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What Tax Forms to Expect in the Mail

 

  • W-2: This is the form you receive from a regular employer. 

  • 1099-MISC: More and more people do contract work on the side, as freelancers and consultants. If you have received earnings from such activities you can expect to receive a 1099-MISC.

  • Other 1099 forms:  If you received interest from savings or investments, you will get a 1099-INT. You might also receive 1099-DIV reporting dividends and distributions from investments.

  • 1098: This is the form associated with mortgage interest you have paid during the year. 

  • 1098-E and 1098-T: Both of these forms are related to education.

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    These are just the most common forms, but you may also be waiting on different forms. For example, if you are an owner of a partnership, limited liability company, S Corporation, or other entity, you’ll be getting a K-1.

    The Premium Tax Credit

     

    The PTC is a tax credit for certain people who enroll, or whose family member enrolls, in aqualified health plan offered through a Marketplace. You must file Form 8962 to compute and take the PTC on your tax return.

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    Biotechnology Investment Incentive Tax Credit (BIITC) from MD

     

    BIITC provides an income tax credit equal to 50% of an eligible investment in a QMBC up to $250,000 for each QMBC per fiscal year. Individual or any entity that invests at least $25,000 .

    QMBC is a company that (1) has its headquarters and base of operations in Maryland; (2) has fewer than 50 employees; (3) is in active business no longer than 10 years (up to 12 years if in the process of regulatory approval) and once certified as a QMBC, may remain eligible for a qualified investment for up to 10 years; and (4) certified by DBED as a QMBC

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