& fINANCIAL sERVICES

MEP TAX CHECKLIST

What you need to file your taxes varies depending on your situation. For example, if you’re a self-employed college student, you may need 1099 and 1098-T forms to file your taxes. However, if you weren’t in college and only received a W-2, you could skip those tax documents.

Use the checklist below to find the tax documents and forms you'll need to get started.


Personal Information

Tax Identification Numbers are mandatory items on your checklist. All taxpayers will need the following to do their taxes.

 Your social security number or tax ID number
 Your spouse’s full name, social security number or tax ID number, and date of birth
 Information about your stimulus payment — also known as an economic impact payment (EIP) — if applicable — you may have IRS Notice 1444 or other records showing your EIP amount
 Identity Protection PIN, if one has been issued to you, your spouse, or your dependent by the IRS
 IRS Letter 6475 - your 2021 Economic Impact Payment, to determine eligibility to claim the Recovery Rebate Credit
 Routing and account numbers to receive your refund by direct deposit or pay your balance due if you choose


Dependent(s) Information

Parents and caregivers should gather this information as they review what they need to file their taxes.

 Dates of birth and social security numbers or tax ID numbers
 Childcare records (including the provider's tax ID number) if applicable
 Income of dependents and of other adults in your home
 Form 8332 showing that the child's custodial parent is releasing their right to claim a child to you, the noncustodial parent (if applicable)
 IRS Letter 6419 - official documentation that has the details you need to report your advance Child Tax Credit (CTC) payments


Sources of Income

Many of these forms won’t be needed to file taxes every year. For example, you will only receive the investment forms you may need to file your taxes if you had distributions or other activity.

Employed

 Forms W-2

Unemployed

 Unemployment (1099-G)


Self-Employed

 Forms 1099, Schedules K-1, income records to verify amounts not reported on 1099-MISC or new 1099-NEC
 PROFIT & LOSS


Rental Income

 Records of income and expenses
 Rental asset information (cost, date placed in service, etc.) for depreciation
 Record of estimated tax payments made (Form 1040–ES)


Retirement Income

 Pension/IRA/annuity income (1099-R)
 Traditional IRA basis (i.e., amounts you contributed to the IRA that were already taxed)
 Social security/RRB income (SSA-1099, RRB-1099)


Savings & Investments or Dividends

 Interest, dividend income (1099-INT, 1099-OID, 1099-DIV)
 Income from sales of stock or other property (1099-B, 1099-S)
 Dates of acquisition and records of your cost or other basis in property you sold (if basis is not reported on 1099-B)
 Health Savings Account and long-term care reimbursements (1099-SA or 1099-LTC)
 Expenses related to your investments
 Record of estimated tax payments made (Form 1040–ES)
 Transactions involving cryptocurrency (Virtual currency)


Other Income & Losses

 Gambling income (W-2G or records showing income, as well as expense records)
 Jury duty records
 Hobby income and expenses
 Prizes and awards
 Trust income
 Royalty Income 1099–MISC
 Any other 1099s received
 Record of alimony paid/received with ex-spouse’s name and SSN
 State tax refund


Types of Deductions

The types of deductions you can take depend a lot on your life situation. It’s likely you won’t need all of the documents listed below for your taxes.

Home Ownership

 Forms 1098 or other mortgage interest statements
 Real estate and personal property tax records
 Receipts for energy-saving home improvements (e.g., solar panels, solar water heater)
 All other 1098 series forms


Charitable Donations

 Cash amounts donated to houses of worship, schools, other charitable organizations
 Records of non-cash charitable donations
 Amounts of miles driven for charitable or medical purposes


Medical Expenses

 Amounts paid for healthcare, insurance, and to doctors, dentists, and hospitals

Health Insurance

 Form 1095-A if you enrolled in an insurance plan through the Marketplace (Exchange)

Childcare Expenses

 Fees paid to a licensed day care center or family day care for care of an infant or preschooler
 Amounts paid to a baby-sitter or provider care of your child under age 13 while you work
 Expenses paid through a dependent care flexible spending account at work


Educational Expenses

 Forms 1098-T from educational institutions
 Receipts that itemize qualified educational expenses
 Records of any scholarships or fellowships you received
 Form 1098-E if you paid student loan interest


K-12 Educator Expenses

 Receipts for classroom expenses (for educators in grades K-12)

State & Local Taxes

 Amount of state and local income or sales tax paid (other than wage withholding)
 Invoice showing amount of vehicle sales tax paid and / or personal property tax on vehicles


Retirement & Other Savings

 Form 5498-SA showing HSA contributions
 Form 5498 showing IRA contributions
 All other 5498 series forms (5498-QA, 5498-ESA)