1040 Filing Checklist: Documents Taxpayers Should Gather Before Filing

Why Gathering Documents Early Matters

Tax season begins well before April 15. Most income documents, including W-2s and various 1099 forms, are required to be issued by January 31. Brokerage firms have until mid-February (and sometimes later for corrected statements) to send consolidated 1099 forms. Gathering all necessary documents before sitting down to prepare or have your return prepared prevents the most common source of tax return delays: missing information that forces you to file an extension or amend a return later.

At The Reed Corporation, we send our clients a customized document checklist each January based on their prior year return. The following complete list covers the most common documents individual taxpayers should gather before filing.

Personal Information

• Social Security numbers (or Individual Taxpayer Identification Numbers) for the taxpayer and all dependents
• Dates of birth for all household members claimed on the return
• Bank routing and account numbers for direct deposit of any refund
• Copy of prior year’s federal and state tax returns for reference
• Identity Protection PIN (IP PIN) if issued by the IRS
• Any IRS or state notices received during the year

Income Documents

Every source of income must be reported on the tax return. The following documents report income that the IRS also receives copies of through information reporting:

• W-2: Wages and tips from each employer, including federal and state tax withheld
• 1099-NEC: Nonemployee compensation for freelance, contract, or gig work of $600 or more
• 1099-INT: Interest income from banks, credit unions, and other financial institutions
• 1099-DIV: Dividend income from stocks, mutual funds, and ETFs, including qualified dividends and capital gain distributions
• 1099-B: Proceeds from the sale of stocks, bonds, mutual funds, and other securities (usually included in a consolidated brokerage statement)
• 1099-R: Distributions from retirement accounts (IRA, 401(k), pension, annuity)
• 1099-G: Unemployment compensation and state tax refunds from the prior year
• 1099-MISC: Rents, royalties, prizes and other miscellaneous income
• 1099-K: Payment card and third-party network transactions (Venmo, PayPal, Etsy, etc.) exceeding the reporting threshold
• 1099-S: Proceeds from real estate transactions
• SSA-1099: Social Security benefits received during the year
• Schedule K-1: Income and credits from partnerships, S corporations and trusts

Self-Employment and Business Records

Freelancers, independent contractors, and sole proprietors reporting income on Schedule C should gather:

• Total business income received (reconciled against 1099-NEC and 1099-K forms and any cash or unreported payments)
• Business expense records organized by category: advertising, vehicle, insurance, office supplies, professional services, rent, travel, meals and other expenses
• Home office measurements (square footage of office and total home) if claiming the home office deduction
• Vehicle mileage log if claiming business use of a personal vehicle (total miles driven and business miles driven)
• Records of quarterly estimated tax payments made during the year (dates and amounts for both federal and state)
• Health insurance premium statements if claiming the self-employed health insurance deduction
• Retirement plan contribution records (SEP-IRA, Solo 401(k), SIMPLE IRA)

Deduction-Related Documents

Whether you take the standard deduction or itemize, the following documents support potential deductions and adjustments to income:

• Form 1098: Mortgage interest paid during the year, reported by the lender
• Property tax statements: Real estate taxes paid to local jurisdictions
• Charitable donation receipts: Written acknowledgments from qualified organizations for cash and noncash contributions. Donations of $250 or more require a contemporaneous written acknowledgment
• Form 1098-T: Tuition and education expenses paid to eligible institutions, used to claim education credits
• Form 1098-E: Student loan interest paid during the year (deductible up to $2,500 as an adjustment to income)
• Medical expense records: Unreimbursed medical and dental expenses if they exceed 7.5% of AGI and you plan to itemize
• Form 1095-A: Health Insurance Marketplace statement, needed to reconcile the Premium Tax Credit
• HSA and FSA contribution and distribution records: Form 5498-SA for HSA contributions and Form 1099-SA for HSA distributions
• Educator expense receipts: For teachers claiming the $300 above-the-line deduction for classroom supplies

Documents for Credits

• Childcare provider information (name, address, tax ID) and total amounts paid for the Child and Dependent Care Credit
• Adoption expense records for the Adoption Credit
• Records of energy-efficient home improvements (receipts, manufacturer certifications) for Residential Clean Energy and Energy Efficient Home Improvement Credits
• Electric vehicle purchase documentation for the Clean Vehicle Credit (VIN, purchase date, manufacturer, final assembly location)
• Prior year tax return showing AGI if claiming the Earned Income Tax Credit with self-employment income

Other Important Items

• Records of cryptocurrency transactions (purchases, sales, exchanges, mining income, staking rewards)
• Foreign bank account information if the aggregate value of foreign accounts exceeded $10,000 at any point during the year (required for FBAR filing)
• Records of estimated tax payments made to federal and state taxing authorities, including dates and amounts
• Alimony paid or received (for divorce agreements executed before 2019)
• Gambling income and loss records (W-2G forms and personal wagering logs)

Organizing these documents before your appointment or before opening your tax software significantly reduces preparation time, minimizes the risk of missing income or deductions, and helps ensure your return is complete and accurate the first time.

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