Form 1099-INT

A 1099-INT form is a record of the amount of interest paid to a taxpayer by a bank or other entity. Taxpayers receive this form if they’ve received $10 or more in interest from a financial institution.

Form 1099-DIV

If a taxpayer received dividends from stocks or a capital gain distribution from a mutual fund, a 1099-DIV is issued. Ordinary dividends, qualified dividends, capital gain distributions, and state & federal taxes withheld are recorded on this form.

Form 1099-B

If a taxpayer sells stocks, bonds, or other securities by using a broker, then a 1099-B is issued. This is included in capital gains taxes using Schedule D and possibly Form 8949.

Form 1099-S

A 1099-S reports proceeds from real estate transactions. The form must be issued whenever there is an exchange or sale of real estate.

Form 8821

Form 8821 allows tax professionals a certain amount of access to their client’s information. While Form 2848 allows tax professionals to represent a client to the IRS, Form 8821 does not. It basically grants less authority.

Form 1098-T

Any taxpayer who pays qualified educational expenses will receive a Form 1098-T from that college or institution, if eligible. These expenses include tuition and course material. This may make the taxpayer eligible for education-related tax credits.

Form 1099-NEC

Self-employment income is now reported on Form 1099-NEC instead of 1099-MISC. Taxpayers will receive this form if a business has paid $600 or more in nonemployee compensation.

Form 1095-A

If a taxpayer has paid for health care coverage through the marketplace, they will receive Form 1095-A which will include any premium paid and the names of those covered by the policy.

Form 1099-K

If a taxpayer runs a retail business online and accepts credit cards as payment via the internet, Form 1099-K will be sent to them from a third party or the credit card company. The volume must be over $20,000 or there must be more than 200 transactions.

Form 5498

Form 5498 is a statement that indicates how much the taxpayer has contributed to an IRA for the year. Taxpayers can claim tax deductions for contributions to their retirement plans.

Form 5498-SA

Form 5498-SA is a form that reports any contributions made to a Health Savings Account, Medicare Advantage Account, or Archer Account. This is an informational form only to be kept with tax records.

Form 1099-G

The 1099-G is used to report unemployment compensation or any state or local income tax received as a refund. These are payments received from the government. You can order these forms and have them sent by mail or you can download them from the IRS website.