May 13, 2020

Getting organized for 2019 taxes: What you need to know

By Goldman Sachs Ayco Personal Financial Management

You can’t escape tax time, but a little preparation can make this annual task much easier. Whether you do your own taxes or use a tax preparer, this list will help you organize the necessary information. A copy of last year’s tax return can also help you gain insight on anything else you may need to gather.

Where did you receive income in 2019?

Income:
You’ll need this form or other documentation:
  • Paid job(s)
  • W-2
  • Investments, including interest or dividends
  • 1099-INT, 1099-DIV, 1099-OID
  • Tax refunds from a state government or unemployment compensation
  • 1099-G
  • A pension, annuity or retirement plan
  • 1099-R
  • Social Security benefits
  • SSA-1099, RRB-1099
  • Other miscellaneous income
  • 1099-MISC
  • Business or rental properties, farms
  • Business records, receipts and check registers

What expenses may reduce your tax bill?

Expense: You’ll need this form or other documentation:
  • Home mortgage interest
  • 1098
  • Real estate taxes
  • Receipts from your city, town or county1
  • Charitable contributions
  • Receipts from charities, especially if gifts >$250 in value2
  • Tuition, fees or other qualified education expenses
  • 1098-T, receipts
  • Student loan interest
  • 1098-E
  • Child and dependent-care expenses
  • Caregivers' tax ID numbers, receipts, copies of checks or check register
  • Casualty loss from a federally declared disaster
  • Proof of loss, contractor estimates, receipts for the cost of cleaning up or making repairs, amount of any insurance reimbursement

What else might impact your taxes?

Action:
You’ll need this form or other documentation:
  • Contributed to a retirement plan, including Individual Retirement Account (IRA) or converted a traditional IRA to a Roth IRA
  • Amount of your contributions, your W-2, Form 5498 and traditional IRA basis (Form 8606), 1099-R
  • Contributed to a Health savings account (HSA)
  • Year-end statement, copies of checks or check register, Form 5498-SA
  • Sold investments resulting in a capital gain or loss
  • 1099-B
  • Changed your family structure
  • SSN or other IRS-issued Taxpayer Identification Number for spouse and/or dependents, divorce or separation instrument, W-2 for adoption benefits, receipts for adoption expenses
  • Cancellation of debt
  • 1099-C

Have you already paid some of your taxes?

Payments:
You’ll need this form or other documentation:
  • Withholding from your paycheck
  • Included on your W-2
  • Withholding from a pension annuity, 401(k) withdrawal, etc.
  • 1099-R
  • Estimated payments
  • Copy of your payment vouchers and checks



Want to learn more? Check out other articles from AYCO on financial planning and more.

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ABOUT THE AUTHOR

Goldman Sachs Ayco Personal Financial Management

ayco.com

This material was prepared by The Ayco Company, L.P. d/b/a Goldman Sachs Ayco Personal Financial Management (“Ayco Personal Financial Management” or “Ayco”), an affiliate of United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management (“GS PFM”). This material was prepared for informational purposes only and should not be construed as personal financial planning, investment, tax, accounting, or legal advice. No investment decisions should be made using this data. GS PFM believes the material used for the article is accurate, but does not verify its accuracy independently and does not warrant or guarantee that is it accurate or complete. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice. ©2021 The Ayco Company, L.P., d/b/a Goldman Sachs Ayco Personal Financial Management. All Rights Reserved. Brokerage services are offered through Goldman Sachs & Co. LLC and Mercer Allied Company, L.P. (a limited purpose broker-dealer), both affiliates of Ayco and members FINRA/SIPC.

Additional materials and revisions by © 2021 United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management. All Rights Reserved.


United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management (“GS PFM”) is a registered investment adviser and an affiliate of Goldman Sachs & Co. LLC and subsidiary of The Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management, and financial services organization.

The information contained herein is intended for informational purposes only, is not a recommendation to buy or sell any securities, and should not be considered investment advice. GS PFM does not provide legal, tax, or accounting advice. Clients should obtain their own independent legal, tax, or accounting advice based on their particular circumstances. Please contact your financial adviser with questions about your specific needs and circumstances.

Information and opinions expressed by individuals other than GS PFM employees do not necessarily reflect the view of GS PFM. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice.

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