Which Common Tax Forms Should I Expect?
Click here for a downloadable version of the above chart.
Chart updated in 2023 for tax year 2022!
It’s tax time!
You’ve probably been receiving various tax forms in the mail and/or been getting emails saying your forms are available online.
In order to complete your tax filing correctly, you’ll need to provide these forms to your tax preparer or have them available if you do your own taxes.
You may be wondering whether you’ve received everything you’re supposed to receive. Should you go ahead and start working on your taxes now, or wait?
I can’t answer that question for you without looking more closely at your specific situation, but I can provide something that may help shed some light on which tax forms you can expect to receive and when.
The chart above is a list of some of the more common tax forms that you might expect to receive. It’s not fully comprehensive, as there are a lot more forms covering various topics, but I think it captures the main ones. Credit to Travis Gatzemeier, CFP® of Kinetix Financial Planning for the idea behind this chart.
The chart is split into five sections:
1) Income
These forms are for income you received, either in the form of you receiving money or actions you completed that resulted in taxable income.
2) Deductions
These forms are for money you paid out that may result in a deduction for you. Note that there are many other ways of getting deductions, but these are ones where you’ll actually receive a tax form from someone.
3) Contributions
These forms are for if you made contributions to certain retirement or savings accounts. They are for informational purposes only and you don't need them to file your taxes. I do recommend keeping the forms though as you may need them in the future.
4) Cryptocurrencies
These forms get their own section because, well, you may or may not receive them. There isn’t much consistency yet amongst crypto exchanges & brokers. In the end, reporting crypto gains, losses, or income is your responsibility, whether you receive these forms or not.
Final thoughts
You can’t necessarily rely on this and this alone when looking for your tax forms. But hopefully this will get you started and pointed in the right direction.
Happy tax season!