Tax Forms You Should Receive Based On Your Earned Income

6757828303_86e79ceee3_b Few things in life are guaranteed, but taxes are one of them. For some people, filing taxes is a quick and easy process while for others it requires professional help. For everyone, though, it requires paperwork.

Let’s take a look at the different tax forms you should expect to receive in the mail this month based on your earned income if you’re:

An Employer

An employer who is an LLC, not a corporation, will receive 1099-MISC showing the income that was paid to them throughout the year. They may also receive a 1099-K which shows credit card sales. We have more details about 1099-Ks below.

A Full-Time or Part-Time Employee

All full-time and part-time employees should receive W-2s by January 31st. If you work full-time for a company that employees over 50 people full-time, then you should also receive a 1095-C, a health care form, by January 31st. These forms are oftentimes mailed together.

For those in companies with less than 50 full-time employees (small businesses), you should receive a 1095-B from your employer or health care insurer. This form is used to verify that you and your dependents have at least minimum qualifying health insurance which is required by the Affordable Care Act.

An Independent Contractor

The rules are a little trickier for independent contractors. An employer will mail you a 1099-MISC if they paid you more than $600 over the course of the year. If you make more than $400 in net income over the year, then you should file a tax return; however, more than likely you’ll receive a refund from the Earned Income Credit.

If you are a freelancer, solopreneur, or simply in charge of your own healthcare, you should receive the 1095-B form through your health care insurer.

An Etsy or eBay Shop Owner

You may receive a 1099-K if you sell over $22,000 or have 200 payments from Etsy, eBay, PayPal, etc. This form will show your credit card sales by month, and a copy will be sent to you and to the IRS. You will then need to report the total amount of sales on your personal return using a Schedule C (single member business) or on your business return.


This is certainly not an exhaustive list of all the tax forms that you may receive; however, it should hopefully help you better understand what paperwork you need based on your earned income.



In the month of February, Wela is teaming up with Barron Barnes, CPA of Capital Accounting & Tax LLC to write about taxes. Barron has extensive experience in business consulting and financing as well as corporate, partnership and individual income tax planning. He has been involved in both the audit and tax planning work for manufacturing and real estate companies and has clients in many different industries including real estate, architecture, interior design, equipment sales and leasing, printing, lumber manufacturing, advertising, film production and wholesale supply. If you have tax related questions, you can reach out to Capital Accounting & Tax at (404) 947-7400.