Time to track down those tax-filing statements
Wednesday, October 05, 2011
If you postponed your filing earlier this year, the Oct. 17 due date is almost here.
That means it's time to find all those tax documents you got months ago so you can enter the data into your 2010 Form 1040. All these tax statements you need to file your return are today's Weekly Tax Tip.
Lots of docs: The number of tax documents could be quite large for some folks.
They work for wages, so they get a W-2. They took a second job, they get a second W-2. They did a little on-the-side work, so there are some 1099-MISC forms detailing those payments.
Don't forget about investment earnings. Amazingly, a few people made some money last year despite the volatile stock market and horrendously low savings rates. That income shows up on 1099-DIV or 1099-INT statements.
Homeowners get a 1098 statement noting how much mortgage interest they paid for the tax year. Yes, there is an official IRS version of this document, but most of us get what the IRS deems an acceptable substitute form.
The good thing about your lender's annual statement is that if your property taxes are paid by the bank via an escrow account, that tax amount is on the statement, too. That means you don't have to track down other documents when you go to deduct your real estate taxes on Schedule A.
These are just some of the more common reporting documents that you and the IRS get each year. You can check out a more complete list in my Bankrate tax tip, as well as in an earlier blog post on the annual tax paper chase.
It is a lot of paperwork, so make sure you haven't overlooked anything.
And remember to check your email. Many employers and money managers and lenders operate electronically nowadays. Your tax statement could still be in your in-box.
Or if you've misplaced a form since you used it to do a down-and-dirty analysis when you filed for your tax extension, you should be able to get a copy online.
Oct. 17 countdown coming: Yes, I got an extension. No, I haven't finished my 2010 tax return yet.
I'm the tax geek version of the cobbler's barefoot kid. I've been so busy keeping track of what Congress is (or isn't) doing in the tax world and writing about it, that I just haven't had time to finish up my taxes. That's my story and I'm sticking to it!
But I will.
And for those of you in the same situation, I'll be posting a countdown to Oct. 17 starting this Friday that will offer filing-specific tips, suggestions and advice to get us to the fast-approaching drop-dead tax deadline.
That way, we all can share in the misery loving company of last-minute filing!
You also might find these items of interest:
And I love this. I'm doing my partner's taxes as he also filed for the extension. It's so weird to be going through and doing someone else's taxes when they haven't been preparing for it all year the way I do.
Posted by: Revanche | Saturday, October 08, 2011 at 08:27 PM