Good news! The IRS has moved the tax deadline for individuals to Monday, May 17, so there’s no need to panic or rush this week to get it done. To help you prepare for the new deadline, we compiled the below list of documents you’ll need to file your 2020 tax return.
Due to the challenges of the global pandemic, many people applied for and received unemployment benefits in 2020. If you were one of them, you’ll need to log on to your state Department of Labor website to download a 1099-G form to include with your tax return.
All Earned Income
Though it’s no surprise you’ll need to provide a W2 form from your job, you will also need to claim all the money you earned from each source; such as a 1099 for any freelance projects, a 1099-INT for each account’s interest, and a 1099-MISC for other various income you might have made last year.
You will need proper documentation of the items you plan to deduct on your tax return. If you’re a current homeowner, you’ll need a 1098 form to demonstrate the amount of interest you paid on your mortgage, as well as a property tax statement. Other receipts can include business expenses, student loans, and childcare costs. Visit the IRS’ website for a complete list of what you’re eligible to deduct on your tax return.
Don’t Forget Rental Income
If you own any properties that you rent out, then you must report that income on your taxes, including any advanced payments such as security deposits. Similarly, you can deduct property tax, mortgage interest, operating expenses, depreciation, and repairs.
If you were kind enough to give back to your community last year, or gave to other important causes, then be sure to itemize them on your taxes. The IRS recently outlined a new guideline that enables individuals to deduct up to $300 in donations to qualifying charities.
Call a Member Specialist today at 800-422-5852 to find out how we can help you reach your financial goals.