5 Tax Forms to Look Out for in Early 2024

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Tax season is starting soon. Read on to learn about some key forms you can expect to receive shortly. 

Like it or not, we’re getting to the point of the year when it’s time to start thinking about taxes. Although the filing deadline is April 15, the IRS will begin accepting tax returns on Jan. 29. And filing your taxes early could mean getting your refund sooner, if you’re entitled to one.

To file your tax return, you’ll need certain forms. Here are five to be on the lookout for early this year.

1. Your W-2

Your W-2 is a form your employer provides you with that summarizes your wages for the year. It also shows the amount of tax you had withheld from your earnings. If you contributed to your employer’s retirement plan, that information will be on your W-2 as well. You can expect to receive this form sometime in January, as employers are required to send them by the end of the month.

2. 1099-MISC forms

There are different types of 1099 forms you might receive early this year. But if you did freelance work for a client that paid you $600 or more, you should receive a 1099-MISC summarizing that income.

However, if you don’t have that form, don’t take it to mean that you don’t have to report your earnings. Similarly, earnings under the $600 threshold should still be reported to the IRS and included on your tax return.

Similar to W-2s, 1099 forms are due at the end of January. If you get to February and find that you’re missing one you expect, contact the issuer to follow up.

3. A 1099-INT

If you had money in a savings account earning interest last year, expect a 1099-INT form to either show up in the mail or your inbox. You may also need to log into your bank account to pull it up. This form will show how much interest you earned last year. You’ll need to pay taxes on that income.

4. A 1099-DIV

If you received dividend payments or distributions from any of your investments in a brokerage account in 2023, expect to receive this form. Again, it may come in the mail or pop up in your inbox, but often, you’ll need to log into your account to download a copy electronically.

Investment income is generally subject to taxes. There can be exceptions, though — sometimes, long-term capital gains don’t create a tax liability for lower earners.

5. Form 1098

If you own a home and paid into a mortgage last year, expect to receive this form from your loan servicer. It should summarize the amount of interest you paid on your mortgage. If you itemize on your tax return, you can deduct mortgage interest.

Depending on your tax situation, there are other forms you may receive early in the year that you’ll need to file your return. A good bet, in fact, is to look at last year’s taxes to get a sense of the various forms you’ll need. If you’re working with an accountant, they can help you put together a checklist so you’ll know which forms to follow up on if they don’t make their way to you early in the year.

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