Getting organized for tax season: What you need to know

Individuals 03.18.2021 3 MIN READ

The start of the new year also brings the stress of doing your taxes. Advanced preparation can help take the fear out of tax season. Whether you file your own taxes or you use a tax professional, we’ve created a checklist of documents and forms that will make it easier to stay organized.

What do you have to report as income?

Income	You’ll need this form or other documentation:
Paid job(s)	W-2
Investments, including interest or dividends	1099-INT, 1099-OID, 1099-DIV
Tax refunds from a state government or unemployment compensation	1099-G
A pension, annuity or retirement plan	1099-R
Social Security benefits	SSA-1099
Other miscellaneous income	1099-MISC
Business or rental properties, farms	Business records, receipts and check registers

Do you have any expenses that may reduce your taxes?

Expense:	You’ll need this form or other documentation:
Home mortgage interest	1098
Real estate taxes	Receipts from your city, town or county²
Charitable contributions	Receipts from charities or bank records for amounts $250 or more³
Tuition, fees or other qualified education expenses	1098-T, receipts
Student loan interest	1098-E
Child and dependent-care expenses	Caregivers' tax ID numbers, receipts, copies of checks or check register
Casualty loss from a federally declared disaster	Proof of loss, contractor estimates, receipts for the cost of cleaning up or making repairs, amount of any insurance reimbursement

What else might impact your taxes?

Action:	Documentation/forms you’ll need:
Made retirement plan contributions, including Individual Retirement Account (IRA) contributions, including Roth IRA conversions	Amount of your contributions from your W-2, Form 5498, Form 8606 and Form 1099-R
Health savings account (HSA) contributions	Year-end statement, copies of checks or check register, Form 5498-SA
Sold investments resulting in a capital gain or loss	1099-B
Change in marital status, or added a new person to your family	SSN or other IRS-issued Taxpayer Identification Number for spouse and/or dependents, divorce or separation instrument

Have you already paid some of your taxes?

Payments:	Documentation/forms needed:
Withholding from your paycheck	Included on your W-2
Withholding from a pension annuity, 401(k) withdrawal, etc.	1099-R
Estimated payments	Copy of your payment vouchers and checks
Overpayment applied from 2019 return	Copy of your 2019 Form 1040

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¹For 2020, taxpayers can exclude up to $10,200 in unemployment benefits from their taxes if their individual gross income is less than $150,000. This exemption applies to anyone regardless of their filing status.

²If your real estate taxes were paid from an escrow account, the amount may be noted on Form 1098 that you receive from your lender.

³For noncash charitable contributions, Form 8283 must be filed if the amount of deduction for all noncash gifts is more than $500.

Note: Not intended to cover all situations or examples. Consult a financial or tax advisor to be sure you fully understand your tax situation.