REVIEW LAST YEAR’S TAX RETURNS
Reviewing the information from the previous year’s federal and state tax returns will make the current year’s filing much simpler. Much of the information will be the same, including employer federal ID numbers, children’s social security numbers, etc.
GATHER ALL NECESSARY INCOME DOCUMENTATION
Make sure to gather all forms that include income information, specifically those from employers and financial institution. These includes:
Form W-2 (wages)
W-2G (gambling winnings)
1099-INT (interest)
1099-DIV (dividends)
1099-B (investment sales)
Combined 1099 (brokerage combined tax statement)
1099-MISC (independent contractor work, royalties)
1099-R (retirement distributions)
K-1 (MLP, Partnership or S-Corp share of income)
SSA-1099 (Social Security benefits)
1099-G (unemployment benefits and state tax returns)
1099-C (forgiven debt).
Income Adjustment Documents, including Form 1098-E (student loan interest); 5498 (IRA contributions); 5498-SA (HSA/MSA contributions); and 1098-T (tuition).
