Here’s a list of documents you need to bring with you to help you understand the information needed to prepare tax returns, and ensure you file taxes accurately:
- Social Security documents, state issued photo ID (e.g., Driver’s license, passport, or state identification card. (Date of birth, marital status, dependents, identity protection PIN.
- Residency status and/or citizenship (e.g., visas, green cards, resident alien or non-resident alien, ITIN)
- Taxpayer filing status Single, Married filing Jointly, Separated or Head of Household
- Sources of worldwide taxable and non-taxable income (e.g., interest, wages, business, sales of property, dividends, rental income, flow through entities, alimony received) If you hold more than one job, you’ll need to provide W-2s from each employer. If your employer makes a mistake on your W-2 and issues you a form W-2c, bring the corrected W-2c, as well. W-2G, if you had certain types of gambling winnings 1099-R, if you received distributions from a pension, annuity, IRA, insurance contract and other retirement accounts. Schedule K-1 from partnership and S corporations
- Sources of applicable exclusions and adjustments to gross income (e.g., foreign earned income exclusion, retirement plans, HSAs, alimony paid, health insurance, self-employment tax)
- Sources of applicable deductions (e.g., itemized, standard)
- Qualifications for dependency
- Sources of applicable credits (e.g., education, foreign tax, child and dependent care, credit for other dependents, child tax credit)
- Sources of tax payments and refundable credits
- Additional required returns to be filed, and taxes paid (e.g., employment, gifts, international information returns, and other information returns)
- Special filing requirements (e.g., foreign income, presidentially declared disaster areas, injured spouse)
- Foreign account and asset reporting (e.g., FBAR, Form 8938)
- Minor children’s unearned income (“Kiddie” tax)
- ACA requirements (e.g., total household income, premium tax credit, household size)
If you’re self-employed or you receive income from other sources, you’ll need to report that information on your tax return. If you’ve received any of the following IRS forms in the mail,
- Form 1099 and Form 1099-MISC for self-employment income
- Form 1099-A for foreclosure of a home
- Form 1099-B for proceeds from broker transactions
- Form 1099-C for cancellation of debt
- Form 1099-DIV for dividends and distributions
- Form 1099-G for unemployment income or a state tax refund
- Form 1099-INT or Form 1099-OID for interest income
- Form 1099-K for business or rental income processed by third-party networks
- Form 1099-LTC for Long Term Care reimbursements
- Form 1099-PATR for patronage dividends
- Form 1099-Q for payments from qualified education programs
- Form 1099-QA for distributions from an ABLE account
- Form 1099-S proceeds from the sales of property
- Form 1099-SA for Health Savings Account and Medical Savings Account distributions
- Form SSA-1099 for Social Security benefits
- Form RRB-1099 for railroad retirement benefits
- Tax deduction documents
- Tax deductions can reduce your taxable income and, ultimately, your tax bill. Here are some forms you’ll need to document your major deductions:
- Form 1098, your Mortgage Interest Statement, which comes from the company that services your mortgage loan
- Form 1098-C for the donation of an automobile, boat or aircraft worth more than $500 to a tax-exempt organization
- Form 1098-E for interest you paid on a student loan during the preceding year
- Form 1098-T, the Tuition Statement, documenting how much you paid in tuition for post-secondary education
- Form 1040ES copies, for a record of estimated tax payments made
If you’d like to deduct expenses from your personal or business income taxes, share your receipts for those expenses. Tax-deductible personal expenses include:
- Medical bills,
- Charitable contributions,
- IRA contributions, and
- Certain education expenses.
If you’re self-employed, many business expenses are also tax deductible. To document both personal and business expenses, make sure you have all your receipts, invoices, medical bills, and mileage logs.
It’s also a good idea to have a copy of your latest tax return on hand. Your tax return will serve not only as a roadmap to your typical income and deductions, but also point out any major changes that may have occurred in the last year and any possible discrepancies between your returns.