Sample Monetary Forms
Tax years match calendar years. By law employers have the month of
January following the close of the tax year to prepare the
end-of-year reports that are sent to the federal and state governments as
well as to individual taxpayers. Most W-2 forms must be mailed by
no later than January 31.
NOTE: Your tax returns cannot be
prepared until you have ALL of the earnings report forms (W2, 1042-S, 1099-MISC) in your
possession. Not all taxpayers will have all these income forms. Notre Dame uses form 1042-S mainly for tax exempt income due to treaty provision and for taxable non-tuition scholarships.
The forms listed below are examples
of the kind of report an employee would receive from an employer in
early February. These forms are provided to give you an idea of what to
expect. The government allows an employer to use variations of these
forms that differ in appearance. The main requirement is that no matter
the style of the form, the content must always be the same.
By becoming familiar with the type of data
contained in the form, you should be able to satisfy yourself that what
you receive from your different employers is same type of information no
matter the shape and appearance of the form.
Samples of Forms Most Frequently Used
The W-2 form reports wages
earned for services provided. It reports the gross income paid to an
employee prior to any withholding of taxes. It also shows the amount
and kind of taxes withheld for both federal and state governments. It
shows earnings only. Other kinds of income are shown on other forms.
You can view the W-2 here. Normally students are exempt from FICA and Medicare taxes (see here for more information). Exemption is especially true for work on campus while attending class. Summer earnings may not be exempted.
The 1042-S form can report a
variety of income types (scholarships, wages, etc). It also discloses whether treaty benefits have
been used during the tax year. The types of income it reports are
disclosed by a range of income codes shown in box 1. Your employer will
send you multiple copies of this form and on the back side of one of
them will be listed an explanation of the various codes used on the
form. Should you have any questions about this form, please email the TAP with your concerns. You
can view a sample 1042-S here. This form by law must be mailed no later
than March 15. Because it must be included in the tax return, you will have to wait to receive it before preparing your returns. Notre Dame tax department tries hard to mail this form between 2/15 and 2/28 each year. You will not be able to obtain an appointment for tax return preparation until after these forms have been mailed.
Employers use form 1099-MISC
for a variety of non-standard working relationships or special income
situations that tax law requires be reported to the government. For
example, lottery or other types of prizes won are reported here. Also,
monetary awards (students who have won departmental awards could receive
one of these forms) of various kinds can be shown on this form.
Amounts paid to independent contractors also appear here. [For the
reasons discussed here,
you should be wary of your employer treating you as an independent
contractor.] Most people do not receive this form. You can expect one provided your employer did not provide a regular paycheck weekly, semi-monthly, or monthly. Instead you were paid in a lump-sum sometime during your work.
Should you receive a form 1099-MISC, your
income will likely be reported in boxes 3 or 7. Should you have any
questions about this form, please email
the TAP with your concerns. You can view
form 1099-MISC here. This form by law must be mailed no later
than January 31.
