Making Taxes Easy: Tips for Organizing Your Information For A Smooth and Easy Process.
What personal information do I need?
- In order to file taxes efficiently, Tax Identification Numbers are mandatory items on your checklist.
- Your social security number or tax ID number
- Your spouse’s full name, social security number or tax ID number, and date of birth
- Information about any stimulus payments received
- Identity Protection PIN provided by the IRS, if one has been issued to you, your spouse, or your dependent.
- IRS Letter 6475 — your 2021 Economic Impact Payment, to determine eligibility to claim the Recovery Rebate Credit
- Routing and account numbers to receive your refund by direct deposit or pay your balance due if you choose
What dependent information do i need?
- Parents and caregivers should gather this information as they review what they need to file their taxes.
- Dates of birth and social security numbers or tax ID numbers
- Childcare records , provider's tax ID number if applicable
- Income of dependents and of other adults in your home
- (if applicable) Form 8332 showing that the child’s custodial parent is releasing their right to claim a child to you, the noncustodial parent
- IRS Letter 6419 – official documentation that has the details you need to report your advance Child Tax Credit (CTC) payments
what sources of income do i need to provide?
Many of these forms won’t be needed to file taxes every year. But make sure to provide documents that pertain to you during tax year.
- EmployedForms W-2
- UnemployedUnemployment (1099-G)
- Self-EmployedForms 1099, Schedules K-1, income records to verify amounts not reported on 1099-MISC or new 1099-NEC
- Records of all expenses — check registers or credit card statements, and receipts
- Business-use asset information for depreciation
- (If applicable) Office in home information
- Record of estimated tax payments made (Form 1040–ES)
- (If applicable)Rental Income Records of income and expenses
- (If applicable) Rental asset information (cost, date placed in service, etc.) for depreciation
- Record of estimated tax payments made (Form 1040–ES)
- (If applicable)Retirement Income Pension/IRA/annuity income (1099-R)
- Traditional IRA basis (i.e., amounts you contributed to the IRA that were already taxed)
- Social security/RRB income: SSA-1099, RRB-1099
- (If applicable)Savings & Investments or Dividends Interest, dividend income (1099-INT, 1099-OID, 1099-DIV)
- (If applicable)Income from sales of stock or other property (1099-B, 1099-S)
- (If applicable)Dates of acquisition and records of your cost or other basis in property you sold (if basis is not reported on 1099-B)
- Health Savings Account and long-term care reimbursements (1099-SA or 1099-LTC)
- Expenses related to your investments
- Record of estimated tax payments made (Form 1040–ES)
- Transactions involving cryptocurrency (Virtual currency)
- (If applicable)Other Income & Losses Gambling income (W-2G or records showing income, as well as expense records)
- Jury duty records
- Hobby income and expenses
- Prizes and awards
- Trust income
- Royalty Income 1099–MISC
- Any other 1099s received
- Record of alimony paid/received with ex-spouse’s name and SSN
What types of deductions do i need to provide?
The types of deductions you can take depend a lot on your life situation. It’s likely you won’t need all of the documents listed below for your taxes.
- Home Ownership Forms 1098 or other mortgage interest statements
- Real estate and personal property tax records
- Receipts for energy-saving home improvements (e.g., solar panels, solar water heater)
- All other 1098 series forms
- Charitable Donations Cash amounts donated to houses of worship, schools, other charitable organizations
- Records of non-cash charitable donations
- Amounts of miles driven for charitable or medical purposes
- Medical Expenses Amounts paid for healthcare, insurance, and to doctors, dentists, and hospitals
- Health Insurance Form 1095-A if you enrolled in an insurance plan through the Marketplace (Exchange)
- Childcare Expenses Fees paid to a licensed day care center or family day care for care of an infant or preschooler
- Amounts paid to a baby-sitter or provider care of your child under age 13 while you work
- Expenses paid through a dependent care flexible spending account at work
- Educational Expenses Forms 1098-T from educational institutions
- Receipts that itemize qualified educational expenses
- Records of any scholarships or fellowships you received
- Form 1098-E if you paid student loan interest
- K-12 Educator Expenses Receipts for classroom expenses (for educators in grades K-12)
- State and Local Taxes Amount of state and local income or sales tax paid (other than wage withholding)
- Invoice showing amount of vehicle sales tax paid and / or personal property tax on vehicles
- Retirement & Other Savings Form 5498-SA showing HSA contributions
- Form 5498 showing IRA contributions
- All other 5498 series forms (5498-QA, 5498-ESA)
- Federally Declared Disaster City/county you lived/worked/had property in
- Records to support property losses (appraisal, clean-up costs, etc.)
- Records of rebuilding/repair costs
- Insurance reimbursements/claims to be paid
- FEMA assistance information
- Check the FEMA website to see if your county has been declared a federal disaster area