Tax forms you may have received – solbiZ

Learn about why you may have received certain tax forms and where you can enter them into Credit Karma Tax.

W-2 - Wage and Tax Statement
1095-A - Health Insurance Marketplace Statement
1095-B - Health Coverage
1095-C - Employer-Provided Health Insurance Offer and Coverage
1098 - Mortgage Interest Statement
1098-T - Tuition Statement
1099-A - Acquisition or Abandonment of Secured Property
1099-B - Proceeds from Broker and Barter Exchange Transactions
1099-C - Cancellation of Debt
1099-G - Certain Government Payments
1099-K - Payment Card and Third Party Network Transactions
1099-MISC - Miscellaneous Income
1099-OID - Original Issue Discount
1099-Q - Payments From Qualified Education Programs
1099-R - Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
1099-S - Proceeds from Real Estate Transactions
1099-SA - Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
SSA-1099 - Social Security Benefit Statement

W-2 - Wage and Tax Statement

Go to this section in Credit Karma Tax: Add a new W-2

Employees of a business who have income, social security, or medicare tax withheld from their pay should receive a Form W-2, Wage and Tax statement. Your W-2 will show all income you received from an employer as well as any amounts that were withheld, such as:

Federal, state, and local taxes
Retirement account contributions
Insurance premiums you paid directly from your paycheck
Taxable fringe benefits you received from your employer

You will typically receive a Form W-2 from each employer who paid you wages during the year. Unless the employer requests an extension, your W-2 must be mailed to you by January 31st.

1095-A - Health Insurance Marketplace Statement

Go to this section in Credit Karma Tax: Covered Individuals

This form documents health coverage you enrolled in through the Health Insurance Marketplace. Form 1095-A will show information such as which parts of the year you had health coverage and premiums you paid to cover yourself or your household.

1095-B - Health Coverage

Go to this section in Credit Karma Tax: Covered Individuals

Form 1095-B is sent out by health insurance providers and shows the parts of the year that you had minimum essential coverage and are not liable for the individual shared responsibility payment (i.e., the penalty for not having minimum essential coverage).

In many cases you may not need to enter the information from this form and instead make sure to keep it for your records.

Minimum essential coverage includes:

Government-sponsored programs
Eligible employer-sponsored plans
Individual market plans
Other coverage the Department of Health and Human Services designates as minimum essential coverage.

1095-C - Employer-Provided Health Insurance Offer and Coverage

Go to this section in Credit Karma Tax: Covered Individuals

Form 1095-C shows the parts of the year that you and your household had health coverage through your employer if your employer is an ALE member and you were a full time employee for one or more months during the year. If you changed jobs during the year you may receive a copy of this form from each place you worked and had health coverage.

In many cases you may not need to enter the information from this form and instead make sure to keep it for your records.

1098 - Mortgage Interest Statement

Go to this section in Credit Karma Tax: Mortgage Interest Paid

Form 1098 shows mortgage interest of $600 or more, including “points,” that you paid during the year.

For federal income tax purposes, a mortgage is a loan secured by your main home or second home. This includes:

First mortgages
Second mortgages
Home equity loans
Refinanced mortgages

While you may claim your qualified home mortgage interest on your federal income tax return, you might not have a form 1098. The IRS only requires a lender to issue a form 1098 if the property that secures your mortgage is considered real property.

1098-T - Tuition Statement

Go to this section in Credit Karma Tax: Education Expenses

You should receive a copy of form 1098-T from any eligible educational institutions that you paid qualified tuition and related expenses to last year.

Qualified tuition and related expenses include any of the following that are required for a student to be enrolled or to attend the eligible educational institution:

Tuition
Fees
Required course materials

Qualified tuition and related expenses do not include:

Amounts paid for courses or other education involving sports, games, or hobbies, unless the course or other education is part of the student’s degree program or is taken to gain or improve job skills.
Charges and fees for room, board, insurance, medical expenses (including student health fees), transportation costs, and similar personal, living, or family expenses.

Source: irs.gov

The amounts in boxes 1 and 2 of Form 1098-T may be different than what you actually paid. When claiming education credits for your federal taxes on Credit Karma Tax, you must reduce the amount of expenses paid with any amounts you received from tax-free grants, scholarships and fellowships and other tax-free education assistance.

If you or the student take a deduction for higher education expenses, such as on Schedule A or Schedule C (Form 1040), you cannot use those expenses when figuring certain education credits. More information is available in our article on Education credits and deductions.

1099-A - Acquisition or Abandonment of Secured Property

If you abandon real property that secures a debt such as a home that secures a loan (i.e. foreclosures), the lender should send a 1099-A that has information that would help you figure your gain or loss from the abandonment.

If a debt of $600 or more is also canceled, unrelated to the abandonment, you should receive a 1099-C as well. If the cancellation is related to the foreclosure or abandonment, you may only receive a 1099-C. Credit Karma Tax does not have a specific place to enter a 1099-A but you may need information from your 1099-A to determine the gain or loss on other portions of your federal tax return.

1099-B - Proceeds from Broker and Barter Exchange Transactions

Go to this section in Credit Karma Tax: Capital Gains

You will receive this form if you:

Sold stocks, commodities, regulated futures contracts, foreign currency contracts, forward contracts, debt instruments, options, securities futures contracts, etc. for cash
Received cash, stock, or other property from a corporation that has had its stock acquired or has a change in capital structure
Exchanged property or services through a barter exchange

1099-C - Cancellation of Debt

Go to this section in Credit Karma Tax: Cancellation of Debt - Form 1099-C

Form 1099-C shows debt you had canceled, forgiven or discharged for less than the amount you owed during the tax year. The amount you didn’t have to pay is generally considered taxable, however, there are exceptions.

Credit Karma Tax will help you determine if some or all of your canceled debt is taxable based on the information you provide.

You can also learn more about Canceled Debt – Is It Taxable or Not? from the IRS.

1099-DIV Dividends and Distributions

Go to this section in Credit Karma Tax: 1099-DIV Income

Dividends are shares of a company’s profits that are distributed in the form of cash and/or property to its shareholders. Dividends can be issued as shares of stock, cash, or other property. Each company decides the type, the amount, and when to pay dividends.

If you receive dividend income over $10, then you should receive a Form 1099-DIV from each company or entity who paid those dividends. The 1099-DIV you receive should indicate if your dividends are qualified or ordinary dividends.

1099-G - Certain Government Payments

Go to this section in Credit Karma Tax, depending on the type of 1099-G you have:

Form 1099-G prior year state or local refund income
Form 1099-G unemployment or family leave income

Federal, state, or local governments should send you this form if you received any of the following types of payments:

Unemployment compensation
State or local income tax refunds, credits, or offsets
Reemployment trade adjustment assistance (RTAA) payments
Taxable grants
Agricultural payments

1099-K - Payment Card and Third Party Network Transactions

Go to this section in Credit Karma Tax: 1099-K (Lyft, Uber, Etsy, etc.)

Self-employed individuals such as Uber/Lyft drivers will often receive a Form 1099-K.

According to the IRS, you should receive Form 1099-K, Payment Card and Third Party Network Transactions, by January 31st if you received the following payments in the previous year:

From payment card transactions (e.g., debit, credit or stored-value cards), and/or
In settlement of third-party payment network transactions above the minimum reporting thresholds of –
- gross payments that exceed $20,000, AND
- more than 200 of these transactions

1099-MISC - Miscellaneous Income

Go to this section in Credit Karma Tax: Form 1099-MISC

If you received at least $600 in income from a business for any work you performed as an independent contractor or self-employed individual, you should receive a 1099-Misc with that income reported on Box 7 of the form. This amount will be reported on your Schedule C.

You should also receive this form if you received at least $10 in royalties or broker payments instead of dividends or tax-exempt interest or if you received at least $600 income from any of the areas below:

Rent (Schedule E)
Prizes and awards (Other income on 1040 or Schedule C)
Medical and health care payments (Schedule C)
Crop insurance proceeds (Schedule F)
Payments to an attorney (report only the taxable portion as income)
Any fishing boat proceeds (Schedule C)
Cash payments for fish (or other aquatic life) from the trade or business of catching fish (Schedule C)
Self-employed income (Schedule C)
Cash paid from notional principal contracts (Other income on 1040)
Other income payments (Other income on 1040)

When you enter the information from your 1099-MISC, Credit Karma Tax will automatically add those amounts to the relevant parts of your tax return.

1099-OID - Original Issue Discount

You should get Form 1099-OID (Original Issue Discount) when you purchase a bond or note for an amount less than face value. The OID is the difference between the bond's stated redemption price (usually its face value) and its issue price (generally the amount the bond or note was first sold by the issuer).

The OID is taxable interest over the life of the bond, which gets reported every year you hold the bond, even if you don't actually receive the interest.

1099-Q - Payments From Qualified Education Programs

Go to this section in Credit Karma Tax: Other Income

You should receive a copy of Form 1099-Q if you received a distribution or withdrew funds from from a qualified tuition program or if you are the trustee of a Coverdell Education Savings Account. Only some of these withdrawals are taxable.

If you used all of the distribution reported to you in Box 1 of Form 1099-Q to pay for qualifying education expenses, you don’t need to report this as other income. Simply keep this form for your records.
Source: irs.gov

In the event that you did not spend all of the 1099-Q distributions from Box 1 on qualifying education expenses, you can enter the taxable amount at the bottom of the Other Income page. You can enter the information from Box 1 of Form 1099-Q under the “Other Income” section.
Which education expenses qualify?

Qualified education expenses include: the tuition, fees, books, supplies and equipment required for your courses.

It does not include:

Room and board, travel, or any expenses that are not required for your course.
Expenses used for teaching, research, or other services.
- *You don't need to include in gross income any amounts you receive for services that are required by the National Health Service Corps Scholarship Program or the Armed Forces Health Professions Scholarship and Financial Assistance Program.

You can’t claim an education credit for the expenses you paid with your distributions. However, you may be able to claim an education credit for the qualified education expenses that were greater than the distributions that you received.

1099-R - Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

Go to this section in Credit Karma Tax: Form 1099-R

You should receive this form if you have made a designated distribution or are treated as having made a distribution of $10 or more from:

Profit-sharing or retirement plans
Any individual retirement arrangements (IRAs)
Annuities, pensions, insurance contracts, survivor income benefit plans
Permanent and total disability payments under life insurance contracts
Charitable gift annuities, etc.

1099-S - Proceeds from Real Estate Transactions

Go to this section in Credit Karma Tax: Sale Of Home

You should receive this form upon receiving proceeds from the completion of the sale or exchange of real estate.

1099-SA - Distributions From an HSA, Archer MSA, or Medicare Advantage MSA

Go to this section in Credit Karma Tax: Form 1099-SA Summary

When you use the funds from a Health Savings Account (HSA), an Archer Medical Savings Account (Archer MSA), or Medicare Advantage Medical Savings Account (MA MSA), the institution that administers the account must report all distributions on Form 1099-SA.

SSA-1099 - Social Security Benefit Statement

Go to this section in Credit Karma Tax: Social Security Benefits

Form SSA-1099 reports Social Security benefits you received from the Social Security Administration (SSA). Some examples are:

Retirement benefits
Disability benefits
Survivor benefits