Continuing the AIM Financial IRS tax form series, the next blog covers IRS Form 1098-E, which helps student loan borrowers understand the student loan interest deduction and how it may affect their federal income taxes. What Is IRS Form 1098-E? If you made payments on qualifying student loans during the tax year, you may receive…

Continuing the AIM Financial IRS tax form series, the next article covers IRS Form 1098, which is especially useful for homeowners, mortgage borrowers, and taxpayers researching mortgage interest deductions. What Is IRS Form 1098? If you own a home and pay interest on a mortgage, you may receive IRS Form 1098, Mortgage Interest Statement. This…

What Is IRS Form 1099-R? If you received money from a retirement account, pension plan, annuity, or certain other retirement-related arrangements, you may receive IRS Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, and Other Similar Sources. This form reports distributions made to you during the tax year. The organization…

Here is the next SEO-friendly blog for AIM Financial, continuing the IRS tax form series with Form 1099-DIV, a valuable topic for taxpayers who receive dividends or investment distributions. What Is IRS Form 1099-DIV? If you own stocks, mutual funds, exchange-traded funds (ETFs), or certain other investments, you may receive IRS Form 1099-DIV, Dividends and…

What Is IRS Form 1099-INT? If you earn interest from a savings account, checking account, certificate of deposit, or other financial account, you may receive IRS Form 1099-INT. This document, officially called Interest Income, reports interest payments made to you during the year. Many taxpayers assume that interest earned from a bank account is too…

What Is IRS Form 1099-MISC? If you receive rental payments, royalties, prizes, awards, or certain other types of income, you may receive IRS Form 1099-MISC. This tax document reports specific types of payments made during the year that generally are not reported on Form W-2 or Form 1099-NEC. The letters MISC stand for Miscellaneous Information.…

What Is IRS Form 1099-NEC? If you work as an independent contractor, freelancer, consultant, gig worker, or self-employed professional, you may receive IRS Form 1099-NEC. This form reports certain payments made to you for services performed outside a traditional employer-employee relationship. The letters NEC stand for Nonemployee Compensation. Businesses commonly use Form 1099-NEC to report…

What Is IRS Form W-2? If you work for an employer, one of the most important documents you need when filing your federal income tax return is IRS Form W-2, officially called the Wage and Tax Statement. Your W-2 summarizes how much your employer paid you during the year and how much was withheld from…

What Is IRS Form 1040-X? Did you discover that you forgot to report income on your tax return? Did you overlook a tax deduction, enter incorrect information, or realize that you may qualify for a tax credit you did not claim? If you have already filed your federal income tax return and discover a significant…

What Is IRS Form 1040-SR? Retirement can bring new financial opportunities, but it can also create questions about income taxes. If you receive Social Security benefits, pension payments, retirement account distributions, or investment income, understanding how to report that income is an important part of managing your finances. IRS Form 1040-SR, U.S. Tax Return for…