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're 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 February 1, 2027:

Form W-2, Wage and Tax Statement - income and tax withholding from your employer(s). Beginning this year, your W-2 may also show qualified overtime and tip amounts, which may be used for new deductions on your return.

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 $2,000. This threshold increased from $600 beginning with payments made in 2026.

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

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. The Social Security Administration sends it in January each year, and you use it to report Social Security income on your tax return.

Mailed by February 16, 2027:

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 $10 or more reportable by brokers. The due date is February 1 for rent or royalty payments reported on Form 1099-MISC. The rent threshold is now $2,000; the royalty threshold remains $10.

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 the mailing deadline.

Mailed by March 15, 2027:

Schedule K-1 - income from a pass-through business, trust, or estate. It reports the income, losses, and dividends for a business's 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, 2027:

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 or recipients, and information about donors and assets contributed during the year.

Mailed by June 1, 2027:

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 are permitted through the tax return filing deadline, which is why this form is mailed so late.

Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information - HSA and MSA contributions. Some HSA contributions are permitted through the tax return filing deadline, which is why this form is mailed so late.