What documents do I need for taxes? This is a common question when preparing for tax season. Doing your taxes can be confusing because you need different forms depending on your job and life situation. That’s why we’ve put together a comprehensive tax documents checklist to get you ready to file, no matter your employment or relationship status.
This tax documents checklist is designed to cover a broad range of different tax situations. Some documents, such as your W-2 form from work, are needed by almost everyone. Other documents are only for people in special situations, like if you own a business or have kids.
So, what do you need for taxes? Getting your tax documents ready early can make filing easier and less stressful. It’s like packing for a trip — if you have a list, you’re less likely to forget something important. This checklist will help you gather everything you need, so you don’t have to worry about missing any paperwork when it’s time to do your taxes.
- Personal information documents
- Documents about your dependents
- Income documents
- Tax documents for potential deductions
- Tips for organizing your tax documents
- Let Sun Loan help you file your taxes next tax season
Personal information documents
If you came here wondering, “What documents do I need for taxes?” you’ll be happy to know we have the answer. When filing your taxes, you’ll need several personal documents to prove your identity and help the IRS process your return. These important papers are the foundation of what you need for taxes.
Here’s a list of the personal information documents you should have ready:
- Date of birth
- Social security number (SSN) or tax ID number
- Home address
- Spouse information, including date of birth, full name, and SSN or tax ID number
- Bank account and routing numbers to receive your refund or pay the amount owed by direct deposit
- Identity Protection PIN provided to you by the IRS – if applicable
- Copy of last year’s federal and state taxes
Documents about your dependents
If you have children or other dependents, you might ask a tax expert, “What do I need to do my taxes as a parent or caretaker?” If you’re claiming dependents on your taxes, you’ll need several documents and information on hand. This includes:
- Dates of birth and social security numbers or tax ID numbers of dependents
- Amount you have paid for childcare throughout the past year
- W2s for jobs your dependents have held in the past year
- Form 8332 – if you’re a non-custodial parent (a parent whose child doesn’t live with them most of the time)
Income documents
There’s a minimum income to file taxes, and for those who meet that threshold, “What tax documents do I need?” is a very common question. The IRS wants to understand all the ways your household brings in money — from full-time jobs to alimony payments to unemployment insurance. Depending on how you make money, you may only need one of these forms to complete your taxes.
If traditionally employed:
- Form W-2 form
If unemployed:
- Unemployment Form 1099-G
If self-employed:
- 1099-NEC Form (used instead of 1099-MISC since 2020 to report contractor pay)
- Schedules K-1
- Records of income to verify anything not reported on 1099-NEC
- Records of business-related expenses in the form of credit card statements, check registers, and receipts
- Information about business-use assets – things like their cost and date when they started being used
- Home office information, if applicable
- Form 1040-ES for a record of any estimated tax payments that have been made
If you have retirement income:
- Proof of RRB (Railroad Retirement Board) or social security income – (RRB-1099, SSA-1099)
- Records of IRA contributions that have already been taxed
- Income from an IRA, annuity, or pension (1099-R)
If you have any investments, savings, or dividends:
- Income from sales of property or stock (1099-S, 1099-B)
- Interest on dividend income (1099-DIV, 1099-INT, 1099-OID)
- Records of transactions involving cryptocurrency (Bitcoin, etc.)
- Property purchase records, including date of purchase and payment information
- Record of estimated tax payments (Form 1040-ES)
- Reimbursements from Health Savings Accounts or long-term care (1099-LTC or 1099-SA)
- Receipts for expenses from your investments
If you have rental income:
- Records of any expenses and income
- Information about your rental assets, including cost and the date when they started being in service
- Record of estimated tax payments you have already made (1040-ES)
If you have other sources of income or losses:
If you have income from any of the sources below, you’ll need to gather associated receipts, statements, and certificates:
- Gambling
- Prizes/rewards
- Jury duty
- Hobby income
- Income from royalties
- Alimony payments
- Income from a trust
- State tax refunds
Tax documents for potential deductions
Deductions can vary widely from one person to the next. There’s a chance that these documents won’t apply to your situation. However, if you have expenses that qualify you for a deduction, bring in all associated paperwork and discuss it with a tax filing professional.
Right now, you might wonder, “What paperwork do I need for taxes to maximize my deductions?” Here’s a list of documents that could help lower your tax bill:
Medical expenses
- Records of the amount paid out of pocket for insurance or healthcare
- Records of the amount paid for insurance premiums, if outside of an employer-provided plan
Health insurance
- Form 1095-A if you enrolled in a plan through the insurance marketplace
Childcare
- Records of payment to a babysitter if they were taking care of your child (under the age of 13) while you were at work
- Records of payment to a licensed family daycare or daycare center for your infant or preschooler
Homeowner
- Records of real estate and personal property taxes
- Form 1098 or additional mortgage interest statements
- Records of energy-saving home renovations (solar panels, etc.)
Car ownership
- Information about electric vehicle
Educational expenses
- Receipts for qualifying educational expenses
- Form 1098-E if you made student loan payments
- Records for any fellowships or scholarships received
- Form 1098-T from educational organizations
Happy teacher excited about qualifying teacher expenses
Teacher expenses (K-12)
- Receipts for classroom-related expenses
Retirement or other savings
- Form 5498 to demonstrate IRA contributions
- Form 5498-SA for a record of HSA contributions
- Additional 5498 forms, including 5498-ESA and 5498-QA
State and local taxes
- Record of personal property tax or sales tax paid on vehicles
- Income or sales tax paid for state and local purchases
Charitable donations
- Records of cash donated to charitable organizations (churches, schools, etc.)
- Receipts for non-cash charitable donations
- Mileage driven for medical or charitable purposes
Disaster relief
- Location of where you owned affected property
- Records of FEMA assistance
- Records of property loss, rebuilding costs, and insurance reimbursements
When determining what you need for your taxes, reach for this checklist to ensure you don’t miss a thing! Bookmark or print this page for your records.
Tips for organizing your tax documents
Keeping your tax documents in order can make doing your taxes much easier. Here are some simple ways to organize what you need for taxes:
- Use a folder or box: Get a big folder or box just for your tax papers. Label it with the year, like “2024 Taxes”.
- Save digital copies: Keep electronic versions of your tax papers on your computer in a folder called “Taxes.”
- Keep old tax returns: Don’t throw away your old tax returns. Store them in a safe place for future reference.
- Use paper clips or staples: Keep related pages together with paper clips or staples to prevent them from getting mixed up.
- Keep a tax calendar: Mark important tax dates on a calendar, like when certain papers should arrive or when taxes are due.
- Use colored folders: Try different colored folders for various types of papers. This can make finding what you need quicker.
Let Sun Loan help you file your taxes next tax season
Now that you know what documents you need for taxes, you’re one step closer to a smooth filing process. Remember, being organized can make tax time less stressful. With this checklist, you’re well-prepared to gather all the necessary paperwork for your unique tax situation.
Putting together all the documents you need for your taxes can be stressful, so we’re here to help. Choose whether you want to file in-person at a local office, handle all your document uploads online, or a combination of the two. No matter your preferred way to file, our seasoned experts are here to guide you through the process.
Learn more about our tax preparation services and get some peace of mind today.
