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Gathering information for tax time - 1/20/2023

You may be starting to receive your tax documents by now. If so, you need to make sure you hold onto them to be ready to prepare your tax return. No matter who prepares you tax return, if you don't have all of the necessary documents you will waste time or prepare an incomplete return.


I recommend having an envelope, a file, or the stereotypical shoebox and putting in all of your tax information as the documents arrive.

Here is a list of some common tax information you may be receiving that could be needed for your tax return:

+W-2

+all 1099s (there are many different types of 1099 forms, all are needed for your tax return)

+Social Security statement

+Basis information on stock sales if not included on 1099

+5498-SA (HSA plans)

+all 1098 forms (educational costs, mortgage interest forms)

+Any information on sale or purchase of a home or real estate

+K-1 (partnership, trust, etc)

+Property tax statements

+auto registration

+donation letters



Other information that you need to give to your tax preparer that you will need to gather independently:

*Self-employment income (income may or may not have 1099s)

*Self-employment expenses (include specific auto information and total miles for year if have business miles)

*Donation information (especially for non-cash donations including value at donation)

*Did you receive/sell/exchange/dispose of any virtual currency or cryptocurrency? all relevant purchase/sale information

*Date and amount for all estimates paid in or for the tax year

*Family dependents changes information

*Bank routing and account number for refund by direct deposit

*Alimony information (for divorces begore December 31, 2018)

*Medical expenses if significant and the potential for itemized deductions

*If you are using a new tax preparer you should also include a copy of last year's tax return.


This is not a list of all information that may be required to prepare your tax return. For most people this list should include most everything needed.



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