Episode 145: Decoding Tax Forms: W-2, 1099s, K-1, and What They Mean for You

W-2 is a wage and tax statement and is sent by an employer to an employee to show the earned income the employer paid the employee during the prior tax year.

1099-NEC (or 1099-MISC before 2020) are issued to independent contractors. 

K-1’s are issued by Partnerships, S-Corps, or Estates and Trusts to partners, shareholders, and beneficiaries to report financial information like income and earnings, losses, deductions, and credits. 

Three are a number of other types of 1099s issued to report some sort of compensation or distribution of assets as well as losses. 

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