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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Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. P...