Tax Prep Checklist: Documents to Gather Before Filing

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Learn about the types of Form 1099, what to do if you notice any errors and how to get a copy if you didn’t receive one. Gathering all of this information before you file your return may take some time, but it ensures you have everything you need to claim every tax deduction and credit available to you. Before you start working on your return, review the tax prep checklist below. And remember, if you’re married and filing a joint return with your spouse, you’ll need all of the following information for them as well. The government offers a number of deductions and credits to help lower the tax burden on individuals, which means more money in your pocket.

Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. If you don’t have enough assets or income to pay the full amount, you must include with Form MD 656 a complete financial statement, Form MD 433-A for individuals and/or Form MD 433-B for businesses. Visit any of our taxpayer service offices to obtain forms. Employers are required to send W-2 forms to their employees by Jan. 31 following the end of the tax year.

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1099-B — If you sold stocks, bonds or mutual funds, you will receive a 1099-B from your broker or mutual fund company. This will tell you the number of shares sold, when they sold and the amount you got for the sale.

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Why Should I File Electronically?

If you used those taxes as a deduction on your previous year’s federal income tax return, you’ll need to report the 1099-G amount on this year’s return. You don’t have to worry about reporting this refund as income, however, if you took the standard federal deduction instead of itemizing. Use Form 4506 to request the copies of previously filed tax returns from the IRS.

https://intuit-payroll.org/ing some tax credits will require that you receive a Form 1098 for the paid expenses, most notably those that are available for education. Prior to tax season, you’ll want to keep detailed records of what you spend so you can support claiming other credits. Some tax credits are supported by your income documentation and your tax return.

Tax Documents Checklist: File My Taxes Online

This tax prep checklist covers preparation issues common to most filers, but taxes are different for each of us. Be prepared to tailor the tax prep checklist to your situation.

All I had to do was enter the information from my W-2 and 1099-T. If you do not qualify to use one of the Free File software providers, you still have choices that may for work you!

Your Government

What Tax Documents Do I Need To File My Taxes? probably also need a photo ID and dates of birth for yourself, your spouse, and your dependents if you don’t have a previous year’s tax return. Be sure to bring the account and routing numbers for your bank account if you choose direct deposit for any refund to which you’re entitled.

Keeping receipts is particularly important if you have 1099-NEC income as an independent contractor. If this is the case, you can deduct a variety of your business expenses on Schedule C if they’re considered “ordinary and necessary” to doing business. Again, you don’t have to submit these records to the IRS, but you’ll want the documentation on hand to support them and to prepare your Schedule C. Payees are usually required to issue forms to you and the IRS if you make payments of $600 or more. The IRS has released a tax filing form for people 65 and older. It has bigger type, less shading, and features like a standard deduction chart.

The earned income tax credit

You may be able to deduct your student loan interest and possibly other loan-related amounts, such as origination fees and capitalized interest. To figure the deductible portion of the interest amount found here, use the work sheet in your Form 1040 or Form 1040A instructions. Please include your name, address, a contact number and the last four digits of Social Security number on all correspondence. Be sure to include your full Social Security number on tax returns. Occasionally, .PDF files such as tax forms, worksheets, and instructions may not open automatically in your Internet browser.