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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

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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.

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