As January 29 marks the beginning of the 2024 tax season, the Internal Revenue Service IRS has outlined a variety of forms and documents crucial for filing your tax return. Alongside these, other essential paperwork will be required. Filing taxes is often met with groans rather than enthusiasm, particularly in the United States.
The IRS’s announcement of the tax season’s start signals a period of stress for many. To ease this process, being well-prepared is key. How? By ensuring you have all the necessary documents for filing your tax return. The IRS emphasizes the importance of having records that detail your income and deductible expenses, like tuition and mortgage payments.
Essentials for IRS Tax Filing
Firstly, you should have your Social Security number or Individual Taxpayer Identification Number (ITIN) at hand. If you’re filing jointly with a spouse, you’ll need their date of birth, as well as their Social Security number or ITIN. Employees of a single employer should anticipate receiving Form W-2, the Wage and Tax Statement, which outlines your annual income. Employers are required to distribute these forms for the year 2023 by January 31, 2024.
For those who are employed, have additional income sources, or are self-employed, various forms reflecting these earnings are necessary, including:
- Form 1099-G for unemployment benefits received in 2023
- Form 1099-INT for interest income
- Form 1099-DIV for dividends
- Form 1099-R for retirement plans
- Form W-2G for gambling winnings
- Form SSA-1099 for Social Security benefits
- Form 1099-MISC for miscellaneous income
- Form 1099-K for deposits and earnings
- Form 1099-B for stock sales
- Form 1098-T for scholarships and grants
- Form 1099-C for debt cancellation
- Form 1098-T for tuition payments to universities or technical colleges
- Form 1098-E for interest paid on student loans
- Form 1095-A detailing health insurance information
- Additionally, having a copy of your 2022 tax return or transcript is beneficial.
Form 1095-A is particularly important, as it is used by the IRS to determine eligibility for the premium tax credit for medical coverage. Lastly, keeping your bank account information, including the routing number, is advisable. This is especially useful if you’re expecting a refund, as it allows for a quicker process through direct deposit.