January 2024 Update
2024 is upon us already and tax season is all year long at Grass Roots Taxes. If you have no idea what to bring to do your taxes, check out my list of most forgotten documents, below, and download this year’s updated checklist. You can also scroll down to check out my video.
“What to Bring to Do Your Taxes” 2024 checklist – Grassroots Taxes
Top 13 Things Most Forgotten by My Tax Clients
1. Their children’s social security numbers and birth dates. Also, their spouse’s social security number and birth date. I had one guy have an anxiety attack when he realized he couldn’t remember his wife’s birthday. (“It’s not like I can ask her…”) I had her come in to sign and asked for ID. I might have saved their marriage.
2. Childcare paid. I also need the provider’s tax ID, address, and phone number. The IRS has not made a standard form for this, so you may get a letter or receipt.
3. Routing and account number for direct deposit refunds or paying your taxes. I see so many people scramble for this because no one carries a checkbook and many online bank apps do not show the full account number.
4. Mortgage interest statement. I need the form and not just the interest amount. Some mortgages have gone to electronic forms in your online account. Fewer things come in the mail every year.
5. 1098T and undergrad expenses. Form 1098-T for college expenses is generally in the student’s online school portal, few are mailed any more. I need the 1098-T. If you are a full-time undergrad student, also bring what you paid for books and required items for class. This includes a computer or software required for class. Bring the receipts!
6. Student loan interest paid. Also going to online forms in many cases. Log in to your loan processor and look for your 1098-E to get your total interest paid last year.
7. HUD-1 or closing statement from buying or selling a property. If you bought or sold a piece of property last year, you got a mountain of papers at closing. One of those is a long paper with 2 columns of numbers on both sides and HUD-1 or ‘closing statement’ at the top. That is the summary of what happened to every dollar at closing. I need that. Bring the whole packet if you can’t find it. It may not affect this year’s tax return, but it will affect something in some year and getting the numbers together now is much easier.
8. 1099R for Retirement Withdrawals I have had so many people grossly misled into believing “having the taxes taken out” means it is not reported the next year on their tax return. It is. Learn More Here You will get a 1099-R form in the mail or online in January for any retirement draws you made. You need to bring the form.
9. W2G for gambling winnings If you hit at the casino, they will give you a W2G form at that time and they will NOT mail you anything in January. It’s your job to hang on to the forms all year. You need to bring all the forms AND a record of how much you spent on gambling.
10. 1095A for Marketplace Health Insurance If you are paying a reduced premium (ACA, Obamacare, Marketplace), you WILL get a 1095-A and you DO have to report it on your tax return. Even if you applied and only had it a few days, you will not be able to electronically file your taxes without it. Log in to where you bought your health insurance and download your 1095-A.
11. 1099K forms from all apps Due to the last-minute IRS rule change, you may not get any 1099K forms this year. However, you need to check all your apps just to be sure. If you get any 1099K forms from apps that deposit money into your bank account (Venmo, cashapp, paypal, or anywhere where you sell things) you need to report the 1099K and explain anything that is non-taxable. You cannot skip reporting what is on the form.
12. Complete list of all cryptocurrency transactions If you are buying and selling crypto (Bitcoin, Ethereum, Dogecoin, etc) I need every single transaction. Every transaction is required to be reported, just like trading stocks. Here’s a video I made with all the details on Crypto.
13. IP PIN If you were assigned an Identity Protection PIN due to prior identity theft issues, you cannot file your taxes without it. It came in the mail. If you lost it, you can find it in your IRS online account at IRS.gov/account
*Bonus for Arkansas filers: Arkansas still has its own itemized deductions and a very low standard deduction. Bring all the deductions – personal property tax paid, real estate tax paid, mortgage interest paid, out of pocket medical expenses paid, and charitable giving.
Conclusion
If it comes in the mail and is marked, ‘Important tax documents,’ bring it.
If your employer hands it to you, bring it.
If it looks tax-related, bring it.
If you have no idea what it is, bring it.
If you don’t know what to bring to do your taxes, it’s better to bring far too much than for me to send you home with homework.
