Apr 13, 2021

Getting Organized for Tax Season: What you Need to Know

By Goldman Sachs Ayco Personal Financial Management

The start of the new year also brings the stress of doing your taxes. Advanced preparation can help take the fear out of tax season. Whether you file your own taxes or you use a tax professional, we’ve created a checklist of documents and forms that will make it easier to stay organized.

What do you have to report as income?

Income:

  • Paid job(s)
  • Investments, including interest or dividends 
  • Tax refunds from a state government or unemployment compensation 
  • A pension, annuity or retirement plan 
  • Social Security benefits 
  • Other miscellaneous income 
  • Business or rental properties, farms 

You’ll need this form or other documentation:

  • W-2
  • 1099-INT, 1099-OID, 1099-DIV 
  • 1099-G 
  • 1099-R 
  • SSA-1099 
  • 1099-MISC 
  • Business records, receipts and check registers 

Do you have any expenses that may reduce your taxes?

Expense:

  • Home mortgage interest
  • Real estate taxes 
  • Charitable contributions 
  • Tuition, fees or other qualified education expenses 
  • Student loan interest
  • Child and dependent-care expenses 
  • Casualty loss from a federally declared disaster

You’ll need this form or other documentation:

  • 1098
  • Receipts from your city, town or county2
  • Receipts from charities or bank records for amounts $250 or more3
  • 1098-T, receipts 
  • 1098-E 
  • Caregivers' tax ID numbers, receipts, copies of checks or check register
  • 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:

  • Made retirement plan contributions, including Individual Retirement Account (IRA) contributions, including Roth IRA conversions
  • Health savings account (HSA) contributions 
  • Sold investments resulting in a capital gain or loss
  • Change in marital status, or added a new person to your family 

Documentation/forms you’ll need:

  • Amount of your contributions from your W-2, Form 5498, Form 8606 and Form 1099-R 
  • Year-end statement, copies of checks or check register, Form 5498-SA 
  • 1099-B 
  • SSN or other IRS-issued Taxpayer Identification Number for spouse and/or dependents, divorce or separation instrument

Have you already paid some of your taxes?

Payments:

  • Withholding from your paycheck
  • Withholding from a pension annuity, 401(k) withdrawal, etc. 
  • Estimated payments 
  • Overpayment applied from 2019 return

Documentation/forms needed:

  • Included on your W-2
  • 1099-R 
  • Copy of your payment vouchers and checks
  • Copy of your 2019 Form 1040


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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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