Fall is here and that means cooler temperatures and amazing natural beauty in the Commonwealth. Make sure to spend time outdoors to take advantage of the incredible colors and scenery we are lucky to have here!
And for those times indoors early next year during the winter months, here are a few documents to remember when compiling your information that will greatly help your tax specialist prepare your return in a timely manner.
Brokerage Statements
Send all pages, front and back, for each statement you download or receive in the mail. Although it seems plausible your preparer only needs the summary pages, that is not the case. The preparer needs everything.
1095-A
If anyone in your household had a Marketplace plan this year, a statement will be mailed by mid-February from the Marketplace, not the IRS. May also be available online.
You must have your Form 1095-A before you file.
SSA-1099
Mailed to individuals who receive Social Security benefits.
You can obtain your SSA-1099 form online starting February 1.
Essential for reporting Social Security income, specifically on Form 1040.
1099s
1099-NEC / 1099-MISC – for freelance, contractor, or side gig income.
1099-INT / 1099-DIV – for interest and dividend income from banks, credit unions, and investments.
1099-B / 1099-S – for stock, mutual fund, or cryptocurrency sales; or sale of property.
1099-R / 1099-Q – from retirement accounts, pensions, or 529 plans.
5498-SA
If you participated in a health savings account (HSA), Archer Medical Savings Account (MSA) or Medicare Advantage (MA MSA), account trustees must provide copies of the form to both the IRS and the participating employees.
1098s
Mortgage Interest Statement (Form 1098) – includes property taxes sometimes.
Student Loan Interest (Form 1098-E).
Tuition / Education Expenses (Form 1098-T) – for education credits or deductions.