You will be facing a lot more documentation challenges this tax season, so it’s time to get started on your January to-do list.
Did you move last calendar year?
First things first. If you moved at any time in 2015, your employers, banks, etc. might have the wrong address for you. Send them updates immediately. Call or email them the information so they get your correct address as soon as possible.
Make a list of all the places from which you are expecting to receive documents.
Use last year’s tax file for a good starting point. Some of the documents you need may include:
- Employer’s (W-2)
- Customers (1099-MISC)
- Investments (1099-INT and 1099-DIV)
- Pension and IRA accounts (1099-R)
- Sales or dispositions of real estate (1099S, 1099-A, 1099-COD, etc.)
- Mortgage lenders (1098)
- State payments and refunds (1099-G)
Get proof of your health insurance coverage.
You will need to provide proof of you and your family member’s health insurance as well as the income of all members of the household in order to compute the health care credit or penalty. You’ll also be asked about your monthly health insurance payment and your monthly premium tax credits.
You’ll find new lines on your Form 1040. Line 61 deals with the tax/penalty for not having healthcare coverage. Line 69 is for the additional tax credit from Form 8962. This is the most complicated form that the IRS has ever issued for individuals to fill out. You may need the help of a tax professional to guide you through the complicated waters of the 2015 tax filings.
If you do need an expert’s assistance, we will gladly assist you. We’re scheduling tax meetings with our clients for February and March, so call us today at 405-341-7044.