Tax News Hubb
Advertisement Banner
  • Home
  • Tax Rates
  • Tax Types
  • Contact
No Result
View All Result
  • Home
  • Tax Rates
  • Tax Types
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Tax Rates

Tax Documents Checklist: How to Win Big This Tax Season

admin by admin
November 18, 2022
in Tax Rates


These days, filing your taxes is easier than ever, especially since you can fully hand over your taxes to a TurboTax Live tax expert, but there are still documents to gather.

Luckily, our tax documents checklist is here to help. Here’s everything you need to help you easily gather your documents before handing them off to a TurboTax Live tax expert.

Create Your Personal Tax Document Checklist

Get ahead of tax season! Select the life events that applied to you and we will create a tax document checklist made especially for your unique situation. You can come to TurboTax and fully hand over your documents over to a TurboTax Live tax expert and get your taxes done from start to finish.

Select All that Applied to You

https://blog.turbotax.intuit.com/wp-content/plugins/turbotax-utilities/inc/calculators/tax-planning-checklist/assets/

Personal Information

Spouse’s Social Security number or ITIN


Dependents

I had children/dependents

Spouse’s Social Security number or ITIN###Childcare information (Name, address, tax ID, amount paid)


Income and Expenses

(Include Spouse’s if married filing jointly)

Employment Income

Form W-2 (With TurboTax, you may be able to import your W-2 information directly from your employer)

Unemployment on Form 1099-G

Self-Employed/Side Gig Income/Expenses

I was self-employed

I was my own boss, creator, side-giger, freelancer, influencer, online seller

Records of all income income reported on1099s (1099-NEC, 1099-K, 1099-MISC)###Rideshare driver’s annual summary###Self-employed health insurance###Records of all business related expenses###Keogh, SEP, Simple, and other self-employed plan contributions###Receipts for business equipment###Receipts for car expenses###Home office expenses###Record of estimated tax payments made (1040-ES)

I received income from a partnership, S-Corp, or Trust

S-Corps, Partnership and Trusts Schedule K-1

Rental Income and Expenses

I owned rental property, AirBnB

Rental income (Could be reported on 1099-Misc)###Rental property expenses (Mortgage interest, property taxes, supplies, repairs, etc.)###Rental property purchase information (Purchase price, date of purchase, etc.)

I paid estimated tax payments

Record of estimated tax payments made (1040-ES)

Investments and Savings

I had or sold investments

Interest and Dividend income on Form 1099-Int, Form 1099-Div, Form 1099-OID:::With TurboTax you can directly import 1099 information from your financial institution###Stocks, cryptocurrency, mutual funds, bonds reported on 1099-B:::With TurboTax you can directly import your stock and crypto transactions from your financial and crypto institution###Dates and costs of property sold if not on 1099-B###Losses from stock sales carried over from the previous year###Income reported from sales of other property reported on Form 1099-S, 1099-B###Expenses related to investments

Retirement and Social Security Income

I retired/received retirement income

Retirement income Form 1099-R###Social Security income Form SSA-1099, RRB-1099

Less Common Income

HSAs, MSAs reported on 1099-SA

Canceled debt Form 1099-A, Form 1099-C

I received alimony

Only for divorce or separation agreements before January 1, 2019

Alimony received:::Only for divorce or separation agreements before January 1, 2019

Gambling winnings on Form W2-G


Education Expenses

I paid college tuition for a dependent

Form 1098-T


Itemized Deductions

Mortgage interest and refinancing###Form 1098 from mortgage company:::If your mortgage has been sold, as is common practice, you may have multiple 1098s###Property tax bill###Settlement statement if you purchased a new home or refinanced###Points paid (Found on Form 1098)###State and local income taxes paid:::This excludes state tax withholding###Personal property taxes:::If property taxes are not included on Form 1098

I experienced a federally declared disaster

Casualty loss receipts

Receipts for charitable donations (Including mileage to drive to volunteer)

I visited a medical professional

Medical and dental expenses (Including mileage to drive to doctors appointments)


Adjustments to Income

Form 1098-E Student Loan Interest

I paid a student loan for a dependent

Form 1098-E Student Loan Interest

IRA contributions reported on Form 5498

Teachers Education Expenses###HSA, MSA contributions reported on Form 5498-SA

I contributed to my HSA/MSA

HSAs, MSAs reported on 1099-SA

Moving expenses (For active duty military only)

I paid alimony

Only divorces and separation agreements before January 1, 2019

Alimony:::Only for divorce or separation agreements before January 1, 2019


Other Deductions and Credits

Non-business bad debt (Deductible up to $3,000)

I made a green purchase

I purchased energy efficient equipment, an EV, etc.

Receipts for home energy-efficient equipment###Electric vehicle purchase

I purchased Marketplace Insurance

Health insurance through the Health Insurance Marketplace Form 1095-A


Documents You’ll Need

Download your list

We’ll do your taxes >

How to Win at Filing Taxes: Start Simple With Personal Information

Want to make tax season a breeze? Start with the basics.

No matter what your tax prep journey looks like, you’re going to need personal information. Here’s how to find and organize it:

1. Grab a File Folder

This will be your “tax preparation headquarters.” You’ll keep just about everything in here, so give it a permanent home in your desk or file cabinet.  As tax forms roll in you can also stick them in this folder for easy access when you get ready to file.

2. Track Down Important Info

You’ve probably memorized your Social Security number and (hopefully) your date of birth. But there’s plenty of other stuff you’ll need to file your taxes, and these details might be scattered between different documents. 

Here’s what you should look for:

  • Social Security number (SSN): This is usually on a Social Security card. Remember, you’ll need your spouse’s SSN and all your dependents’, too.
  • Government-issued ID: This can be a driver’s license or a state ID card. In some cases, you might not need this type of identification, but some states require the information when you e-file.
  • Tax information: It’s important to keep track of which taxes you paid and in what amounts so you don’t leave any money on the table. Track down documents showing taxes you paid that may impact your tax outcome like estimated taxes paid that should apply to this tax year’s filing.
  • Account information: To make sure there are no delays in getting your tax refund, you’ll want to have the correct routing, direct deposit, and account numbers ready to go.

3. Stay Organized

Once you have the documents you need for yourself, your spouse, and your dependents, put them in your new file folder. You may want to group them together with a tab or paperclip labeled “personal documents” to keep things tidy.

Next Up, Grab Your Income Info

It wouldn’t be tax season without income documents, right? Here’s what you need to file your tax return:

Employment Income

This is usually in the form of a W-2 sent by your employer. Be sure to check your mail, email, and any company payment platform if you can’t find your W-2. 

If you’re self-employed, you’ll receive different forms depending on the nature of your gig. Keep an eye out for  Forms 1099-NECs  and 1099-Ks,. 

Received Unemployment income? Don’t worry—a 1099-G form will find its way to you.

Other Income

If you have income from another source, you’ll need records of those amounts, too. Here are a few examples:

  • Rental or real estate income.
  • Retirement income reported on Form 1099-R
  • Savings or investment dividends reported on Form 1099-DIV
  • Trusts.
  • Royalties reported on Form 1099-Misc
  • Jury duty income.
  • Gambling winnings reported on Form W2-G

Some of these amounts may be small, but it’s important to list them anyway. Remember to gather all documentation related to this income so you have everything you need. If you are missing income documents, with TurboTax you can automatically import your W-2s and 1099s directly from hundreds of employers, payroll services, and financial institutions.

Debts and Expenses

If you have a mortgage, you’ll likely receive a document called Form 1098. You’ll also want to track down property tax records.

Other  expenses include:

  • Health insurance.
  • Medical expenses.
  • Childcare expenses.
  • Tuition and other educational expenses.

Finally, Deduce Your Deductions With a Handy Form

Last up on our tax preparation checklist is everyone’s favorite part: deductions. This is where you get to reduce your income and in turn lower the taxes you pay.

This is a great time to print or create a quick form. That way, you’ll be able to keep track of which deductions you’re looking into and what documentation they require.

Here are a few types of deductions:

Standard Tax Deductions

This is one of the easiest parts of filing your tax return. A standard tax deduction is a set deduction  dependent on your filing status and can be applied automatically if your standard deduction is more than your itemized deductions like home mortgage interest—no extra work required. Just sit back, relax, and watch this deduction save you money. TurboTax automatically figures out which one, standard deductions or itemized deductions are most beneficial to you, whether you use TurboTax Online or fully hand your taxes over to a TurboTax Live tax expert.

Itemized Tax Deductions

If you don’t take the standard deduction, your other option is to gather documents and amounts regarding the year’s spending. This is how you get started on itemized deductions. 

Itemized deductions can include all kinds of things you did over the past year, like:

  • Home mortgage interest
  • Property taxes
  • State income taxes paid
  • Giving money to charity

Why It Pays To Get Ahead on Your Taxes

You’ve probably heard that it “pays” to get ahead on all kinds of things, but that’s literally the case when it comes to filing taxes.

Think about it this way: The less time you spend gathering information and filling out little boxes, the faster your tax refund can get to you—and the more time you’ll have to enjoy it. That’s why we recommend keeping this tax documents checklist handy. To make things even easier, keep all income, tax, employment, and financial records in one place so you can find them every tax season.

Of course, finding documents is just the beginning of your incredible tax return adventure. (Don’t think it’s incredible? You haven’t tried TurboTax!)

With us, you don’t have to worry about  knowing tax laws and what deductions and credits your eligible for . Just hand everything over to a TurboTax Live tax expert. Available in English and Spanish, this solution is the perfect way to get your taxes done from start to finish without worry and wrap up that tax prep in a bow —all from the comfort of your home. 

  • Previous Post

    Holiday Donations and Tax Savings

TurboTaxBlogTeam
TurboTaxBlogTeam

Browse Related Articles


Tax Form Checklist for Simple Filers

Top Four Lessons Learned for First Time Tax Filers

Your Personal Tax Prep Checklist – Check Off These Do…


What Tax Forms Do I Need to File My Tax Return?

woman working from home

When is Tax Season? How to Get Ahead Before it’s …

Health Care Reform Checklist

Six Tips to Beat the October 15th Extended Tax Deadline

Now That I’ve Filed, What Should I Do With my Rec…


TurboTax is Accepting 2013 Tax Returns Now

Now Accepted: You Can File Your 2014 Tax Return with T…



Source link

Previous Post

Cryptocurrency: The Bitcoin Killer | Moskowitz LLP

Next Post

Thinking About Leaving New York? Don’t Forget to Check Your Federal Tax Return

Next Post

Thinking About Leaving New York? Don’t Forget to Check Your Federal Tax Return

Recommended

New Radon Testing Requirements for Multifamily Properties Seeking Fannie Mae and Freddie Mac-Backed Financing – Frost Brown Todd

1 month ago

Employers With 5 or More Employees Required to Offer Retirement Savings Program by June 30, 2022

7 months ago

tax-32

© 2022 Tax News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Tax Rates
  • Tax Types
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Tax Rates
  • Tax Types
  • Contact

© 2022 Tax News Hubb All rights reserved.