What documents do I need to file taxes?

Before you even think about preparing your tax return this year, you should first wait to get all your tax documents from employers and other agencies. A complete and accurate tax return will avoid errors and delays to obtain your tax refund.

 You may be wondering, what documents should I expect this year before I can file my taxes? This all depends on the type of income you received throughout the year and what payments you made that may qualify you for deductions and credits. The following list may help you gather up some of the documents you may need:

 1.     Form (s) W-2 from all the employers you worked for in 2022.

2.     Form (s) 1099:  This includes the forms you receive from banks for interest payments (1099-Int). Also this year, you may receive form 1099-K for payment transactions from apps (like CashApp) and online third party settlement organizations if payments exceeded $600. You may also receive a 1099 form if you received unemployment compensation, dividends, pension, annuity, or retirement plan distributions.

3.     Form 1099-K, 1099-MISC, 1099-NEC: If you were an independent contractor.

4.     Business Documents: If you own a business, you must keep track of your income and expenses. To claim deductions and write off all your expenses, you must always keep receipts, record expenses and income into spreadsheets, use an accounting software, and most importantly, open and keep track of your business bank account.

5.     Form 1095-A, Health Insurance Marketplace Statement: to reconcile advance payments or claim Premium Tax Credits for 2022 Marketplace coverage

6.     1098-E, Student Loan Interest Statement: You may be eligible to deduct a portion of the interest you paid on your 2022 federal student loans.

7.     1098-T, Tuition Statement: If you were a student or paid for a dependent’s tuition, you may be eligible to claim a student credit by reporting the college tuition expenses from form 1098-T.

8.     1098-Mortgage Interest Statement: You may receive this form if you made payments of $600 or more on your home mortgage. You may be able to claim this interest if you itemize your personal expenses on Schedule A instead of taking the annual standard deduction.

9.     CP01A Notice with your new Identity Protection PIN

10. Any IRS and/or State letters you received in 2022

Would you like to know more about these topics? Get in touch with us! Let us fix your tax problems! You can call/text us at (347) 720-2224, or email us your concerns at contact@ztaxllc.com. Follow us on social media.