Make sure you have these documents for your tax return


ROCHESTER, N.Y. (WROC) — In addition to the usual assortment of W-2s and other income documents you’ll need to make sure you have additional documentation before preparing your 2020 tax return.

CPA David Young of Young and Company and the New York State Society of CPAs explained all of the information needed to prepare your tax return Thursday during News 8 at Sunrise.

Young said basically you need to have identification, income documents (W-2 and 1099 forms), last year’s tax return, social security cards, stimulus payments, and expense documents.

If you’re claiming the Earned Income Credit (EIC) and/or Child Tax Credit you need to provide proof from a third party that you’re able to claim the dependent the awards you the EIC.

If you’re claiming any tax credits for post-secondary education you will need to bring in the documentation for that such as 1098-T and you will need to know how many years you have claimed the American Opportunity Tax Credit. The American Opportunity Tax Credit can only be claimed for four years.

You also need to bring documents to show all your income for 2020. These documents may include:

· PPP loan information. *New in 2020

· Stimulus payments – You should receive an IRS Notice 1444 with the payments you received. Check the IRS website as well to track your stimulus payments. *New in 2020.

· Charitable Contributions – You can take up to $300 on your 2020 tax return and still take the standard deduction. *New in 2020.

· 1099-G – unemployment. *New for many people in 2020.

· Set up an account with the IRS and NYS view your tax accounts.

· Driver’s License

· W-2s from your employers

· 1099-MISC forms for self-employment income

· 1099-INT (interest) and 1099-DIV (dividends) forms

· 1099-B forms showing brokerage trades in stocks and bonds

· K-1 forms for income from a partnership, small business, or trust

· 1099-SSA form showing Social Security received

· Form 1098 for Mortgage Interest

· Real Estate Taxes

· Estimated tax payments that have been made

· Miscellaneous Deductions – For example investment expense, unreimbursed employee expenses. *NYS only

Expense Documentation – Be sure to bring written documents for additional income not reported on a W-2 or 1099 form, such as other self-employment income, rental income, or alimony. This could be a spreadsheet, bank statements, or other written evidence.

Bring canceled checks, receipts, or spreadsheets for any tax-related expenses. This may include contributions to your traditional or SEP-IRA, moving expenses, college expenses, medical and dental expenses, real estate taxes, gifts to charities and churches, and daycare or childcare costs. Some expenses are reported to you. Mortgage interest, for example, is reported to you on form 1098, and student loan interest is reported on Form 1098-E.

If you don’t have all your tax documents, there are several ways to get copies.

If You are Missing Form W-2 ask your employer to send new a copy of your Form W-2.

If You are Missing Form 1099 banks may have tax documents available for downloading from their website, or you can call their customer service number to get a new 1099-INT mailed to you.

· Banks may have tax documents available for downloading from their web site, or you can call their customer service number to get a new 1099-INT mailed to you.

· Investment brokers will be able to mail you copies of Form 1099-B and 1099-DIV to report stock trading and dividend activity. Or you might be able to download copies from the brokerage web site. Be sure to download a copy of your year-end statement or a realized gain/loss report, as information in those reports can supplement the information found on Form 1099-B.

· 1099-MISC

· If you earned more than $600 as a consultant or independent contractor, your client is required to send you a 1099-NEC to report your income. Even if you didn’t receive a 1099-NEC, you are still required to report the income to the IRS. Consider contacting your client for a copy of the missing 1099-NEC. *New in 2020.

· For other types of 1099 forms, contact the organization responsible for issuing the tax form.

There are three ways to get copies of your tax documents yourself:

Get a transcript online (Note the IRS will not have state withholding information)

Mail or fax Form 4506-T

Alternatively, your CPA can request a copy of your transcript. To do this you will need to sign either Form 8821 or Form 2848.

For additional information please go to

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Remarkable Women

Trending Stories

Covid-19 County by County tracker

Don't Miss

More Don't Miss