Suzanne's Income Tax Service

Tax Documents May Come in Different Formats This Filing Season

Keep an eye out over the next 2-3 weeks for important documents you will need to file a complete and accurate tax return. These documents may include Form W-2 (Wage and Tax Statement for employees), along with various 1099 forms showing interest, dividend, rental, royalty or self-employment income. Traditionally, these forms came in the mail or were distributed to employees at a workplace. However, they may now be sent digitally, or made available through an online system.

Gathering up needed forms may be different this tax season for people who qualify for the new "No Tax on Tips," "No Tax on Overtime" and/or "No Tax on Car Loan Interest" deductions. In the future, the information needed to claim these deductions will be included on W-2, 1099 or other standard IRS forms. This year, however, employers and lenders may use alternative reporting formats. For example, you may receive a form that does not look like a normal tax document, or instructions to log in to an online portal to access the figures you need.

In order to claim any of these deductions, or the enhanced deduction for seniors, you will need to file a new tax form just released by the IRS called Schedule 1-A. A tax professional can help you assemble all the needed information, complete this form and file your entire return electronically so you can receive your refund as quickly as possible.