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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.
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.
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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