U.S. Tax Checklist: Documents Needed for Filing

Gathering your information before filing federal taxes can simplify the process and ensure the accuracy of your return. Being prepared with the correct documents helps you report income precisely and substantiate any deductions or credits you claim. This preparation can prevent errors, future inquiries from the Internal Revenue Service (IRS), and delays in receiving a refund.

Required Personal Information

The first step is gathering the personal information for yourself, your spouse, and any dependents. You will need the full names, dates of birth, and Social Security Numbers (SSNs) for every individual on the return. This information must appear exactly as it does on Social Security cards to avoid IRS processing rejections. Correct SSNs for dependents are required to claim benefits like the Child Tax Credit.

In cases where a dependent is not eligible for an SSN, an Individual Taxpayer Identification Number (ITIN) or an Adoption Taxpayer Identification Number (ATIN) must be provided instead.

For direct deposit of a refund or to make a tax payment, you will need your bank account and routing numbers. Providing this information for direct deposit is the fastest way to receive a refund. For those who owe taxes, this information can be used to authorize a direct debit payment.

Your Adjusted Gross Income (AGI) from last year’s tax return is often used for identity verification when e-filing. You can find this figure on line 11 of your prior-year Form 1040. Keeping a copy of last year’s federal and state returns is also a useful reference.

Gathering Your Income Documents

After assembling personal information, collect all documents that report your income. Form W-2, which you receive from each employer by January 31, details your annual wages and the taxes withheld from your paycheck.

Self-employed individuals and independent contractors will likely receive Form 1099-NEC for nonemployee compensation from each client who paid them $600 or more. For payments from third-party networks like PayPal, you might receive a Form 1099-K, though for 2024 the reporting threshold is $5,000. You must report all income, even if you do not receive a form, so maintain your own payment records.

Investment income is reported on a series of 1099 forms. Form 1099-INT reports interest income, while Form 1099-DIV details dividends and distributions. If you sold securities, you will receive Form 1099-B from your brokerage firm, which shows the sales proceeds and cost basis. Income from partnerships, S corporations, or trusts is reported on a Schedule K-1.

Retirement income is also reported on specific forms. Distributions from pensions, annuities, or 401(k) plans are detailed on Form 1099-R. If you received Social Security benefits, you will get a Form SSA-1099. Other income sources are reported on forms like Form 1099-G for unemployment compensation or Form 1099-MISC for items like rent or prizes.

Documents for Adjustments to Income

Next, gather records for adjustments to income. These adjustments, known as “above-the-line” deductions, are subtracted from your gross income to determine your AGI. They can lower your taxable income even if you do not itemize deductions.

Contributions made to a traditional Individual Retirement Arrangement (IRA) are a common adjustment. Your IRA custodian sends Form 5498 detailing these contributions, but it may arrive after the tax deadline, so use your own contribution records for filing.

If you contribute to a Health Savings Account (HSA), you will need Form 5498-SA, which reports your total contributions, and Form 1099-SA, which reports any distributions. These forms help you accurately calculate your HSA deduction.

For those who have paid interest on student loans, you will need Form 1098-E. This form is sent by your lender if you paid $600 or more in interest during the year and allows you to deduct the interest paid, up to a certain limit. Eligible K-12 educators can deduct up to $300 of unreimbursed classroom expenses, which requires you to keep receipts for the purchased supplies.

Records for Tax Deductions and Credits

You must decide whether to take the standard deduction or to itemize. Itemizing is beneficial if your total eligible expenses exceed the standard deduction for your filing status. For the 2024 tax year, the standard deduction is $14,600 for single filers, $29,200 for married couples filing jointly, and $21,900 for heads of household.

For those who itemize, several categories of expenses require specific documentation.

• Medical Expenses: You need receipts for payments to doctors, dentists, and hospitals, as well as for prescription medications and a mileage log for travel to medical appointments.
• State and Local Taxes (SALT): You will need records of state income or sales taxes paid, along with property tax statements. This deduction is capped at $10,000 per household.
• Mortgage Interest: Homeowners can deduct mortgage interest, which is reported on Form 1098 from your lender.
• Charitable Contributions: You must have records from qualifying organizations. For cash donations, a bank record or written communication from the charity is needed, while non-cash donations require a receipt.

Tax credits, which directly reduce your tax liability, also require specific documentation. For the Child and Dependent Care Credit, you need payment records and the care provider’s name, address, and Taxpayer Identification Number (TIN). Education credits, such as the American Opportunity Tax Credit, require Form 1098-T from the educational institution and receipts for expenses like books and supplies.

Submitting Your Tax Return

With your documents organized, you are ready to submit your return. The fastest method is to e-file using tax software. The IRS Free File program offers free software to taxpayers with an AGI of $84,000 or less for the 2024 tax year.

Hiring a tax professional, like a Certified Public Accountant (CPA) or an Enrolled Agent, is another option, especially for complex situations. They will use your gathered documents to prepare and file the return on your behalf.

Filing a paper return by mail is the slowest method, and processing can take several weeks longer than an e-filed return. You must mail it to the correct IRS service center for your location, which is listed on the IRS website.

After e-filing, the IRS will send a notification confirming if your return was accepted or rejected. If rejected, the notice will provide a reason so you can correct and resubmit. You can track your refund status using the “Where’s My Refund?” tool on the IRS website. Keep a copy of your tax return and all supporting documents for at least three years.