Organized tax records make preparing a complete and accurate tax return easier and may help taxpayers find overlooked deductions and credits.
Taxpayers should wait to file until they have all their supporting income statements, including but not limited to:
- Forms W-2 from employer(s).
- Forms 1099 from banks, issuing agencies, and other payers, including unemployment compensation, dividends and distributions from a pension, annuity, or retirement plan.
- Form 1099-K, 1099-Misc, W-2, or other income statement, if they worked in the gig economy.
- Form 1099-INT if they received interest payments.
- Other income documents and records reporting virtual or crypto currency transactions.
- Form 1095-A, Health Insurance Marketplace Statement, to reconcile advance Premium Tax Credits for Marketplace coverage.
- Letter 6419, 2021 Total advance Child Tax Credit Payments to reconcile advance Child Tax Credit payments.
- Letter 6475, 2021 Economic Impact Payment, to determine eligibility to claim the Recovery Rebate Credit.