Documents Needed For Tax Preparing
Tax season is approaching fast! We have gathered a list of documents you should start preparing or keep an eye out for. Keep in mind, this is not an all encompassing list and everyone’s situation is different. In an ideal situation you want to maximize on your return, but still stay within the guidelines the government has put in place. Thus, we highly suggest working with your CPA or a Tax Advisor to figure out which documents apply to you and which do not.
| Source of Income | Document(s) |
|---|---|
| Hourly or Salary Employee | W2 |
| Contract Employee | 1099-MISC or new 1099-NEC |
| Received Unemployment Compensation | 1099-G |
| Home Rental | Records of income and expenses Rental asset information for depreciation |
| Retirement | Pension/IRA/annuity - 1099-R Social security/RRB income - SSA-1099 / RRB-1099 |
| Additional Income Sources | Document(s) |
|---|---|
| Capital Gains |
1099-B If basis is not reported on 1099-B include dates of acquisition and records of your cost or other basis in property you sold |
| Interest or Dividend | 1099-INT, 1099-DIV, 1099-OID |
| Sale of Property | 1099-S |
| Health Savings Account - HSA | 1099-SA |
| Crypto Currency | Virtual currency |
| Gambling | W-2G and expense record |
| Retirement & Other Savings | Document(s) |
|---|---|
| HSA Contribution | 5498-SA |
| IRA Contribution | 5498 |
| Other Income & Losses | Document(s) |
|---|---|
| Jury duty records | Provided by government |
| Hobby income and expenses | Receipts or transaction record |
| Prizes and awards | Record of receipt |
| Trust income | K-1 |
| Royalty Income | 1099-MISC |
| Alimony | Record of alimony paid/received with ex-spouse’s name and SSN |
In order for individuals to offset some of their income, typically you will have offsetting deductions, such as mortgage interest paid. Here are some examples of deductible actions and the relating tax document you would be provided. Deductions can be very complexed, but beneficial for maximizing your return. As always, we advise that you work with your CPA or a Tax Advisor to ensure you are filing appropriately and capturing all possible deductions you can take advantage of.
| Deductions | Document(s) |
|---|---|
| Home Owner | 1098 |
| Non-Cash Charity Donations | 8283 |
| Health Insurance | 1095-A |
| Childcare Expenses | Fees paid to care facility Amounts paid to a baby-sitter or provider of your child under age 13 Expenses paid through a dependent care flexible spending account at work |
| Student Loan Interest Paid | 1098-E |
| Student Expenses | 1098-T |
| Expenses related to your investments | Records |
| K-12 Educator Expenses | Receipts for classroom expenses |
| 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 |