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.

This is a form you complete when you are first hired to communicate to your employer your personal details (filing status, multiple jobs, children, etc.) so they can withhold an accurate amount of federal income tax (F.I.T.)

• W-2

• W-4

• B-4

• BINGO

Which tax forms will a VITA site complete (select all that apply)

• Federal - 1040

• Pennsylvania State - PA40

• Local - York Adams Tax Bureau (YATB)

• Pennsylvania Property Tax / Rent Rebate - PA1000

Which form is used by individuals to file their annual income tax return with the federal government?

• W-4

• 1040

• W-2

• 1099

Which form report wages, salaries, and tips from employment?

• W-4

• 1040

• W-2

• 1099

What is the deadline for all W-2 tax forms to be postmarked?

• January 31

• April 15

• February 15

• March 1

Which form reports gambling winnings?

• W-2G

• W-2

• 1099-G

• 1099-MISC

A lot of our taxpayers are retired and on social security. Which form will have their social security benefits paid along with Medicare Premiums withheld?

• 1098

• W-2

• SSA - 1099

• 1099-R

A lot of our retired taxpayers also receive pensions or take money out of tax advantaged retirement accounts like 401k, 403b, and IRAs. Which tax form shows these distributions?

• 1098

• W-2

• SSA - 1099

• 1099-R

There are a boat load of other tax forms you will get exposed to. The more you see them, the more familiar you will become with them. Let's start with this one - what type of income does Form 1099-INT document?

• Interest income

• Dividend income

• Rental income

• Capital gains