Tax Planning
Feb 14, 2023

It’s Tax Time Again: A List of Tax Forms You May Be Receiving – and Why

It’s that time of the year again. Uncle Sam has come to check up on our salaries, investments, and other income-producing entities to ensure we’re paying what’s mandated. Every year, we at BRM get questions from our clients about what forms they need to give their accountant and what they’re used for. Here’s a list of the most commonly used tax forms you may be receiving this year whether you’re working for an employer, investing in the stock market or own a business.

Form 1040:

This is the standard individual income tax form used by most taxpayers in the United States. It is used to report your total income, deductions, and credits for the year. It also calculates your tax liability, which is the amount of tax you owe to the government.

Form W-2:

This form is provided by your employer and shows the total amount of income you earned from them in the previous year. It also shows the amount of federal, state, and city taxes withheld from your paycheck, as well as Social Security and Medicare taxes.

Form 1099:

Used to report income received from sources other than your employer. For example, if you received interest income from a bank or rental income from a property, you will receive a Form 1099 reporting this income.

Form 1099-R:

Used to report distributions from retirement plans that are not rolled into another retirement plan within 60 days. If the distribution is rolled into a qualified plan (i.e., another 401[k] or an IRA), then it is not taxable and the Form 1099-R is just for your records. The form provides information about the distribution, including the amount and the taxable portion, which is used to determine your tax liability.

Form 5498:

This form is used to report the amount of your contributions to individual retirement accounts (IRAs) during the year and is also used to calculate the taxpayer's tax liability in retirement.

Form 1098:

This form is used to report mortgage interest paid by a homeowner during the year. The form is provided by the lender and is used to claim a mortgage interest deduction on your tax return.

Form K-1:

If you’re involved in a partnership, S corporation or trust, you may receive a K-1. It’s similar to a W-2 but instead of reporting salary and wage income, it reports a person’s share of the income from a business that is not taxed at the business level; it will tell the IRS what your share of the business’s taxable income, deductions and credits are.

Form W-4:

While you won’t receive this form each year, it’s very important because it’s used to determine the amount of federal income tax to withhold from an employee's paycheck. It is important to fill out this form accurately, as it will impact the amount of tax withheld from your paycheck and the amount of tax owed or refunded at the end of the year.

Form 1120:

This is used by corporations to calculate the tax owed by the corporation based on their taxable income.

Form 1065:

This is used by partnerships to report their income and expenses to the government. It is used to calculate the taxable income of the partnership, which is then divided among the partners based on their ownership share.

Form 1095:

This form is used to report health insurance coverage provided by an employer. It is used to determine if you’re eligible for a premium tax credit, which can lower the cost of health insurance.


While this is not meant to be a comprehensive list, these are a few of the most commonly used tax forms and what their purposes are. Depending on your individual situation, you may need to use other forms as well. For a detailed version of all the forms visit the Internal Revenue Service (IRS) website or click HERE.

While Robert W. Baird & Co. Incorporated does not provide tax advice, we actively work with a number of clients’ accountants (with their consent) to ensure the tax documents produced by Robert W. Baird & Co. Incorporated that are necessary for proper tax filings get sent in a timely, efficient manner.


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