What Do I Need to File My Federal Taxes?
At tax time, taxpayers are often faced with the daunting tax of assembling a variety of forms, schedules and publications needed to file their income tax returns. It is no wonder that in their rush, many taxpayers arrive at their computer or their tax preparer's office only to realize that they've neglected to get a necessary piece of information. You want to prepare a complete list of all the items needed to file your return before heading to your accountant's office or sitting down to start your taxes.
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Purpose of Tax Return
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The process of filing an income tax return is designed to weigh your income against the federal tax you've already paid to determine whether you paid too much tax, too little or just enough. Based upon the tax return, you will either owe tax or be owed a refund.
Filing Options
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You can file your federal taxes either online or by mail. If you file electronically, all of the forms and publications you'll need are embedded in the software. The time frame for processing your returns is six to eight weeks if mailed and 10 days if filed electronically.
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What You Need
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To file your income tax return, you'll need your wage and earnings statements (W-2s and 1099s), Internal Revenue Service forms and instructions, Social Security numbers for all individuals you plan to list on your return, birth dates, and interest and dividend statements. Other things you might need are your day-care provider's tax I.D. or Social Security number and bank and routing numbers if you wish to have your refund directly deposited into your bank account.
Replacements
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If you do not have all of the materials available to file your federal income tax return, or you have lost some of the necessary forms, schedules or income information, it is fairly easy to replace them. All publications and instructions needed for the completion of your return are located on the IRS's "Forms and Publications" page on the IRS.gov website (see Resources).
If you are filing a current-year return, you can get your W-2 from your employer or a service such as W-2 Express, which allows employees to access their W-2s online (see Resources). If you are filing a prior-year return, you can call the IRS at 800-829-1040 to request a copy of your W-2 or 1099 form, or you can mail IRS Form 4506-T to request that your wage and income statement be mailed to you. Allow 10 days for your income information to arrive in the mail.
Warning
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If the information used to complete your return is not accurate, you could be forced to pay the IRS penalty and interest charges. For instance, if you file a return before receiving your W-2 in the mail and use an estimate, the IRS will charge you penalties and interest on any tax due as a result of the erroneous income information.
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References
Resources
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