Over the next few weeks, taxpayers will be getting a barrage of mail containing important tax information. Here’s a list of tax documents to be on the lookout for.
1. W-2’s. Remember you will get a W-2 for each place you worked.
2. 1099Rs. This will be for retirement income, and like W-2’s, you will get one from each place you’re drawing retirement income from, or drawing from an IRA.
3. W-2G for any gambling winnings you have, Yes these are taxable. However, if you have proof of the amounts you lost, you can often offset the winnings if you itemize.
4. 1099Misc. This is for rents received, royalties, self employment, etc.
Please make sure you include these as income; because they are reported to the IRS.
5. 1099int. For interest you earned from any source.
6. 1098 int. These will come from your mortgage lender and are very important for itemized deductions.
7. Statements for children’s daycare. If you file a form 2444 you will need a statement from the daycare center showing amount paid, name of daycare, EIN or SS number of the daycare provider and the address of the daycare.
8. 1098t. If the taxpayer or dependent of the taxpayer went to a university or junior college, the amounts paid to the university or college might qualify for either a deduction or credit.
9. Statements from churches or charities. Copies of canceled checks no longer work unless the amount is under $250.00. To properly allow for the charitable deduction, a statement needs to be provided to you.
If you have any questions about this "Tax Tip" or previous ones, call Reed’s Tax Service at (405) 732-2446.