Tax Prep Checklist: Here’s What You’ll Need

Whether you file your taxes yourself or hire a professional accountant, the first step in your tax prep is gathering all the information you’ll need to complete your tax forms.

This tax prep checklist can help you get organized.

Essential tax prep info and where to find it

1. Last year’s tax returns

In most cases, you won’t technically need your previous year’s return to file this year’s taxes, but having it handy and reading through it can help jog your memory when it comes to paperwork you’ll want to include again.

If you didn’t keep your return from last year, you can usually get a copy from the accountant, the software, or the online system that helped you file it. This year, create a special folder for your tax return, whether paper or digital, and keep that return in your records.

Not every state collects state income tax. If yours does, have a copy of your state return available as well as your federal return.

2. Your W-2 from your employer

If you’re employed as a W-2 employee, your employer will provide you with a W-2 form that reports your income as well as the tax contributions made against your income from each paycheck.

In other words, your W-2 doesn’t just show how much money you made. It also shows the wage taxes you’ve already paid.

For many people who get money back from their taxes each year, the W-2 report is a major source of that refund. Make sure you include it when you’re preparing your return.

If you want to get an early start on your return, most employers will let you view your W-2 online so you don’t have to wait on snail mail.

3. 1099 forms for other income

1099 forms cover many other sources of income that don’t come from an employer’s paycheck. These include, among other things:

• Self-employment income
• Income received as an independent contractor
• Stock trade income
• Interest & dividends
• Investment property rents & other income
• Social Security income

In many cases, you’ll receive a 1099 form automatically from the source of the income, such as your brokerage account. But the IRS 1099 rules don’t require every company to report your 1099 income to the IRS in every situation.

Still, you’re generally required to report that income, whether or not you received a formal 1099.

If you’re using Quicken, you can run an income report to see all your income from every source. If something looks off, it’s not too late to revisit those transactions and fix those categories.

You can also use tags to track these transactions. In Quicken, create a tag called “1099 income” or anything else you like. Apply that tag to any related income, and use a tag report to see it all together.

4. What about unemployment benefits?

In general, unemployment benefits are taxed by the IRS, but some federal taxes are withheld — meaning you paid some of that tax before you ever got the check. Those benefits are also taxed by many states so you’ll need to follow those guidelines separately. Make sure you have a 1099-G form for any unemployment benefits you received.

5. Estimated tax payments made during the year

If you made estimated tax payments in 2024, be sure you have your 1040-ES forms on hand. Those are direct credits against this year’s tax liability. Don’t pay those taxes twice!

6. 1098 forms for student loans, mortgages, and tuition deductions

If you have a student loan or mortgage, be sure to get a 1098 form showing how much you paid in interest on those loans last year, if any. 

If you attended college during 2024, a 1098-T form reports your tuition and related expenses.

Make sure you gather all relevant 1098 forms before you prepare your taxes to claim the appropriate deductions.

7. What about my 401(k) or private IRA?

If you have a 401(k) through your employer, your contributions will be captured by your W-2.

If you have a private Roth IRA, those contributions don’t reduce your taxes, so you don’t need to worry about reporting them. The point of a Roth IRA is to make contributions out of your regular income, which you pay taxes on, so you don’t have to pay taxes when you withdraw that money later for your retirement.

If you have a traditional IRA, make sure you get a record of those contributions. They reduce your taxable income now in exchange for paying taxes on that money later, when you eventually withdraw from the fund.

Quicken includes expense reports so you can see your contributions for the year. If you haven’t been tracking them or categorizing them as IRA contributions, you can still search for them based on the payee.

Did you withdraw money from your retirement account this year? Make sure you have a 1099-R form showing that income. But remember, if you withdrew from a Roth IRA, you don’t have to pay taxes on those funds.

8. Receipts for charitable contributions and itemized deductions

Make sure you get receipts for any charitable contributions you’ve made throughout the year. If you donate to a cause and get something in return, like a T-shirt, the organization will issue you a receipt showing the portion of your donation that’s tax-deductible.

Not every charity is a registered 501(c)(3), so check with your specific charities or organizations for the tax-deductible value of your contributions. Remember, most schools and alumni organizations are 501(c)(3)s, so don’t forget those!

For most people, the standard deduction will save you more money, as well as saving you the effort of itemizing all your deductions, but if you have enough individual deductions, listing them out may reduce your tax liability. If you’re itemizing your deductions, be sure to gather your receipts. Check with your accountant for the kinds of things you should look for. 

9. Proof of medical insurance and medical expenses

Your proof of medical insurance should be mailed to you directly by your health insurance company. Be sure to have that documentation available.

Also, if your medical expenses were significant last year, be sure to gather records of that spending. Your Quicken spending report is a good way to see them all in one place.

Not all medical expenses are tax-deductible, but you can claim those expenses if they make up a high enough percentage of your gross income.

10. Proof of other taxes paid

Be sure to gather records of other taxes you paid during the year. Most importantly, these include:

• Federal taxes
• State taxes
• Property taxes
• Other ad valorem taxes (like vehicle registration)
• Sales tax on big-ticket items

11. Other income and deductions

Remember, this list isn’t meant to be exhaustive. Here are a few more things to consider that might affect your taxes, so be sure you have your records available:

• Childcare payments
• Gambling income
• Trust income
• Royalty income
• Alimony payments
• Health savings accounts and long-term care reimbursements

12. IRS account transcript

Keeping track of all of your tax documents can be a daunting task. However, missing an important tax document can result in costly mistakes. A simple way to make sure you have all of your most important documents is to access your IRS “Wage and Income” transcript. 

This report will list all of the tax documents filed by third parties on your behalf (W-2s, 1099s, 1098s, etc.). You can access your transcript directly from the IRS here: https://www.irs.gov/individuals/get-transcript.

13. Small business and rental property documentation

If you’re also running a small business or managing rental property, here’s a brief list of some of the information you’ll need to gather.

• Profit & Loss report for 2024
• End-of-year balance sheet
• A list of company assets that were bought, sold, or depreciated
• Your company’s inventory (if any)
• Any loans the company holds
• Payroll data

Tax prep checklist: information you’ll need

Whether you’re doing your taxes yourself or sending your information to an accountant, here’s a condensed checklist of the information you’ll need.

Personal information

Gather everything on this list that applies to you — you’ll need this information to complete your taxes.

Personal income

This includes W-2 income, self-employed 1099 income, and any other income you receive, including dividends and interest. 

Estimated tax payments

If you paid estimated tax payments throughout the year, make sure you have the documentation you need to show how much you paid and when.

Personal credits

If you qualify for any of the following IRS tax credits, be sure to gather the documentation you’ll need to show that you’re qualified.

Personal deductions (non-itemized)

The IRS allows the following deductions whether or not you’re claiming the standard deduction. Gather the appropriate documentation for any of these deductions that apply to you.

Itemized deductions

The IRS allows these deductions only if you’re itemizing your deductions instead of claiming the standard deductions. (If you’re claiming the standard deduction, you won’t need to document these.)

Business income and expenses

If you own all or part of a business, you’ll need the following information. 

In some cases, your business will need to file its own tax return even if you pay those taxes personally. Be sure to check with your accountant so you know what’s required.

Real estate business income and expenses

If you have properties that you rent out, you’ll want to bring this information too.