When Should I Get My Income Forms So I Can File My Taxes?

Employers are required to send W-2 forms to their employees by January 31st of each year, reporting the total amount of money paid to the employee in the previous year and the amount of taxes withheld. If an employer fails to provide a W-2, they may be subject to penalties from the Internal Revenue Service (IRS).

Independent contractors and self-employed individuals typically receive a 1099-MISC form, which reports their non-employee compensation for the year. Employers must send 1099-MISC forms to recipients by January 31st of each year. If the employer does not provide the form on time, they may face penalties from the Internal Revenue Service (IRS).

1099-NEC forms are used to report non-employee compensation, such as payments to independent contractors. Employers must send these forms to the recipients by January 31st of each year. If the employer does not provide the form on time, they may face penalties from the Internal Revenue Service (IRS).