(NewsNation) — The Internal Revenue Service has started processing 2024 tax returns, and taxpayers have until April 15 to submit theirs without a penalty or authorized extension.
In order to file your taxes, you will need a host of documents, including personal information and income. Here is what you need, according to the IRS.
Personal information:
- Social security number or individual tax ID number
- Bank account and routing numbers if using direct deposit for refunds
- Adjusted gross income
- Refund amount from previous tax return
- Current address
- Self-select PIN if you e-filed last year
- IP PIN if you were a victim of identity theft
Income:
- Paycheck stubs
- W-2 form
- Bank statements or documents from other payment apps or online marketplaces
- Checks addressed to you
- Unemployment payments
If you didn’t get a W-2, you may have received a 1099 form, which shows other types of income. Common types include a 1099-K for payments received through online marketplaces such as PayPal; a 1099-G for government payments such as unemployment benefits; a 1099-NEC for contractor or freelance work; and a SSA-1099 for Social Security benefits.
Credits or deductions:
You will need to provide certain documents to take advantage of tax credits.
- Child care or dependent care expenses
- Home mortgage and property tax records
- Charitable donations
- Health savings account or flexible spending account contributions
- Health care expenses
- Retirement contributions
- Education expenses (for students and teachers)
Intuit TurboTax, a tax preparation company, recommends submitting your return online and setting up direct deposit for refunds. Filing online also allows you to upload electronic W-2s, which auto-populate information, saving you time.
The IRS generally issues refunds within 21 days of accepting your online return.
“The average refund was close to $3,000 last year for a lot of people. That’s the biggest check they get all year, so definitely go online and file,” Lisa Greene-Lewis, certified public accountant and TurboTax tax expert, told NewsNation. “I would gather everything all in one place.”