In the last few days, we have been learning about changes offered by the IRS on general and individual deduction amounts that could affect the way we have been filing our personal tax returns, especially if done without the help of a professional tax accountant.

Here is a checklist and verification list that could help you when filing your returns with the IRS for the 2022-2023 season. Remember that, additionally, you must have your spouse’s information if you are filing jointly:

First Section. Personal Information

Why is it important? It seems irrelevant, but your information is necessary for the IRS and your state tax authority to verify identity, contact you, and even send you your tax return. You need to have on hand:

• Your name, as it appears on your Social Security card.
• Date of birth and Social Security Number Current home address.
• Copy of federal and state tax returns for the last 3 years, only if applicable to you.
• Bank account number and routing number to receive your direct deposit refund, only if applicable.
• In case of declaring Dependents, the following information is required:
• Dependent’s name, as indicated on the Social Security card. Provide a copy of the card in a secure way.
• Dates of birth and Social Security or ITIN numbers. Provide a copy of the birth certificate.
• Form 8332, if the parent has custody of the child(ren) and waives his or her right to claim the child(ren) as a dependent.

Second Section. Sources of Income

You must have the correct documentation to justify the income received, especially if it comes from different sources. Below is a list of forms and supports that you should have on hand:

• Form W-2 from your employer, or employers.
• Form 1099-G for unemployment income and state or local tax refunds.
• Forms 1099-INT, 1099-DIV and 1099-B for interest, dividends and sales of stock.
• Forms 1099-R and SSA-1099 for distributions from retirement plans and Social Security benefits.
• Form 1099-S for income from the sale of your residence or other property.
• Form 1099-MISC for income from rental property.
• Form 1099-Q for distributions from a 529 or Coverdell ESA plan.
• Form 1099-SA for distributions from a Health Savings Account (HSA).
• Form K-1 for income from a pass-through corporation and/or trust.
• Alimony received “Alimony” (if there is a divorce or separation agreement dated on or before December 31, 2019).
• Records of any transactions involving cryptocurrencies.
• Information about other sources of income, such as gambling winnings, jury duty payments, debt cancellation (Form 1099-C), etc.

Remember to safeguard your documentation in case of audit, a good file storage and filing system can be useful at all times, not just when filing your tax return.

Do you need help for your tax return? Contact us, you can do it via Whatsapp, email [email protected] or phone call (+1) 786-5770191. Or if you want, you can contact us through our website (here)