Starting to work on your 1040 and need to know what documents you need to have? Here's an exhaustive list of all the documents you may need to find.
At a minimum, you will need documents that show your sources of income as well as any expenses and credits you want to declare. Below is an exhaustive list of all the potential documents (and their corresponding IRS forms) you will need to provide. Please note that many of these may not be applicable to you and are only needed if they fit your situation.
As a rule of thumb, any financial institution you have been in contact with during the tax year (i.e banks, credit card companies, payroll, insurance, etc.) should provide you with year-end tax documents for your personal taxes. Usually, during the month of January, many of them will mail those documents to you.
You can download the list here as well
General Taxable Income
- W-2 Form(s) for Wages, Salaries, and Tips (for Formations' customers, Formations will provide this for the S-Corp owner)
- Interest Income Statements: Form 1099-INT & 1099-OID
- Dividend Income Statements: Form 1099-DIV
- Sales of Stock, Land, etc. for Capital Gains: Form 1099-B
- Sales of Real Estate: Form 1099-S
- State Tax Refunds: Form 1099-G
- Alimony Received or Paid
- Unemployment Compensation Received
- Miscellaneous Income: Form 1099-MISC
Retirement Income
- Retirement Income: Form 1099-R
- Social Security Income and Railroad Retirement Income: Form SSA-1099
Business Income
- Business Income and Expenses (for Formations' customers, Formations will provide this for the S-Corp owner)
- Rental Income and Expenses
- Farm Income and Expenses
- Form K-1 Income from Partnerships, Trusts, and S-Corporations (for Formations' customers, Formations will provide this for the S-Corp owner)
- Tax Deductible Miles Traveled for Business Purposes
Tax Credits
- Child Tax Credit
- Child Care Provider Address, I.D. Number and Amounts Paid for the Child and Dependent Care Credit
- Earned Income Tax Credit (EITC)
- Adoption Expense Information for the Adoption Credit
- Foreign Taxes paid
- First Time Home Buyer Tax Credit
Expenses and Tax Deductions
- Medical Expenses for the Family (if above 7.5% of your income)
- Home Mortgage Interest from Form 1098
- Home Second Mortgage Interest Paid
- Real Estate Taxes Paid
- State Taxes Paid with Last Year's Return (if claiming itemized deductions)
- Personal Property Taxes Paid
- Charitable Cash Contributions
- Fair Market Value of Non-cash Contributions to Charities
- Unreimbursed Expenses Related to Volunteer Work
- Tax Deductible Mileage for Volunteer Purposes
- Casualty and Theft Losses
- IRA Contributions
- Student Loan Interest Paid
Tax Estimate Payments
- Estimated Tax Payments Made with ES Vouchers
- Last Year's Tax Return Overpayment Applied to This Year
- Off Highway Fuel Taxes Paid
General Information
- Educational Expenses for You and Your Spouse
- Dependents' Post High School Educational Expenses
- Child Care Expenses for Each Dependent