A Complete Guide for Retirement Savers from AIM Financial Planning for retirement involves more than deciding how much money to save. It also means understanding the tax documents associated with individual retirement accounts, commonly called IRAs. One important document is IRS Form 5498, IRA Contribution Information. If you have a traditional IRA, Roth IRA, SEP…

IRS Form 5498-QA A Plain-English Guide for Individuals With Disabilities, Families, and Caregivers from AIM Financial Saving for disability-related expenses can be an important part of financial planning for individuals with disabilities and their families. An Achieving a Better Life Experience (ABLE) account can provide a way for eligible individuals to save money for qualifying…

A Plain-English Guide for Individuals, Families, and Caregivers from AIM Financial An ABLE account can help eligible individuals with disabilities save money for disability-related expenses while receiving certain tax advantages. However, when money is withdrawn from an ABLE account, it is important to understand how the distribution is reported and whether any portion may be…

A Tax Guide for Shareholders, Investors, and Business Owners from AIM Financial When a corporation is acquired, merges with another company, or undergoes a major change in its ownership or capital structure, shareholders may receive tax documents they have never seen before. One of these documents is IRS Form 1099-CAP, Changes in Corporate Control and…

1099- DA AIM Financial | Grand Rapids, Michigan Tax Preparation Cryptocurrency and other digital assets have become increasingly common, but reporting digital asset transactions on a federal income tax return can be confusing. If you sold Bitcoin, exchanged cryptocurrency, or completed other digital asset transactions through a broker, you may receive IRS Form 1099-DA. Understanding…

IRS Form 1099-H was used to report advance payments made under the federal Health Coverage Tax Credit (HCTC). Although this form is no longer used for new filings beginning in 2026, understanding its purpose can still help taxpayers reviewing older tax records, correcting a prior-year return, or organizing historical health insurance documents. For individuals in…

AIM Financial | Grand Rapids, Michigan Tax Preparation Selling a life insurance policy may provide access to money while the insured person is still living, but the transaction can also create tax reporting questions. If you sell a life insurance policy through a life settlement or another qualifying transaction, you may receive IRS Form 1099-LS,…

Did you sell a life insurance policy to an investor, transfer a policy as part of a life settlement, or receive tax documents after a life insurance transaction? You may encounter IRS Form 1099-SB, Seller’s Investment in Life Insurance Contract. Although many taxpayers are familiar with Forms W-2, 1099-INT, and 1099-R, Form 1099-SB covers a…

AIM Financial | Grand Rapids, Michigan Tax Preparation Receiving long-term care benefits can raise important questions when it is time to prepare your federal income tax return. If you or a family member receives payments from a long-term care insurance policy or certain other long-term care arrangements, you may receive IRS Form 1099-LTC. Understanding this…

AIM Financial | Tax Preparation in Grand Rapids, Michigan When a homeowner falls behind on mortgage payments or a property owner faces foreclosure, the financial consequences can extend beyond losing the property. There may also be important federal income tax considerations. IRS Form 1099-A, Acquisition or Abandonment of Secured Property, provides information about certain situations…