What Documents Do I Need to File Taxes in 2020?

tax documents underneath title

06 Mar What Documents Do I Need to File Taxes in 2020?

The time to file your taxes is now. You might have a little more than one month to get it done, but we all know how the “we’ll do it tomorrow” philosophy goes. The sooner you’re prepared, the easier your taxes will be to file. Before you dive right in, we’ve broken down the documents you need to file taxes in 2020?

What Documents Do I Need to File Taxes?

For most people, this is fairly simple. Those with traditional jobs will have received a W-2 form by now (if you haven’t, contact your employer ASAP). That W-2 will contain just about everything you or an accountant will need to file your taxes.

However, life is often more complex. If you have kids, pay any student loans, contribute to retirement, or invest in the stock market, that will complicate your return even further. Business owners and self-employed folks have it even worse!

To make things simpler, the list below tells you the documents you’ll need to file taxes. Keep in mind that this list will not be completely sufficient for all taxpayers, but it will for most.

Tax Document Checklist

  • Social Security information for you, your spouse, and all your dependents. Don’t forget that you qualify for a Child Tax Credit if you have any children.
  • W-2 FormsĀ for you and your spouse if filing jointly.
  • Form 1099 MISC – If you were contracted to do work, you should receive these in the mail. Real estate agents and some freelancers usually get this form.
  • Education expenses – If you’re in college, then you should receive a Form 1098-T that breaks down all those related expenses.
  • Form 1098 – If you own a property, you should receive this form that breaks down how much you paid toward property taxes and mortgage interest.
  • Retirement contributions – If you invest in a 401K or IRA, be sure to have documentation (like a Form 5498) that shows how much you put in throughout the year. Keep in mind there are limits to how much you can deduct in this way.
  • Last year’s tax return – This isn’t necessary but is often a good way to see what deductions you can take. It also gives you a rough estimate of what you should owe if your situation hasn’t changed much.

All these forms are important regardless of whether you’re filing your own taxes or having someone else prepare them for you.

If you want help with your taxes or need to know more about tax documents, call us at 614-524-4888 or 614-310-0506!

We work closely with you to handpick a solution for your unique tax situation.
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