Tax Prep Checklist: Here is what you might need to file your taxes

Personal Information 

  • A Social Security or tax ID number for everyone included on your tax return 
  • Date of birth for everyone on your return. 
  • Valid ID or Driver License

Income and Investment Information 

  • Form W-2 Wage and Tax Statement -Your W-2 shows how much you earned and how much was withheld for taxes.
  • Retirement account contributions. If you have an IRA an self-employed retirement account and make contributions you’ll need a Form 5498. Just be sure to stay within the contribution limits. If you paid interest on a qualified student loan be sure to grab your Form 1098-E. Also, if you take out a home mortgage be sure to have your Form 1098 Mortgage Interest Statement.
  • Last year’s state refund amount – If you itemize your deductions, then your state refund is considered income for tax purposes.
  • Other miscellaneous income records – This could include award money, gambling winnings, lottery pay-outs, etc.
  • Any all Form 1099s – There are several different types of 1099. Some of them are:
    • 1099-NEC if you are self-employed and received $600+ from a client 
    • 1099-DIV if you received dividends  
    • 1099-G if you received money or benefits from the government 
    • 1099-K if you made third-party transactions (through PayPal or Venmo, for example) 
    • 1099-R for distributions from a retirement plan, IRA, pension, annuity, etc. 
    • 1099-MISC if you have paid at least $600 in rent, prizes and awards, medical and healthcare payments, or other income payments. 

Dependent Information

  • Notice 6419 – If you received any Child Tax Credit advance payment  in 2021, you should receive this letter in the mail from the IRS in January of 2022.

Self-Employment and Business Records (where applicable) 

  • Business expense records – These could be receipts, credit card statements, records of checks you’ve written, etc.
  • Quarterly estimated tax payment receipts – If you make installments to your tax bill during the year, the IRS (and your state) should send you a record of what you paid – similar to a receipt.
  • Mileage records – In order to get a deduction for your travel, you’ll need to keep records of how many business miles you drove during the year.
  • Home office expenses – If you have home office for business purpose, you’ll need to know how big your space is in square feet. If you decide to use the actual expense method, you’ll also need a record of your home-related expenses, like utilities and mortgage (or rent). Read more about the home office deduction.

Medical Expense Receipts and Records 

  • Receipts for unreimbursed medical expenses – These could include exams, surgeries, and preventative care. It could also be braces, glasses, hearing aids, prescriptions – even transportation to and from treatment.
  • Form 1095: Health insurance coverage forms – If you are enrolled through the Marketplace, you’ll receive Form 1095-A. Insurance providers will send a 1095-B for individuals they cover. If your employer offers coverage, they should send you a 1095-C.
  • Social Security benefits – If you receive Social Security, you’ll receive an SSA-1099 in January showing the total amount of benefits you received for the year.

Charitable Donations 

  • Charitable donation receipts – If you are planning to take a tax deduction for the donations you made to charity, you’ll need to get receipts showing the date, value, and charitable organization. If you don’t itemize your deductions on Schedule A (Form 1040), you may qualify to take a deduction for contributions of up to $300. See Cash contributions for individuals who do not itemize deductions , later.