What documents should you submit to my taxes?

On By Littum

(News) – Internal Revenue Service has begun to process 2024 tax returns and Taxpayers have until April 15 to submit their without a punishment or authorized extension.

To submit your taxes, you need a number of documents including personal information and income. Here’s what you need, according to IRS.

Personal Information:

  • Social Security Number or Individual Taxes -Id Number
  • Bank Account and Routing Numbers if you use direct deposit for refund
  • Adjusted gross income
  • Refund amount from previous tax return
  • Current address
  • Self-selected PIN if you were e-archived last year
  • IP -Pin if you were a victim of identity theft

Income:

  • Salary check stubs
  • W-2 form
  • Cabeters or documents from other payment apps or online marketplaces
  • Checked to you
  • Unemployment payments

If you did not get a W-2, you may have received a form of 1099 showing other types of income. Ordinary types include a 1099-K for payments received through online marketplaces such as PayPal, a 1099-G for public payments such as unemployment benefits, a 1099-NEC for contractor or freelance work and an SSA-1099 for social security services.

Credits or deductions:

You will need to give certain documents to take advantage of tax credits including:

  • Childcare or dependent care costs
  • Home loans and property tax registers
  • Charity donations
  • Health Savings Account or Flexible Consumption Account Insurance
  • Expenses for health care
  • Retirement contribution
  • Expenses of Education (for Students and Teachers)

Intuit TurboTax, a tax preparation company, recommends submitting your return online and creating direct deposit for refund. Filing online also allows you to upload electronic W-2s, which automatically populates information, saving time.

IRS generally issues a refund within 21 days of accepting your online return.

“The average refund was close to $ 3,000 last year for many people. It’s the biggest control they get all year, so go online and file, ”Lisa Greene-Lewis, certified accountant and Turbotax tax expert, told Nexstars news. “I would gather everything in one place.”