Introduction
Tax filing can be a challenge for you if you are not aware of the required documents. To help you with it, we have created a tax preparation documents checklist for 2024. This tax prep checklist includes tax documents needed for filing your tax.
Check out our tax prep document checklist and simplify your tax preparation!
Tax Preparation Documents Checklist
1. Personal Documents
- Your Social Security Number or Tax ID Number
- Your Spouse’s Name, Date of Birth, and Social Security Number or Tax ID Number
- Your Valid Government issued ID
- Your Spouse’s Valid Government issued ID
- Identity Protection PIN (if applicable to you, your spouse or your dependent)
- Bank account details if you want to pay via your bank and get refund with the same.
2. Dependent(s) Documents
- Date of Birth and Social Security Number or Tax ID Number
- Childcare records (if applicable)
- Form 8332 in case of the child’s custodial parent is releasing their right to claim a child to the noncustodial parent (if applicable)
3. Income Documents
1. Employed
- Forms W-2 for you and your spouse
2. Unemployed
- Form 1099-G (if applicable to you or your spouse)
3. Self Employed
- Form 1099-NEC for cancellation of debt
- Form 1099-MISC for you and your spouse (for any additional contractual work)
- Forms 1099, Schedules K-1, Income not reported on 1099-MISC or 1099-NEC
- All Expenses Records
- Business Use of Assets for Depreciation
- Information of Office in Home
- Form 1040-ES for records of estimated tax payments made (if applicable)
4. Rental Income
- Income and expenses Record
- Rental Assets Information for Depreciation
- Form 1040-ES for records of estimated tax payments made (if applicable)
5. Retirement Income
- Form 1099-R for Pension or IRA or annuity income
- Already taxed amount from your IRA
- SSA-1099 for Social Security or RRB-1099 for Railroad Retirement Board
6. Savings and Investments or Dividends
- Form 1099-INT for interest
- Form 1099-DIV for dividends
- Form 1099-B for broker-handled transactions
- Form 1099-B and Form 1099-S for Income from the sale of stocks or other property
- Dates of acquisition and records of your cost or other property you sold (not reported on Form 1099-B)
- Form 1099-SA or 1099-LTC for Health Savings Account and long-term care reimbursements
- Expenses relating to your investments
- Form 1040–ES for Record of estimated tax payments made
- Records of cryptocurrency transactions
7. Other Income Details
- Form 1099-K for Payment Card and Third-Party Network Transactions
- Form W-2G for Gambling income
- Records of Jury duty
- Income and Expenses of Hobby
- Prizes and Awards
- Trust income
- Form for 1099–MISC Royalty Income
- Other 1099s if applicable
- Alimony records with ex-spouse’s name and social security number
- Tax Refund from state
4. Deductions
1. Home, Property, and Vehicle
- Forms 1098 or other mortgage-related interest
- Tax records of real estate and personal property
- Energy-saving home improvement Receipts (such as solar panels, solar water heater)
- Electric vehicle Information
- Other 1098 series forms
2. Charity and Donation
- Charity Amount Receipts paid in Cash
- Receipts of non-cash charity donations
- Mile driven amounts for charity or medical objectives
3. Medical Expenses
- Amounts paid to doctors, dentists, and hospitals for healthcare
- Amount paid in Health insurance
- Amount paid for eligible insurance premiums outside the Marketplace, or a plan provided by the employer.
- Form 1095-A for an insurance plan in the Marketplace
4. Childcare Expenses
- Fees paid to daycare for child under 13 age
- Fees paid to babysitter
- Fees paid to dependent care
5. Educational Expenses
- Forms 1098-T of educational institutions
- Qualified educational expense receipts
- Scholarships or fellowships
- Form 1098-E for student loan interest
6. K-12 Educator Expenses
- Receipts for educator expenses
7. State and Local Taxes
- Amount paid as state and local income tax and sales tax (other than wage withholding)
- Amount paid as vehicle sales tax and/or vehicle personal property tax
8. Retirement & Other Savings
- Form 5498-SA for HSA contributions
- Form 5498 for IRA contributions
- All 5498 series forms such as 5498-QA and 5498-ESA
9. Federal Declared Disaster Area
- City or County you resided or worked or had property in (visit FEMA website to check if your county is declared as federal disaster area)
- Property Losses records
- Rebuilding or repair costs
- Insurance claims yet to be paid
- Information about FEMA Support
5. Credits
- Form 1098-T for American opportunity and lifetime learning credits
- Child tax credit
- Retirement saving credit
6. Payments
- Estimated tax payments
- Previous year refunds
- Any amounts paid with tax extension
7. Losses
- Records of losses in any investment or stocks
- Any non-business bad debt records
Final Thought
This tax preparation document checklist is all you need to tick mark to complete your tax preparation for 2024. However, the tax prep documents may vary as per your income, place, age, profession, etc.
If you still have queries relating to the tax preparation documents checklist 2024, then contact us.
Virtue CPAs is one of the most reliable advisory, accounting, and taxation firms in Atlanta, USA. Our tax professionals have wide experience in managing personal tax, business tax, and other tax compliance. Our tax planning, tax preparation, and tax advising are focused on providing you with maximum tax deductions.
Get in touch with us today to learn more!
FAQs
1What tax prep documents do I need for filing my 2024 taxes?
You will need personal information, income forms (such as W-2s and 1099s), and receipts for deductions.
2What are the important tax preparation documents 2024?
Refer to our tax preparation documents checklist for the important tax preparation documents 2024.
3Do I require separate documents if I’m self-employed?
Yes, you will require 1099 forms and records of your business expenses, receipts, records for deductions, etc. if you are self-employed.
4How to organize your tax prep documents?
Organize your tax prep documents in categories such as personal, income, deductions, payments, etc. Refer to our tax prep documents checklist 2024 to know more.
5How can Virtue CPAs help me in my tax preparation 2024?
Virtue CPAs can help you with personalized tax planning strategies, tax preparation guidance, and provide you expert tax advising in your tax preparation 2024.
