Getting organized for 2019 taxes: What you need to know

Individuals 02.11.2020 3 MIN READ

You can’t escape tax time, but a little preparation can make this annual task much easier. Whether you do your own taxes or use a tax preparer, this list will help you organize the necessary information. A copy of last year’s tax return can also help you gain insight on anything else you may need to gather.

Where did you receive income in 2019?

Income:	You’ll need this form or other documentation:
Paid job(s)	W-2
Investments, including interest or dividends	1099-INT, 1099-DIV, 1099-OID
Tax refunds from a state government or unemployment compensation	1099-G
A pension, annuity or retirement plan	1099-R
Social Security benefits	SSA-1099, RRB-1099
Other miscellaneous income	1099-MISC
Business or rental properties, farms	Business records, receipts and check registers

What expenses may reduce your tax bill?

Expense:	You’ll need this form or other documentation:
Home mortgage interest	1098
Real estate taxes	Receipts from your city, town or county¹
Charitable contributions	Receipts from charities, especially if gifts >$250 in value²
Tuition, fees or other qualified education expenses	1098-T, receipts
Student loan interest	1098-E
Child and dependent-care expenses	Caregivers' tax ID numbers, receipts, copies of checks or check register
Casualty loss from a federally declared disaster	Proof of loss, contractor estimates, receipts for the cost of cleaning up or making repairs, amount of any insurance reimbursement

What else might impact your taxes?

Action:	You’ll need this form or other documentation:
Contributed to a retirement plan, including Individual Retirement Account (IRA) or converted a traditional IRA to a Roth IRA	Amount of your contributions, your W-2, Form 5498 and traditional IRA basis (Form 8606), 1099-R
Contributed to a Health savings account (HSA)	Year-end statement, copies of checks or check register, Form 5498-SA
Sold investments resulting in a capital gain or loss	1099-B
Changed your family structure	SSN or other IRS-issued Taxpayer Identification Number for spouse and/or dependents, divorce or separation instrument, W-2 for adoption benefits, receipts for adoption expenses
Cancellation of debt	1099-C

Have you already paid some of your taxes?

Payments:	You’ll need this form or other documentation:
Withholding from your paycheck	Included on your W-2
Withholding from a pension annuity, 401(k) withdrawal, etc.	1099-R
Estimated payments	Copy of your payment vouchers and checks

If you have Ayco as a company benefit, register or log in to learn more about this and other financial wellness topics.

¹If you escrow, these payments may also be noted on the 1098 you receive from your lender.

²Substantiation letter for non-cash gifts should indicate amount of cash and description of other property, statement indicating whether any goods or services were exchanged if applicable.

Note: Not intended to cover all situations or examples. Consult a financial or tax advisor to be sure you fully understand your tax situation.

For disclosures relating to this article, please click here.