Tax Forms
With the 2024 tax filing season underway, it's important to gather all necessary documents before submitting your return. This guide outlines common tax forms, their availability, and what they report to help ensure a smooth and accurate filing process.
With the 2024 tax filing season underway, we want to remind you to gather all necessary documents before filing your return. Below is an overview of common tax forms that you may receive, when they become available, and what they report.
Most Common Tax Forms
1099-Consolidated – Reports interest and dividend income, capital gains and losses, and other investment-related activity in brokerage accounts. Fidelity will issue final versions by March 7, 2025.
1099-DIV – Reports dividend income in banks and other financial institutions. Availability varies by institution.
1099-INT – Reports interest income in banks and other financial institutions. Availability varies by institution.
1099-MISC – Reports various types of income outside of traditional employment (e.g., freelance or contract work, rental payments, etc.).
1099-Q – Reports distributions from college savings accounts (529 Accounts). Most forms were made available at the end of January.
1099-R – Reports distributions from retirement accounts, including IRAs and 401(k) plans. Most forms were made available at the end of January.
1099-SA – Reports distributions from Health Savings Accounts (HSA). Most forms were made available at the end of January.
1098 Forms – Reports mortgage interest (1098) and student loan interest payments (1098-E) for possible deductions. Most forms were made available at the end of January.
5498 Forms – Issued if you made contributions to an IRA or other tax-advantaged retirement accounts. This form may not be required for tax filing but is useful for recordkeeping. Fidelity will issue by May 16, 2025.
Form 8283 – Issued if you made noncash charitable donations exceeding $500, including if you donated through a Donor Advised Fund (DAF). Fidelity issued in mid-February.
W-2 Forms – Issued by your employer to report wages, salary, and tax withholdings. Most forms were made available by late January.
Less Common Tax Forms
1095 Forms – Sent by health insurance providers or employers to report health coverage details, which may be needed to verify compliance with health insurance mandates.
eDelivery & Online Access
Most forms are eligible for electronic delivery if you have opted in. Forms marked as "Online Only" will not be mailed but can be accessed through your financial institution's online account.
To avoid any filing delays and omissions, we recommend confirming that you have received all appropriate documents before submitting your return. If you have any questions or need assistance accessing your tax forms, please contact us.
Thank you,
Casey Moss
cmoss@newcapitalmgmt.com
713-322-6217