To prepare your personal taxes, you'll typically need a variety of documents and information to accurately report your income, deductions, and credits. Here's a list of common items needed for personal tax preparation:
1. Personal Information:
Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) for yourself, your spouse, and dependents.
2. Income Documents:
W-2 Forms: These show your wage and salary income from your employer(s).
1099 Forms: These report various types of income, including interest, dividends, freelance or contract work, and self-employment income.
Investment Income Statements: Statements for income from investments, such as interest, dividends, and capital gains/losses.
3. Deduction and Credit Information:
Documentation for itemized deductions (if applicable), including receipts for medical expenses, mortgage interest, property taxes, and charitable contributions.
Proof of eligible tax credits, such as education credits or child tax credits.
Records of deductible expenses related to self-employment or business activities (if applicable).
4. Retirement and Investment Account Information:
Statements for retirement accounts (e.g., 401(k), IRA) showing contributions and withdrawals.
Brokerage or investment account statements for capital gains and losses.
5. Health Insurance Information:
Forms 1095-A, 1095-B, or 1095-C, which provide information about your health insurance coverage, if applicable.
6. Property and Real Estate Information:
Mortgage interest statements (Form 1098).
Records of property taxes paid.
Records of home improvements or energy-efficient home upgrades (if eligible for tax credits).
7. Education Expenses:
Tuition statements (Form 1098-T) for higher education expenses.
Records of student loan interest paid (Form 1098-E).
8. State and Local Tax Information:
State and local income tax statements or returns.
Receipts for state and local sales taxes paid (if itemizing deductions).
9. Self-Employment and Business Income:
Income and expense records for self-employment or business activities.
Records of estimated tax payments made during the year.
10. Records of Estimated Tax Payments:
Documents showing any estimated tax payments made during the year, such as quarterly estimated tax payments.
11. Bank and Financial Account Information:
Bank statements and records of interest earned.
Records of any financial account transactions that may affect your tax liability.
12. Miscellaneous Documents:
Any other relevant financial documents, such as alimony received or paid, rental property income and expenses, and gambling winnings.
**Keep in mind that the specific documents you need can vary depending on your individual financial situation, deductions, and credits.