Introduction to taxes and tax forms

A tax is a ____

• is a form or forms filed with a tax authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes.

• Calculates the total amount of income per pay period following deductions (taxes, social security, retirement, and insurance)

• A charge usually of money imposed by authority on persons or property for public purposes

• manages federal finances by collecting taxes and paying bills and by managing currency, government accounts and public debt. The Department of the Treasury also enforces finance and tax laws.

Which form is used by individuals to file their annual income tax returns?

• W-4

• 1040

• W-2

• 1099

What is the deadline for all 1099 tax forms to be postmarked?

• January 31

• April 15

• February 15

• March 1

Which form is used to document income from the sale of securities?

• 1099-B

• 1099-DIV

• 1099-INT

• 1099-MISC

What does Form 1099-C document?

• Real estate sales

• Cancellation of debt

• Dividend income

• Interest income

Which form is used to report unemployment compensation?

• 1099-S

• 1099-NEC

• 1099-R

• 1099-G

What type of income does Form 1099-INT document?

• Interest income

• Dividend income

• Rental income

• Capital gains

Which form is used for nonemployee compensation?

• 1099-NEC

• 1099-MISC

• 1099-DIV

• 1099-K

What does Form 1099-Q document?

• Health insurance payments

• Mortgage interest

• Social Security benefits

• Payments from qualified education programs

Which form documents distributions from a Health Savings Account?

• 1099-SA

• 1099-QA

• 1099-LTC

• 1099-R