Whether you file your taxes yourself or hire a professional accountant, the first step in your tax prep is gathering all the information you\u2019ll need to complete your tax forms.<\/p>\n\n\n\n
This tax prep checklist can help you get organized.<\/p>\n\n\n\n
See how Quicken LifeHub helps you get organized for tax season. In most cases, you won\u2019t technically need your previous year\u2019s return to file this year\u2019s taxes, but having it handy and reading through it can help jog your memory when it comes to paperwork you\u2019ll want to include again.<\/p>\n\n\n\n If you didn\u2019t keep your return from last year, you can usually get a copy from the accountant, the software, or the online system that helped you file it. This year, create a special folder for your tax return, whether paper or digital, and keep that return in your records.<\/p>\n\n\n\n Not every state collects state income tax. If yours does, have a copy of your state return available as well as your federal return.<\/p>\n\n\n\n If you\u2019re employed as a W-2 employee, your employer will provide you with a W-2 form that reports your income as well as the tax contributions made against your income from each paycheck.<\/p>\n\n\n\n In other words, your W-2 doesn\u2019t just show how much money you made. It also shows the wage taxes you\u2019ve already paid.<\/p>\n\n\n\n For many people who get money back from their taxes each year, the W-2 report is a major source of that refund. Make sure you include it when you\u2019re preparing your return.<\/p>\n\n\n\n If you want to get an early start on your return, most employers will let you view your W-2 online so you don\u2019t have to wait on snail mail.<\/p>\n\n\n\n 1099 forms cover many other sources of income that don\u2019t come from an employer\u2019s paycheck. These include, among other things:<\/p>\n\n\n\n In many cases, you\u2019ll receive a 1099 form automatically from the source of the income, such as your brokerage account. But the IRS 1099 rules don\u2019t require every company to report your 1099 income to the IRS in every situation.<\/p>\n\n\n\n Still, you\u2019re generally required to report that income, whether or not you received a formal 1099.<\/p>\n\n\n\n If you\u2019re using Quicken, you can run an income report to see all your income from every source. If something looks off, it\u2019s not too late to revisit those transactions and fix those categories.<\/p>\n\n\n\n You can also use tags to track these transactions. In Quicken, create a tag called \u201c1099 income\u201d or anything else you like. Apply that tag to any related income, and use a tag report to see it all together.<\/p>\n\n\n\n See how Quicken helps you track your finances. In general, unemployment benefits are taxed by the IRS, but some federal taxes are withheld \u2014 meaning you paid some of that tax before you ever got the check. Those benefits are also taxed by many states<\/a> so you\u2019ll need to follow those guidelines separately. Make sure you have a 1099-G form for any unemployment benefits you received.<\/p>\n\n\n\n If you made estimated tax payments in 2024, be sure you have your 1040-ES forms on hand. Those are direct credits against this year\u2019s tax liability. Don\u2019t pay those taxes twice!<\/p>\n\n\n\n If you have a student loan or mortgage, be sure to get a 1098 form showing how much you paid in interest on those loans last year, if any. <\/p>\n\n\n\n If you attended college during 2024, a 1098-T form reports your tuition and related expenses.<\/p>\n\n\n\n Make sure you gather all relevant 1098 forms before you prepare your taxes to claim the appropriate deductions.<\/p>\n\n\n\n If you have a 401(k) through your employer, your contributions will be captured by your W-2.<\/p>\n\n\n\n If you have a private Roth IRA, those contributions don\u2019t reduce your taxes, so you don\u2019t need to worry about reporting them. The point of a Roth IRA is to make contributions out of your regular income, which you pay taxes on, so you don\u2019t have to pay taxes when you withdraw that money later for your retirement.<\/p>\n\n\n\n If you have a traditional IRA, make sure you get a record of those contributions. They reduce your taxable income now in exchange for paying taxes on that money later, when you eventually withdraw from the fund.<\/p>\n\n\n\n Quicken includes expense reports so you can see your contributions for the year. If you haven\u2019t been tracking them or categorizing them as IRA contributions, you can still search for them based on the payee.<\/p>\n\n\n\n Did you withdraw money from your retirement account this year? Make sure you have a 1099-R form showing that income. But remember, if you withdrew from a Roth IRA, you don\u2019t have to pay taxes on those funds.<\/p>\n\n\n\n See how Quicken helps you track all your investments. Make sure you get receipts for any charitable contributions you\u2019ve made throughout the year. If you donate to a cause and get something in return, like a T-shirt, the organization will issue you a receipt showing the portion of your donation that\u2019s tax-deductible.<\/p>\n\n\n\n Not every charity is a registered 501(c)(3), so check with your specific charities or organizations for the tax-deductible value of your contributions. Remember, most schools and alumni organizations are 501(c)(3)s, so don\u2019t forget those!<\/p>\n\n\n\n For most people, the standard deduction will save you more money, as well as saving you the effort of itemizing all your deductions, but if you have enough individual deductions, listing them out may reduce your tax liability. If you\u2019re itemizing your deductions, be sure to gather your receipts. Check with your accountant for the kinds of things you should look for. <\/p>\n\n\n\n Your proof of medical insurance should be mailed to you directly by your health insurance company. Be sure to have that documentation available.<\/p>\n\n\n\n Also, if your medical expenses were significant last year, be sure to gather records of that spending. Your Quicken spending report is a good way to see them all in one place.<\/p>\n\n\n\n Not all medical expenses are tax-deductible, but you can claim those expenses<\/a> if they make up a high enough percentage of your gross income<\/a>.<\/p>\n\n\n\n Be sure to gather records of other taxes you paid during the year. Most importantly, these include:<\/p>\n\n\n\n Remember, this list isn\u2019t meant to be exhaustive. Here are a few more things to consider that might affect your taxes, so be sure you have your records available:<\/p>\n\n\n\n Keeping track of all of your tax documents can be a daunting task. However, missing an important tax document can result in costly mistakes. A simple way to make sure you have all of your most important documents is to access your IRS \u201cWage and Income\u201d transcript. <\/p>\n\n\n\n This report will list all of the tax documents filed by third parties on your behalf (W-2s, 1099s, 1098s, etc.). You can access your transcript directly from the IRS here: https:\/\/www.irs.gov\/individuals\/get-transcript<\/a>.<\/p>\n\n\n\n If you\u2019re also running a small business or managing rental property, here\u2019s a brief list of some of the information you\u2019ll need to gather.<\/p>\n\n\n\n Whether you\u2019re doing your taxes yourself or sending your information to an accountant, here\u2019s a condensed checklist of the information you\u2019ll need.<\/p>\n\n\n\n See how Quicken LifeHub helps you organize it all securely. Gather everything on this list that applies to you \u2014 you\u2019ll need this information to complete your taxes.<\/p>\n\n\n\n This includes W-2 income, self-employed 1099 income, and any other income you receive, including dividends and interest.\u00a0<\/p>\n\n\n\n If you paid estimated tax payments throughout the year, make sure you have the documentation you need to show how much you paid and when.<\/p>\n\n\n\n If you qualify for any of the following IRS tax credits<\/a>, be sure to gather the documentation you\u2019ll need to show that you\u2019re qualified.<\/p>\n\n\n\n The IRS allows the following deductions<\/a> whether or not you\u2019re claiming the standard deduction. Gather the appropriate documentation for any of these deductions that apply to you.<\/p>\n\n\n\n The IRS allows these deductions<\/a> only if you\u2019re itemizing your deductions instead of claiming the standard deductions. (If you\u2019re claiming the standard deduction, you won\u2019t need to document these.)<\/p>\n\n\n\n If you own all or part of a business, you\u2019ll need the following information. <\/p>\n\n\n\n In some cases, your business will need to file its own tax return even if you pay those taxes personally. Be sure to check with your accountant so you know what\u2019s required.<\/p>\n\n\n\n If you have properties that you rent out, you\u2019ll want to bring this information too.<\/p>\n\n\n\n
\n Get started \u2192<\/a><\/p>\n<\/div>\n\n\n\n\nEssential tax prep info and where to find it<\/h2>\n\n\n\n
1. Last year\u2019s tax returns<\/h3>\n\n\n\n
2. Your W-2 from your employer<\/h3>\n\n\n\n
3. 1099 forms for other income<\/h3>\n\n\n\n
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\n Get started \u2192<\/a><\/p>\n<\/div>\n4. What about unemployment benefits?<\/h3>\n\n\n\n
5. Estimated tax payments made during the year<\/h3>\n\n\n\n
6. 1098 forms for student loans, mortgages, and tuition deductions<\/h3>\n\n\n\n
7. What about my 401(k) or private IRA?<\/h3>\n\n\n\n
\n Get started \u2192<\/a><\/p>\n<\/div>\n8. Receipts for charitable contributions and itemized deductions<\/h3>\n\n\n\n
9. Proof of medical insurance and medical expenses<\/h3>\n\n\n\n
10. Proof of other taxes paid<\/h3>\n\n\n\n
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11. Other income and deductions<\/h3>\n\n\n\n
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12. IRS account transcript<\/h3>\n\n\n\n
13. Small business and rental property documentation<\/h3>\n\n\n\n
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Tax prep checklist: information you\u2019ll need<\/h2>\n\n\n\n
\n Get started \u2192<\/a><\/p>\n<\/div>\nPersonal information<\/h3>\n\n\n\n
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Personal income<\/h3>\n\n\n\n
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Estimated tax payments<\/h3>\n\n\n\n
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Personal credits<\/h3>\n\n\n\n
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Personal deductions (non-itemized)<\/h3>\n\n\n\n
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Itemized deductions<\/h3>\n\n\n\n
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Business income and expenses<\/h3>\n\n\n\n
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Real estate business income and expenses<\/h3>\n\n\n\n
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