Your 2024 Tax Filing Checklist

Your 2024 Tax Checklist: Stay Organized and Prepared

As another tax year comes to a close, it’s time to start gathering your documents and preparing for filing your taxes. Staying organized throughout the year can make the tax filing process smoother and help ensure you maximize your deductions and credits. To help you stay on track, here’s a comprehensive tax checklist for the year 2024!

1. Personal Information:

  • Social Security numbers for yourself, your spouse, and any dependents
  • Dates of birth for all individuals listed on your tax return
  • Filing status (single, married filing jointly, married filing separately, head of household, etc.)

2. Income Documents:

  • W-2 forms from all employers for wages earned
  • 1099 forms for other sources of income, such as freelance work, contract jobs, interest, dividends, and retirement account distributions
  • K-1 forms if you are a partner in a partnership or a shareholder in an S corporation
  • Documentation of any unemployment benefits received
  • Income from rental properties or self-employment

3. Investment and Financial Documents:

  • Statements from bank accounts, including interest earned
  • Brokerage statements detailing investment transactions and dividends
  • Records of any cryptocurrency transactions
  • Documentation of any retirement account contributions or withdrawals

4. Deductions and Credits:

  • Receipts for deductible expenses, such as mortgage interest, property taxes, medical expenses, and charitable donations
  • Records of any educational expenses, including tuition, student loan interest, and expenses related to qualifying education programs
  • Documentation of any childcare expenses eligible for the Child and Dependent Care Credit
  • Proof of any energy-efficient home improvements eligible for the Residential Energy Efficient Property Credit

5. Health Insurance:

  • Forms 1095-A, 1095-B, or 1095-C, which provide information about health insurance coverage for you and your dependents
  • Records of any premiums paid for health insurance, including through the Health Insurance Marketplace

6. Miscellaneous Documents:

  • Documentation of any estimated tax payments made throughout the year
  • Records of any gambling winnings and losses
  • Any correspondence with the IRS or state tax authorities

7. Tax Software or Professional Help:

  • Decide whether you will prepare your taxes yourself using tax software or if you will enlist the help of a professional tax preparer
  • If using tax software, ensure you have the latest version installed and ready to use
  • Schedule an appointment with a tax professional if you prefer to have someone else handle your taxes

8. Important Deadlines:

  • Note the tax filing deadline for the year 2024, typically April 15th (or the next business day if it falls on a weekend or holiday)
  • Consider filing for an extension if you need more time to gather your documents or prepare your return

 

Happy filing! (If that’s even a thing.)