Understanding common tax forms

Tax season is rapidly approaching! Below is a list of common reporting forms you may receive for use in the preparation of your tax return, along with the dates by which they are required to be sent to you.

If you have an investment account with Everence Trust Company, you can find tax statements in the following locations: 

• Individuals: Find tax statements in My Everence (my.everence.com) in the Library section. Only account owners will see tax statements in My Everence.
• Organizations: Find tax statements in My Everence for Organizations (organizations.everence.com) in the Documents section.
  
  

Mailed by January 31, 2024:

Form W-2, Wage and Tax Statement – income and tax withholding from your employer(s)

Form 1099-DIV, Dividends and Distributions – dividends of at least $10, as well as capital gain distributions

Form 1099-INT, Interest Income – interest of at least $10

Form 1099-NEC, Nonemployee Compensation – nonemployee compensation of at least $600

Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. – income from retirement plans, annuities, charitable gift annuities, etc.

Form 1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA – distributions from an HSA or MSA

SSA-1099 Social Security Benefit Statement – not an IRS form, but is sent by the Social Security Administration in January of each year and is used to report Social Security income on your tax return

Mailed by February 15, 2024:

Form 1099-B, Proceeds from Broker and Barter Exchange Transactions – information from brokers about gains and losses from transactions such as sales of stock

Form 1099-MISC, Miscellaneous Income – substitute dividends and tax-exempt interest payments of more than $10 reportable by brokers (due date is January 31 for rent or royalty payments reported on Form 1099-MISC)

Consolidated Form 1099 – Forms 1099-INT, 1099-DIV, and 1099-B are sometimes reported together on a Consolidated 1099 along with 1099-OID and 1099-MISC information if applicable. You may receive a corrected version, often a month or two after February 15.

Mailed by March 15, 2024:

Schedule K-1 – income from a pass-through business, trust, or estate; reports the income, losses, and dividends for a business' or financial entity's partners or an S corporation's shareholders. Schedule K-1 is also used to report income distributions from trusts and estates to beneficiaries, as well as income from some Real Estate Investment Trusts (REITs).

Mailed by April 15, 2024:

Form 5227, Split-Interest Trust Information Return – charitable remainder trusts file form 5227. Schedule A reports accumulations of income for charitable remainder trusts, distributions to noncharitable beneficiaries/recipients, and information about donors and assets contributed during the year.

Mailed by May 31, 2024:

Form 5498, IRA Contribution Information – contributions, including rollovers and catch-up contributions, RMDs, and the fair market value (FMV) of all types of IRAs. Some IRA contributions may be made through the tax return filing deadline, which is why the mailing date for this form is so late.

Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information – shows HSA and MSA contributions. Some HSA contributions may be made through the tax return filing deadline, which is why the mailing date for this form is so late.