| W-2 deadline (mailed to employees) | January 31 (IRS Publication 15 (Circular E)) |
| 1099-NEC filing threshold | $600 paid to a contractor (IRS Form 1099-NEC instructions) |
| 1099-INT reporting threshold | $10 in interest paid (IRS Form 1099-INT instructions) |
| Early retirement withdrawal penalty | 10% of taxable amount (before age 59 1/2) (IRS Publication 590-B) |
| Form for missing W-2 | Form 4852 (substitute W-2) (IRS Form 4852 instructions) |
Why tax forms exist and how they connect to your return
The IRS collects information from payers (employers, banks, clients) and from you (the filer) separately, then compares both. The paper or digital documents those payers send you are tax forms, and each one reports a specific type of income or transaction. Your job is to transfer the numbers from these forms onto your federal return accurately.
If you are new to any of this, start with this overview of how the US tax system works before going form by form below.
| W-2 deadline (mailed to employees) | January 31 (IRS Publication 15 (Circular E)) |
| 1099-NEC filing threshold | $600 paid to a contractor (IRS Form 1099-NEC instructions) |
| 1099-INT reporting threshold | $10 in interest paid (IRS Form 1099-INT instructions) |
| Early retirement withdrawal penalty | 10% of taxable amount (before age 59 1/2) (IRS Publication 590-B) |
| Form for missing W-2 | Form 4852 (substitute W-2) (IRS Form 4852 instructions) |
The W-2: wages from an employer
A Form W-2 reports the wages your employer paid you during the calendar year, along with the federal income tax, Social Security tax, and Medicare tax withheld from your paychecks. Every employer who pays you $600 or more must send a W-2 by January 31.
The form has lettered boxes. Box 1 shows your taxable wages. Box 2 shows federal income tax withheld. Boxes 3 through 6 cover Social Security and Medicare. State tax appears in boxes 15 through 17. You will enter the Box 1 figure as wages on your Form 1040, and the Box 2 figure counts as a tax payment you have already made.
If you worked two jobs, you will receive two W-2s. Keep every one, because each employer reports independently to the IRS. Missing a W-2 is one of the most common errors beginners make; see common mistakes first-time filers make for more.
The 1099 family: income outside a traditional paycheck
The 1099 series covers income that is not wages. There are many variants; the ones below appear most often for new filers.
1099-NEC: nonemployee compensation
If you did freelance, contract, or gig work and were paid $600 or more by a single client, that client sends a 1099-NEC. Box 1 shows the total paid. No federal tax was withheld in most cases, so the full amount is taxable and you may also owe self-employment tax on it.
1099-INT: interest income
Banks and credit unions send a 1099-INT when they pay you $10 or more in interest. The figure in Box 1 goes on your return as ordinary income.
1099-DIV: dividends
Brokerages send a 1099-DIV to report dividends paid by stocks or funds you own. Box 1a is ordinary dividends; Box 1b is qualified dividends, which are taxed at a lower rate for most filers.
1099-G: government payments
If you received unemployment compensation, Box 1 of a 1099-G shows that amount, which is taxable federal income. Some states also report state tax refunds here, but a state refund is only taxable if you itemized deductions the prior year.
1099-R: retirement distributions
Withdrawals from an IRA, 401(k), or pension trigger a 1099-R. Box 1 is the gross distribution; Box 2a is the taxable portion. Early withdrawals (generally before age 59 1/2) may also carry a 10% penalty, noted in Box 7.
Other forms you may receive
Form 1098 comes from your mortgage servicer and reports mortgage interest paid. This figure matters if you itemize deductions rather than take the standard deduction.
Form 1098-T is sent by colleges and universities and reports tuition paid. It is the starting point for education credits such as the American Opportunity Credit and the Lifetime Learning Credit.
Form 1095-A is issued by the Health Insurance Marketplace. If you bought coverage there, you need this form to reconcile the Premium Tax Credit on your return. Without it, your return is incomplete.
For a full checklist of what to gather before you sit down to file, see what you need before filing your taxes.
Form W-2
A document your employer sends by January 31 that shows your annual wages and the taxes withheld from your paychecks. You use it to fill out your federal and state returns.
Form 1099
A series of IRS information returns used to report income other than wages, including freelance pay, interest, dividends, and retirement distributions.
Payer
Any person or organization that pays you money during the year and is required to report those payments to the IRS on your behalf.
Withholding
Federal and state income tax, plus Social Security and Medicare taxes, that an employer deducts from your paycheck before you receive it and sends directly to the government.
Self-employment tax
The combined Social Security and Medicare tax that freelancers and independent contractors pay on net earnings, because no employer withholds it for them.
Nonemployee compensation
Payments made to a worker who is not on a company's payroll, such as a freelancer or contractor. Reported on Form 1099-NEC starting with tax year 2020.
What to do when a form is missing or wrong
Forms should arrive by January 31 (W-2, 1099-NEC) or mid-February (1099-B, 1099-DIV, 1099-INT). If one does not arrive, contact the payer first. If that fails, you can call the IRS at 1-800-829-1040 and request a substitute Form 4852 for a missing W-2.
If a form contains an error, ask the payer to issue a corrected form (marked with an X in the "CORRECTED" box). File with the corrected version rather than the original. Do not simply cross out numbers on the original.
Once you have all your forms in hand, follow this step-by-step walkthrough of your first federal return to put the numbers in the right places.
This article is for general informational purposes only and is not tax advice tailored to your individual situation. Tax rules can change, and IRS thresholds are updated periodically. Consult a qualified tax professional for guidance specific to your circumstances.