Tax season is like cleaning out your closet. You pull everything out (all your documents), sort through the mess (organize income, expenses, and deductions), and hope to find something valuable you forgot about (refunds or credits). It might be a hassle, but once it's done, you feel lighter and more in control!
Here’s a checklist to ensure you have everything you need:
Personal Information
- Social Security Numbers (SSNs) or Individual Taxpayer Identification Numbers (ITINs) for you, your spouse, and dependents.
- Birth dates of all family members.
- Bank account and routing numbers for direct deposit or debit.
Income Documents
- W-2 Forms from employers.
- 1099 Forms for various income sources:
- 1099-NEC (nonemployee compensation)
- 1099-MISC (miscellaneous income)
- 1099-INT (interest)
- 1099-DIV (dividends)
- 1099-G (unemployment, tax refunds)
- 1099-R (retirement distributions)
- 1099-K (third-party payments)
- K-1 Forms for income from partnerships or trusts.
- Rental income records, if applicable.
- Other income (gambling, jury duty, etc.).
Adjustments and Deductions
- Student loan interest (Form 1098-E)
- Mortgage interest (Form 1098)
- Charitable donations (receipts, bank records)
- Medical expenses (receipts)
- Retirement contributions (IRA, 401(k), etc.)
- Health Savings Account (HSA) contributions.
- Educator expenses (teachers can deduct classroom supplies).
- Business expenses for self-employed individuals.
- Childcare costs (provider’s TIN and records).
Tax Credits
- Child Tax Credit (birth certificates or proof of age)
- Earned Income Tax Credit (EITC) (based on income and dependents)
- Education credits (Form 1098-T for tuition)
- Energy-efficient home credits (receipts for solar panels, insulation, etc.).
Additional Forms and Documents
- Previous year’s tax return for reference.
- Form 8862 (for claiming credits previously denied).
- Form 8889 (HSA contributions and withdrawals).
- Form 8863 (Education Credits).
- Form 8880 (Retirement Savings Contributions Credit).
By gathering these documents, you'll feel very prepared, helping you file your taxes efficiently and accurately. If you’re ever in doubt, consult with a tax professional. Stay organized, and tax season can be a breeze!
The information on this blog is for general informational purposes only and does not constitute financial, legal, tax, or investment advice. Always consult a qualified professional before making financial decisions. For details or personalized advice, please contact us directly.