Seven Items to Prepare for Tax Season

It’s tax season! We can't make taxes go away, but we can help you prepare for them, which will make the process quicker and smoother.

Here is a checklist of items you will need to bring to the table and a list of free local tax preparation sites. 

1. Documents for All Income

This includes:

  • W-2 from your employer(s) for wages.

  • Forms 1099-NEC for any paid independent contractor work. You may need to complete this form yourself.

  • Forms 1099-B to report any income from the sale of stock.

  • Forms 1099-DIV for dividends. 

  • Forms 1099-INT for interest.

  • Forms 1099-MISC for other types of income.

If you have income from one of these sources and have not received the appropriate form, you should reach out to the entity that paid you.

2. Unemployment Income (If Applicable)

If you received unemployment benefits, you will need Form 1099-G from your state. You will need this form whether or not you elected to pay taxes upon receipt of the funds.

3. Unreported Income

If you received less than $600 as an independent contractor, the payer does not have to send you a Form 1099-MISC or 1099-NEC for your work. However, you generally still have to report the amount as self-employment income.

4. Rental Income and Expenses

You must report your income if you earned money by renting out a house or subleasing your apartment. Certain renter-related costs can also be reported, which can help offset some of the rental income. Preparing a list of all the supplies used for maintenance, cleaning, remodeling, or repairs on your rental property is a good idea.

5. Forms for Deductions

Make sure to gather Forms 1098 from lenders for mortgage interest paid and federal student loan payments.

6. Records for Deductible Expenses

You must have records of your spending on eligible expenses to deduct them. For instance, you may need records of moving expenses if you relocated for employment, as well as certain business and daycare expenses.

7. Social Security Disability and Seniors

This year there may not be a lot of benefits for seniors and SSD recipients who are filing federal taxes. However, it is advised to talk to a professional tax consultant for possible state tax credits. Seniors also can receive free tax preparation services through AARP's Tax-Aide program.

Please note the filing deadline to submit 2022 tax returns or an extension to file and pay taxes owed is Tuesday, April 18, 2023!

If you have comments or questions on this or any financial issues, Tzedek DC's Financial Counselor Maritza Cortez can be reached at mc@tzedekdc.org.