What Paperwork Do I Need to Complete My Taxes?
Individuals are required to complete a personal tax return using Form 1040, Form 1040A or Form 1040-EZ for each calendar year to report earnings and certain expenses. It's advantageous to use Form 1040 or 1040A if you aren't single, want to claim a retirement-savings contribution credit or have itemized deductions. Personal tax returns are due April 15 annually or October 15 if you requested an automatic six-month extension of time to file by using Form 4868.
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Earnings Documents
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Gather all documents that pertain to earnings from employment for the year such as Form 1099 and W-2 forms. Other information that pertains to earnings include Forms 1099-INT and 1099-DIV received for interest and dividends earned on bank and brokerage accounts, any K-1 received from partnership or s-corporation interests and proceeds from the sale of stock reported on Form 1099-B. State unemployment payments received during the year are reported on Form 1099-G. With the exception of partnership or an s-corporation K-1 and Form 1099-B, these forms are required to be provided to taxpayers by January 31 of the year following payment. Form 1099-B is due to be received by the taxpayer by February 15, while the receipt of a K-1 is dependent on the partnership or s-corporation's filing of its own tax return.
Retirement and Social-Security Documents
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Compile documents related to retirement and social-security earnings. Pension and annuity payments are reported on Form 1099-R. Social-security payments are reported on Form 1099-S. These forms are required to be provided to taxpayers by January 31 of the year following payment.
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Itemized Deductions Documentation
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Review annual expenditures for possible itemized tax deductions. Homeowners will receive Form 1098 from mortgage lenders by January 31 of the year following payment, which may or may not include real-estate tax payments made during the year. If real-estate tax payments are made separate from the mortgage, gather payment information from town, village or city statements and check stubs. Other possible tax deductions include charitable contributions, medical or dental expenses, unreimbursed employee expenses, childcare payments and tax-preparation fees. For payments to childcare providers, the provider's tax identification number must be included on the tax return. Each deduction requires the taxpayer to maintain records supporting the payments made. Compile all supporting documents or scan them into a computer file that is saved on a removable storage device, such as a USB memory stick.
Other Documents
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Collect documentation for expenses that can adjust the taxpayer's income such as alimony, college tuition payments or IRA contributions. In the case of alimony payments, you must report on your tax return the social-security number of the recipient of the alimony payments.
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