Categories: Mississippi News

What do you need to file your taxes?

(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.

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
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  • 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 an SSA-1099 for Social Security benefits.

Credits or deductions:

You will need to provide certain documents to take advantage of tax credits, including:

  • 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.

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“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 Nexstar’s NewsNation. “I would gather everything all in one place.”

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