Tax Forms You May Have Forgotten About
You likely already know you need some version of Tax Form 1040 to file your personal taxes, and you’ll also be needing your W-2 from your employer to help you fill it out. But you might be overlooking some of the other forms you’ll need if you, say, won big on that trip to Las Vegas or started paying back your student loans last year.
Here are some of the tax forms you might not have known you needed.
What happens in Vegas stays in Vegas, except if you win money — then you might have to tell the IRS about it. Form W-2G, Gambling Winnings, is used to report gambling winnings (direct wager only) of $600 or more in any one session and 300 times the buy-in or wager.
Tax Form 1040X
Need to correct your tax return? Whether it’s reporting additional withholding, changing your tax deductions or personal exemptions, adding or removing dependents or reporting additional income, this is the form to use.
Remember, though, you do not need to file a 1040X if you are only correcting errors in math ― IRS computers automatically check the math and make those corrections for you.
Did you move? Well, the IRS would like to know. Form 8822 is used to report your change of address.
Tax Form 4868
Need an extension? If you are not able to file your federal individual income tax return by the due date, you may be able to get an automatic 6-month extension of time to file. To do so, you must file Tax Form 4868 by the original due date for filing your tax return
It’s important to note that Form 4868 does not extend the time for payment of tax, which is still owed by the original due date of your return. You will need to give an estimate of your taxes due when filing for a tax extension ― and you can pay none, all, or part of your estimated income tax due using a credit card or checking/savings account.
It’s also important to note that not paying your taxes can result in a tax lien, which can hurt your credit scores.
Do you used child care or dependent care? Use this form to get the correct name, address and taxpayer identification number (TIN) from each person or organization that provides care for your child or other dependent if you plan to claim a credit for expenses related to their care, or if you receive benefits under your employer’s dependent care plan.
If you have a mortgage, you need Form 1098, the Mortgage Interest Statement, to report mortgage interest of $600 or more paid to your lender, which may be used as an itemized deduction.
From USA Today