Taxpayers should be sure to gather all important financial documents ahead of tax season 2024.
These are the compiled list of some of the most important documents needed to file your taxes this Tax Season 2024 based on guidance from IRS
- Personal information – the first step to filing your taxes this Tax Season 2024 is to provide personal information, including the bank account where you want your tax refund to be deposited this Tax Season 2024.
- Full name
- Date of birth
- Social security or tax ID number
- Home address
- Previous years’ tax records
- Bank account information for direct deposit refunds
- Identity Protection PIN (IP PIN) if applicable
- If you’re married and filing a joint return with your spouse, you’ll need this information for them as well
2. Dependent information- If applicable, you’ll have to provide the information of your dependents this Tax Season 2024.
- Dependent’s name, date of birth, and social security or tax ID number
- Any income information of a dependent or other adult in your home.
- Income information- you may need several documents depending on your sources of income this tax season 2024, but here are a few samples:
- W-2 information from your employer
- 1099 forms such as 1099-G (unemployment), 1099-NEC (contract work) 1099-MISC (miscellaneous income), 1099-INT (interest income), 1099-DIV (investment dividends), 1099-B (income from stock sales), 1000-G (government payments) and others W-2G forms for certain gambling activity
- SSA-1099 form to report social security benefits
- Rental income
- Jury duty records
3. Deduction information– There are many different types of deductions this tax season 2024, and chances are that you won’t qualify for all of them, but here are a few that people are often eligible for:
- 1098 form for mortgage payments
- 1098-E form for student loan interest paid over $600
- 1098-T form for tuition and education costs
- Real estate taxes
- Medical expenses
- State and local taxes such as income tax and sales tax
- Charitable donations
- Casualty, disaster, and theft losses
- Financial losses
Read Also: Tax Season 2024: IRS Processes $3.6 Billion In 2024 Tax Returns Within First Week
Taxpayers need to keep these documents this Tax Season 2024
Keeping all of this information you just collected this Tax Season 2024 can help you for next year. The IRS recommends keeping tax returns for three years.
Keeping supporting documentation this Tax Season 2024 on hand will be helpful just in case you get audited either this year or at any point in the future.
Read Also: Tax Season 2024: The Advantages Of Filing Taxes Before Tax Day!