Form 1095-B provides details about an employee’s insurance coverage, including who in the worker’s family was covered. This form is sent out by the Insurance Company rather than the employer. In cases where the employer is self-insured, that employer and not the insurance company will also send out the 1095-B…

Form 1099-G, Certain Government Payments is provided to a taxpayer that has received certain government payments. These payments should be addressed when filing the tax return and may be considered taxable income. The following items are reported on Form 1099-G. Unemployment Compensation (Box 1). If the taxpayer received unemployment, they should receive a Form 1099-G reporting this…

Every employee of an employer that has 50 or more full-time employees who are eligible for insurance coverage starting in 2015 should receive Form 1095-C which is a statement of the Employer Provided Health Coverage. Eligible employees who decline to participate in their employer’s health plan will still receive a…

There are a variety of 5498 forms that individuals may receive that are intended to provide the recipient with information about their Individual Retirement Account, Coverdell Education Savings Account or Health Savings/Archer Medical Savings Account. These forms are typically issued by the trustee of the IRA and/or issuer of the Health Savings/Archer Medical Savings…

Form 1099-K – Payment Card and Third Party Network Transactions is a form issued by financial institutions that process electronic payments such as credit and debit card transactions. Form 1099-K is sent to individuals that receive such payments by January 31st and it is considered part of the gross receipts of the…

If ANY person on the tax return (Taxpayer, Spouse or any dependent) was covered by a Marketplace plan, they will receive a Form 1095-A (Health Insurance Marketplace Statement). This Form 1095-A comes directly from the federal Marketplace or a state exchange and should be issued to the Policyholder by January 31. The information contained…

Some taxpayers have to pay federal income tax on their Social Security benefits.  This usually happens when the taxpayer has other substantial income such as wages, self-employment, interest, dividends, or any other taxable income in addition to their Social Security benefits. Taxpayers will receive a Form SSA-1099 showing the amount of benefits…

A deduction of up to $2,500 is allowed for interest paid by the taxpayer during the year on qualified student loans.  Deductible interest includes voluntary payments made during a period when interest payments are not yet required, interest or refinanced and consolidated loans, and capitalized interest. To help you figure your…

Interest is an amount you pay for the use of borrowed money.  To deduct interest that you paid on a debt, you must be legally liable for the debt.  For most types of interest you must itemize your deductions on Schedule A, Form 1040 to qualify for the deduction.  Deductible interest includes…

Form 1099-SA is provided to a taxpayer that has received certain distributions from a Health Savings Account, Archer Medical Savings Account or Medical Savings Account. These payments should be addressed when filing the tax return and may be subject to taxation. The following items are reported on a Form 1099-SA:…