Now is the time to start getting ready to file your 2020 tax returns. Here are some things that you will need to have gathered:
Social Security Number for everyone on your tax return.
Copies of driver’s licenses for tax file and spouse (if applicable) if you want to efile your tax return.
Date of birth for everyone that will be listed on your tax return.
W2s for tax filer and spouse (if applicable)
This year you will need a copy of the Notice 1444 that shows the Economic Impact Payment that you received.
Bank or financial statements such as Forms 5498 m 1098-E, and 1098 Mortgage Interest Statement
K-1 statement if partner or S Corp member
All form 1099 forms such as 1099-NEC, 1099-DIV, 1099-INT, 1099-G, 1099-K, 1099-R, 1099-HSA, SSA-1099, etc.
If completing Sch A gather all medical receipts and records
If you plan on taking a tax deduction for donations you will need to be able to back them up with receipts showing the date, value, and charitable organization.
Important Reminder: Most income is taxable, including unemployment compensation, refund interest from the IRS, and income from self employment.