What Documents Do You Need for Tax Season?



Raise your hand if this sounds familiar:


Your appointment with your tax professional is tomorrow, and it completely snuck up on you. You are up late digging through online accounts and stacks of mail to try and find all of your tax documents. You’re struggling to remember everything you need - let alone find it all!


You are not alone.


Tax filing season is a stressful time of the year for most people. Knowing what documents to look for, and taking the time to gather everything, can feel overwhelming. It’s important to know what pieces you need ahead of time and to give yourself plenty of wiggle room to get organized.


Luckily, we’re here to help! Let’s look at the info to pull together for this tax season.


Basic Account Information


Let’s get started! Here’s what items should be on your checklist:


  • Form W-2 and tax statements. Your employer should provide these to you no later than February.

  • Bank and financial account statements. This ranges from your IRA to student loans you’re still paying off. Here are the specific forms to look for:

- IRA contributions - Form 5498

- Student loans - Form 1098-E

- Mortgage - Form 1098 Mortgage Interest Statement

- Pension/IRA/Annuity income - 1099-R

- Social Security income - 1099-SSA

- Interest and dividends from your bank or investments - 1099-INT

- HSA reimbursements - 1099-SA

- Income from the sale of assets or stock - 1099-B, or 1099-S

  • Miscellaneous income records (1099-MISCs). This could be from your side hustle, award money, a monetized hobby, etc.

  • Last year’s state refund amounts.


Business Records


Do you own a business, rental property, or have a side hustle? You’ll need to gather information related to your income, expenses, and more. Specifically, you’ll need:


  • Record of your categorized income and expenses for your business, your rental property and side hustles. Use your accounting software to pull these reports to make things easy.

  • Quarterly estimated tax payments. Check to make sure you’ve recorded and saved all of your payments, whether paid online or via check.

  • Home office expenses. Measure your home office to know your square footage. This will help you get organized to take the standard home office deduction.

  • Mileage records. Do you drive for your business? Keep track of the miles you’ve driven in order to take your mileage deduction.

  • Rental property information. This could include cost, date placed in service, etc. This information helps to determine depreciation.


Medical Expenses


During tax season, the IRS audits whether or not you have health insurance. Although there is no longer a penalty for not being enrolled, you’ll still need your Form 1095-C if you’re enrolled in the Health Insurance Marketplace. You will also need:


  • The total amount paid for health insurance, or toward unreimbursed medical expenses. This information may be recorded as part of your W2 if you receive insurance through your employer. However, if you’ve had out-of-pocket expenses for surgery, exams, treatment, transportation to and from medical visits, glasses, braces, etc. make sure you record those expenses. You may be eligible for a deduction.


Extra Paperwork (Education, Charitable Donations, and More)

You may have a unique financial situation that requires more than what’s listed here. These additional tax documents may include:


  • Property Tax Receipts.

  • Charitable Donation Receipts.

  • Form 1098-T. Still in school? You’ll need this information!

  • Receipts for K-12 Classroom Expenses. Are you a teacher who has spent out of pocket to fund classroom expenses? Save your receipts! You may qualify for a deduction.


Partner With Us!


Want to feel more organized heading into next filing season? At 2050 Wealth Partners, we believe in building tax-efficient financial strategies that keep you organized, help you move toward your goals, and keep more money in your pocket. We’re taking on new clients starting in August 2020. If you’re interested in joining the 2050 Wealth Partners client family, click here to get on our Priority List!