Ready to File? This Tax Records Checklist Will Help
May 1, 2020
Here are some of the documents taxpayers need to have on hand:
1. Social Security numbers of everyone listed on the tax return. Many taxpayers have these numbers memorized. Still, it’s a good idea to have them on hand to double-check that the number on the tax return is correct. An SSN with one number wrong or two numbers switched will cause processing delays.
2. Bank account and routing numbers. People will need these for direct deposit refunds. Direct deposit is the fastest way for taxpayers to get their money and avoids a check getting lost, stolen, or returned to the IRS as undeliverable.
3. Forms W-2, Wage, and Tax Statement, from employers.
4. Forms 1099, Miscellaneous Income, from banks and other payers.
5. Any documents that show income. These include income from virtual currency transactions. Taxpayers should keep records showing receipts, sales, exchanges, or deposits of virtual currency and the fair market value of the virtual currency.
6. Forms 1095-A, Health Insurance Marketplace Statement. Taxpayers will need this form to reconcile advance payments or claim the premium tax credit.
7. The taxpayer’s adjusted gross income from their last year’s tax return.
Most tax forms from employers and financial institutions arrived by mail or were available online by early to mid-February. Review them carefully to make sure any information shown on the forms is accurate. If it is not, then contact the payer ASAP for a correction. If there is an error, you will receive an amended or corrected form.
If you think you are missing any tax forms or have any questions, please call the office.
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