Tax documents to look for this tax season

by | Jan 27, 2023 | tax, tax planning | 0 comments

It’s here again…tax season!

I’m sure you’re as excited as I am!  As the documents come rolling in, be sure to also keep all of these documents in a safe place – either physically in a safe at home, or electronically in a secure folder. Having quick access to all of these documents will speed up your filing process.  And, in case you get audited, you’ll need them for a faster audit process.

The following is a long list of the documents to look for this year. While this list is long, I don’t promise it’s complete. You may have additional documents depending on your situation.  If you get a document that doesn’t look familiar, or you’re unclear on how to use it, please bring that to our attention so we can help you figure it out.


  • Your SS number or tax ID number
  • Your spouse’s name, SS number, or tax ID number
  • An unexpired government-issued ID
  • Your spouse’s unexpired government-issued ID


  • Dates of birth, SS numbers, or other tax ID numbers
  • Childcare records (including the provider’s tax ID number) if applicable
  • Form 8332 – only when a child’s custodial parent is releasing their right to claim a child to the noncustodial parent (if applicable)


  • Employed
    • W2s – from each employer
  • Unemployed
    • 1099-G – unemployment income and state/local tax refunds
  • Self-Employed
    • 1099-NEC or 1099-K – showing income earned as an independent contractor
    • Records of all business income + expenses
    • Documentation for home office expenses, including sq footage of home and sq footage of area used exclusively for business
    • Records for business assets to be depreciated, including cost and date placed in service
    • Miles traveled for business purposes
    • 1040ES – a record of estimated tax payments made
  • Savings & Investments or Dividends
    • 1099-INT, 1099-DIV, 1099-OID – for interest + dividend income
    • 1099-B – from the sale of stock
      • If the basis is not reported here, you’ll need the dates of acquisition and records of your cost or basis in the stock you sold
    • 1099-S – from the sale of property like your residence
      • If the basis is not reported here, you’ll need the dates of acquisition and records of your cost or basis in the stock you sold
    • Expenses related to your investments
    • 1040ES – a record of estimated tax payments made
  • Cryptocurrencies
    • 1099-B and/or 1099-DIV from cryptocurrencies, NFTs, or similar types of income or loss
    • Records of the cost of all cryptocurrencies, NFTs, or similar types of income sales
  • Rental Income
    • 1099-MISC – for income from a rental property
    • Records of income and expenses
    • Rental asset information (cost, date placed in service, etc) for depreciation
    • 1040-ES – a record of estimated tax payments made
  • Retirement Income
    • 1099-R – for retirement plan distributions, like a pension, IRA, or annuity
    • 1099-SA – for Social Security Income
    • 1099-RRB – for Railroad Benefits income
    • Prior year Forms 8606 – showing Traditional IRA basis (amounts already taxed)
  • Other Income (& Losses)
    • 1099-G – state refunds
    • Schedule K-1 – for income from a pass-through business, trust, or estate
    • Gambling Income – either W2-G or records of income and expenses
    • Jury Duty records
    • Hobby Income and expenses
    • Prizes and awards
    • 1099-MISC – from Royalties
    • 1099-SA – for distributions from a health savings account (HSA)
    • 1099-LTC – for reimbursements from a Long-Term care plan
    • Alimony received/paid (for divorce/separation agreements before 12/18/2018)
    • 1099-Q – for distributions from a 529 plan or Coverdell ESA

Deductions – standard vs itemizing

Deductions lower your taxable income. Most people will claim the standard deduction, which varies depending on your tax filing status (from $12,950 for Single and Married Filing Separately to $19,400 for Heads of Households, to $25,900 for Married Filing Jointly in 2022).  The alternative is to itemize your deductions, which you’ll want to do if they add up to more than this standard deduction.  The following are deductions you’ll need information on:

  • Medical:
    • Out-of-pocket medical expenses
    • Premiums paid for long-term care insurance
  • Real Estate:
    • 1098 – showing mortgage interest, mortgage interest premiums, and points you paid this year
    • Real estate taxes
  • State & Local Taxes:
    • State and local income taxes or sales taxes
    • Taxes paid with your vehicle registration
  • Charitable donations, including:
    • Cash amounts donated
    • Non-cash donations
    • Miles driven for charitable purposes
  • Documentation of casualty losses (if you lived or owned property in a federally declared disaster area)

 Deductions – claim even if you don’t itemize

  • 1099-E for student loan interest
  • Records of contributions to HSA, IRA, SEP, or self-employed retirement plans
  • For teachers – expenses paid for classroom supplies
  • Premiums paid for self-employed health insurance
  • Alimony paid (for divorce/separation agreements dated before 12/18/2018)

Tax Credits

These are the best! They’re a dollar-for-dollar reduction in the amount of taxes you owe. Look for the following:

  • 1098-T – for expenses for higher education
  • Childcare costs and care provider’s name, address, and tax ID number
    • Nanny, daycare for a child under 13 so you or your spouse can work
    • Wages paid to a babysitter
  • Adoption costs and SS number of the child you legally adopted during 2022
  • 1095-A – if you purchase health insurance through the Health Insurance Market

Proof of Losses

Some financial losses can be deducted. Look for the following if it applies this year:

  • Records for any stocks/investments that became totally worthless or you expect a loss. You’ll need the date of purchase and original purchase prices.
  • Records of any non-business bad debts that are not collectible
    • Example of non-business bad debt: you lend money to your friend from your personal bank account and they don’t repay you

Filing and Tax Planning

While we do not file taxes at Rising Financial, we work in conjunction with your tax professional (and can recommend some great ones!) and incorporate tax planning into our initial analysis and ongoing work with clients.  If you’d like to set up a meeting to talk about your financial situation, find a time here>  We looking forward to hearing from you!


**This is not a complete list of all the available tax forms. Please consult a tax professional when filing your taxes to be sure of completeness and accuracy.