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IRS Tax Forms Explained

IRS Tax Forms Explained: Your Guide to Common Tax Forms

Not sure what an IRS form means or how it affects your taxes? Explore AIM Financial’s easy-to-understand guides to federal tax forms for individuals, freelancers, business owners, investors, and retirees. Choose a category below to find the guide you need.

Browse Tax Forms by Category

Individual Tax Filing

File, amend, or extend your federal return and understand estimated tax payments.

Form 1040

Federal individual income tax return.

Form 1040-SR

Federal income tax return for taxpayers age 65 and older.

Form 1040-X

Correct a previously filed federal income tax return.

Form 4868

Request more time to file, not more time to pay.

Form 2210

Understand penalties for underpaying estimated taxes.

Income & Employment

Explore W-2s, contractor income, payment apps, and other reportable income.

Form W-2

Review wages and federal tax withholding from an employer.

Form 1099-NEC

Understand nonemployee compensation for contractors and freelancers.

Form 1099-MISC

Learn about rent, royalties, prizes, and miscellaneous income.

Form 1099-K

Understand payment card, marketplace, and payment app reporting.

Form 1099-G

Review unemployment compensation and certain government payments.

Investments & Capital Gains

Understand interest, dividends, securities, cryptocurrency, and investment-related taxes.

Form 1099-INT

Report taxable interest from banks and investments.

Form 1099-DIV

Understand dividend income and investment distributions.

Form 1099-B

Review proceeds from sales of securities and other investments.

Form 1099-OID

Understand original issue discount on certain debt investments.

Form 1099-DA

Learn about broker reporting of digital asset transactions.

Form 8949

Report sales and other dispositions of capital assets.

Schedule D

Summarize capital gains and losses on your tax return.

Form 8960

Understand the additional 3.8% net investment income tax.

Form 8615

Learn when the kiddie tax applies to a child’s unearned income.

Retirement & Savings

Find guides to IRAs, retirement distributions, HSAs, and ABLE accounts.

Form 1099-R

Understand IRA, pension, and other retirement distributions.

Form 5498

Review IRA contributions, rollovers, and account information.

Form 8606

Track nondeductible IRA contributions and Roth conversions.

Form 5329

Understand additional taxes on certain tax-favored accounts.

Form 8889

Report health savings account contributions and distributions.

Form 1099-SA

Understand HSA and medical savings account distributions.

Form 5498-SA

Review HSA and medical savings account contribution reporting.

Form 5498-QA

Learn about contributions to ABLE savings accounts.

Form 1099-QA

Understand distributions from ABLE savings accounts.

Business & Partnership

Explore partnership returns, business property, depreciation, and corporate reporting.

Form 1065

Understand the federal information return for partnerships.

Form 7217

Learn about tax basis reporting for certain partnership property distributions.

Forms 8978 & 8986

Understand partnership audit adjustments and related tax reporting.

Form 4562

Claim qualifying depreciation and amortization deductions.

Form 8829

Calculate qualifying business-use-of-home expenses.

Form 4797

Report certain sales or dispositions of business property.

Form 1099-CAP

Understand reporting of certain corporate control or capital changes.

Form 1099-PATR

Review taxable distributions received from cooperatives.

Real Estate & Debt

Find information about mortgage interest, property sales, foreclosures, and forgiven debt.

Form 1098

Understand mortgage interest statements and possible deductions.

Form 1099-S

Review proceeds reported from certain real estate sales.

Form 1099-A

Understand reporting for foreclosures and abandoned secured property.

Form 1099-C

Learn when canceled debt may be taxable or excluded.

Deductions & Tax Credits

Explore charitable contributions, eligible losses, and tax benefits.

Form 8283

Report certain noncash charitable donations.

Form 1098-C

Understand tax documentation for qualifying vehicle donations.

Form 4684

Learn about qualifying casualty, theft, and disaster losses.

Earned Income Tax Credit

Learn who may qualify for the EITC and how to claim it.

Health & Additional Taxes

Learn about marketplace health insurance, Medicare taxes, and other special tax calculations.

Form 8962

Reconcile the marketplace Premium Tax Credit.

Form 8965 — Historical

Former federal health coverage exemption form; no longer required for 2019 and later federal tax years.

Form 1099-H — Historical

Former Health Coverage Tax Credit reporting; the credit expired after 2021.

Form 8959

Calculate Additional Medicare Tax when applicable.

Form 6251

Determine whether Alternative Minimum Tax applies.

Education Savings

Understand education account distributions and student loan interest.

Form 1099-Q

Review distributions from 529 plans and Coverdell accounts.

Form 1098-E

Learn about student loan interest and potential deductions.

Insurance & Foreign Reporting

Explore life insurance transactions, long-term care benefits, and foreign gift reporting.

Form 1099-LTC

Understand reporting of certain long-term care benefits.

Form 1099-LS

Learn about reportable sales of life insurance contracts.

Form 1099-SB

Review seller investment reporting for certain life insurance sales.

Form 3520

Understand reporting for certain foreign gifts and trust transactions.

Foreign Gifts & Inheritances Guide

Explore when gifts or inheritances from abroad may trigger IRS reporting.

Michigan Tax Resources

State-specific resources for Michigan taxpayers and businesses.

Michigan Income Tax Forms

Review Michigan state tax forms and filing basics.

Michigan Tax Extension Deadlines

Understand Michigan extension deadlines and filing considerations.

These guides are for general educational purposes. Tax requirements can change by tax year and individual circumstances.

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AIM Tax & Mortgage
3738 28th St. SE
Grand Rapids, MI 49512

Phone:
(616) 855-3300 x 2

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