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August 28, 2022

Tax Day 2023 Checklist: What you Need to be Prepared

In order to help make the tax filing process easier, the tax experts at Ledgible have compiled this complete tax filing checklist. This checklist contains all of the information you're going to need for tax filing. Feel free to print out the page or bookmark this guide so you'll have it in your tax filing process.

Tax Filing Form & Document Checklist

These are the documents you're going to need to collect for tax filing regardless of whether you use a tax professional or file your taxes yourself. 

Personal Documents Checklist

  • Social Security (SSN) or Tax ID Numbers
  • Your Government ID (Unexpired)
  • If filing jointly, your spouses SSN or Tax ID
  • If filing jointly, your spouses ID

Tax Documents for Dependents Checklist

  • SSNs or Tax IDs for all dependents
  • Dates of Birth for dependents
  • Childcare records (if applicable)
  • If claiming a dependent that has shared custody, Form 8332 for custodial parent release

Forms Necessary to Denote Income

  • If you're full-time employed, Form W-2

  • If you are on, or were on unemployment, Form 1099-G

  • If you are self-employed, you will need the following:

    • 1099-NEC or 1099-K, along with other 1099s
    • Income records to verify unreported earnings (income not on 1099 forms)
    • Record of expenses, including receipts
    • Information regarding your home office, including its size
    • Record of estimated tax payments on Form 1040ES
  • If you owned rental property and received rental income, you will need:

    • Record of income
    • Record of expenses
    • Rental asset cost, date of service
    • Record of estimated tax payments found on Form 1040ES
  • If you had retirement income, you will need:

    • Any Form 1099-R, denoting pension, IRA, or annuity income
    • Traditional IRA Basis, usually found on Form 8606
    • Form SSA-1099 and/or Form RRB-1099 denoting Social security or RRB income
  • If you had savings and investments, you will need:

    • 1099-INT, 1099-OID, or 1099-DIVs to denote interest and dividend income
    • 1099-B or 1099-S Forms to denote the sale of stock or property.
    • Form 8949 or a comprehensive crypto transaction record for cryptocurrency trades
    • Expenses related to investments not found on the aforementioned forms
    • Form 1040ES denoting estimated tax payments for income.
  • If you had other income, you might need the following:

    • Form 1099-G to denote State tax refunds
    • Form K-1 denoting investments or active owner income
    • W-2G Forms denoting Gambling income, as well as a record of expenses
    • Jury Duty Forms and records
    • 1099-MISC forms for Royalties
    • All other 1099 forms that you received
    • Record of Alimony payments
    • HSA (Health Savings Account) and other information found on Form 1099-SA or 1099-LTC
    • Information denoting other sources of Income for the tax year.
  • If you owned a home, you'll need:

    • Form 1098 denoting mortgage interest
    • Property tax records
  • If you made charitable donations, you'll need:

    • Cash or donation records to all contributions to charitable organizations
    • Amounts of miles driven for charitable purposes
  • If you had medical expenses, you'll need:

    • Amount paid for healthcare insurance
    • Amount paid on medical bills
    • Miles driven for medical purposes
    • Travel expenses for medical trips
  • To document health insurance coverage, you will need Form 1095-A

  • If you had Childcare Expenses, you will need:

    • Information denoting daycare costs if the daycare allows the taxpayer to work
    • Wages paid to babysitter
  • If you had Educational Expenses, you will need:

    • Form 1098-T
    • Receipts for educational expenses
    • Records of scholarships
    • Form 1098-E if you had active student loans

And that's about it! If you've collected all of the information on this document, you've got everything you need to file taxes, either individually or through a tax professional. If you happened to trade cryptocurrency throughout the tax year, don't forget that you'll need to compile a full record of your transactions. You can utilize Ledgible for this, which is the most secure and accurate crypto tax program - that integrates with TurboTax too - on the market. You can learn more here.

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