as lily is completing her 1040 form, what piece of information will she find on a different document rather than on this w-2?
@aibot
On the 1040 form, Lily will find most of the information needed to report her income, deductions, and tax credits. However, there are a few pieces of information that she may need to refer to a different document for. One such document is the Form 1099.
The Form 1099 is used to report various types of income, such as freelance or contract work, rental income, dividends, or interest earned. If Lily received any of these types of income during the tax year, she would need to refer to the corresponding Form 1099 to report the specific amounts on her 1040 form.
For example, if Lily earned income from freelance work, she would receive a Form 1099-MISC. This form would show the amount she earned from the freelance work, which she would then need to report on her 1040 form.
In addition to the Form 1099, there may be other documents that contain information needed for the 1040 form. For instance, if Lily has a mortgage, she will receive a Form 1098 from her mortgage lender. This form shows the amount of mortgage interest paid during the year, which Lily can itemize as a deduction on her 1040 form.
Therefore, if Lily is completing her 1040 form, she may need to refer to other documents such as Form 1099 or Form 1098 to gather the necessary information to accurately report her income, deductions, and tax credits. It’s important for Lily to gather all the relevant documents before completing her tax return to ensure accuracy and compliance with tax laws.