Understanding IRS Form 1099-OID is important for taxpayers who own certain bonds, certificates of deposit, Treasury securities, or other debt investments. Unlike a traditional interest statement, Form 1099-OID may report taxable interest income that an investor has earned on paper even when that income has not yet been received in cash. For individuals and investors…

By AIM Financial | Grand Rapids, Michigan Tax Preparation Services Did you receive IRS Form 1099-PATR from an agricultural cooperative, business cooperative, or another organization that distributes patronage dividends? If so, you may have questions about whether those payments are taxable, where they belong on your tax return, and how they affect your business income.…

By AIM Financial | Grand Rapids, Michigan Tax Preparation Services Did you sell a house, rental property, vacant land, or another piece of real estate? If so, you may receive IRS Form 1099-S, Proceeds From Real Estate Transactions. This form reports certain real estate sale proceeds to the IRS and can affect how you prepare…

By AIM Financial | Grand Rapids, Michigan Tax Preparation Services Did a credit card company forgive part of your balance? Did you settle a debt for less than you owed, or receive notice that a lender canceled a loan? If so, you may receive IRS Form 1099-C, Cancellation of Debt. This form can have important…

By AIM Financial | Grand Rapids, Michigan Tax Preparation Services Did you withdraw money from a 529 college savings plan or Coverdell Education Savings Account to pay for tuition, books, housing, or other education expenses? If so, you may receive IRS Form 1099-Q. Understanding this form can help you determine whether an education account distribution…

By AIM Financial | Grand Rapids, Michigan Tax Preparation Services Did you receive IRS Form 1099-SA and wonder whether the money withdrawn from your health savings account is taxable? Understanding this form is important because distributions from a Health Savings Account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage MSA may receive different tax…

By AIM Financial | Grand Rapids, Michigan Tax Preparation Services Did you sell stocks, bonds, mutual funds, or other investments during the tax year? If so, you may receive IRS Form 1099-B, which reports important information about investment sales and certain other transactions. Understanding this form can help you prepare an accurate federal income tax…

By AIM Financial | Grand Rapids, Michigan Tax Preparation Services If you receive money through PayPal, Venmo, Cash App, or an online marketplace, you may have questions about IRS Form 1099-K and whether those payments must be reported on your federal income tax return. Understanding the rules is especially important for freelancers, small business owners,…

What Is IRS Form 1099-G? If you received unemployment benefits, a state income tax refund, or certain government payments, you may receive IRS Form 1099-G, Certain Government Payments. This form reports particular payments made to you by a government agency during the tax year. Form 1099-G is important because some government payments may be taxable…

What Is IRS Form 1098-C? Donating a vehicle to charity can be a generous way to support an organization while potentially qualifying for a federal charitable contribution deduction. However, vehicle donations have special tax rules, and taxpayers should understand the documentation requirements before claiming a deduction. IRS Form 1098-C, Contributions of Motor Vehicles, Boats, and…