Having Your Taxes Prepared

Dear New (or Relatively New) Tax Payer, So, you are planning on having your taxes prepared, and you’re wondering what to take with you. Well, since, at the time that I am writing this, I am an advanced level IRS-certified tax preparer, I can share some information that should help you. 

This is going to be a quick letter that you can use like a checklist.

So, let’s get started.

Personal Information To Have When Having Your Taxes Prepared

• Current Photo Identification for each taxpayer
• Social security number for each taxpayer
• Your birthdate and if you have a spouse and/or dependents, their birthdates
• Last year’s tax return
• Financial Account information to handle any refunds or to pay any balances due (Name of financial institution, routing number, and account number)

Documents Related to Healthcare To Have When Having Your Taxes Prepared

• Healthcare information related to the taxpayer, and spouse and dependents, if applicable
• Form 1095 (This relates to Health Coverage. There are multiple versions. So, you may need to bring more than one.)
• Health Exemptions, if you have received any

Income Documents To Have When Having Your Taxes Prepared

• W-2 – for wages and salary
• W-2 G – for gambling winnings
• 1099 INT – for interest earned
• 1099 DIV – for dividends earned
• 1099 B – for stock sales
• 1099 NEC – for non-employee compensation, such self-employed worker, or contract worker
• 1099 MISC – for miscellaneous compensation like rent, awards, etc. 
• 1099 G – for unemployment payments
• 1099 G – for a state tax refund
• SSA 1099 – for Social Security payments received
• K-1 – for income, losses,dividends, and royalties received through a Partnership or Trust
• Alimony Received 
• 1099 R – for pensions 

Possible Deductions and Credits Documents To Consider When Having Your Taxes Prepared

• 1098 – for Mortgage Interest & Insurance
• 1098-E – for student loan interest
• 1098-T – for tuition (paid for education for you, spouse, or dependents)
• Daycare Expenses
• Charitable Donations
• Excise Tax (Such as those on cars, charged by some states)
• Union Dues 
• Work Related Educational Expenses
• Miscellaneous Job-related expenses
• Alimony Paid 
• Moving expenses, if you moved for a new job
• Expenses for energy-efficient home improvements
• Child care and dependent care expenses, including the employer identification number (EIN) or SSN of the care provider

That’s it, a basic list of items to gather. 

Having Your Taxes Prepared– What To Bring

: Key Takeaways

• Take your personal information, such as IDs, birthdates, and  social security numbers. 
• Take all documents related to all forms of income. 
• Don’t forget to take documents related to health coverage. 
• Be sure to take all items that can possibly earn you deductions or credits, and ultimately save you money. 

There you have it…the main items that you need to take with you to have your taxes prepared.  

Remember, this is a basic list of what to take to have your taxes prepared. 

For a more detailed list, check with the person or organization that you plan on doing your taxes.

Here is a bonus: If you earn $64,000 or less in income, you may be able to have your taxes prepared for free through the VITA program. VITA, which stands for Volunteer Income Tax Assistance, is a free IRS program run by various partner organizations throughout the United States. 

There are some things that are considered out of scope for the VITA program (such as having rental income). So, check with VITA to discuss whether they can prepare your specific return. 

To find the VITA location nearest you, you can use the VITA locator tool: VITA Locator, or you can call 800-906-9887. 

Go ahead. Either do, or have your taxes done. You can do it! I have faith in you. 

Hugs and Best Wishes, 

Rich Mom

Looking to read more? You can check out these posts: 

10 Things Everyone 30 and Under Should Know About Taxes

Three Reason You Should Learn To Do Taxes

Building Wealth In Your Twenties

Having Fun While Building Your Wealth

Managing Personal Finance Risk

Who is Rich Mom? 

If you stumbled upon this post and you are wondering who Rich Mom is, check out my “About Rich Mom” page. 

Also, please note: I am not an investment advisor. Always do your own due diligence and research before investing. Check with your own investment advisor. 

Also, remember that past performance is not a guarantee of future performance.

The information shared here is not intended as financial advice, just entertainment and entertainment.