Tax season is approaching and if you want to have a complete and problem-free 2022 return, it is best to keep in order all the key forms that you must take into account.
The Internal Revenue Service (IRS) advises taxpayers to organize their records and know the forms that must be in their filing, even before the 2023 tax season arrives .
However, due to changes in the records for transactions over $600 made through platforms such as PayPal and Venmo, the IRS recommended moving forward with the organization, but waiting to file and avoiding early submission of returns .
“Having organized tax records makes the complete and accurate preparation of your tax return easier,” says the IRS in a publication on its official website in Spanish.
One of the points in favor that the federal tax office highlights is that by knowing the key forms, delays in the review are avoided and, therefore, your refund will not have delays in reaching your bank account .
But also, the IRS pointed out that ordering the key forms, “could help you discover deductions or credits that you didn't realize you could take.”
These are the forms of yes or yes you must take your declaration
The IRS detailed a list of eight tax forms and documents that should not be missing from your 2022 tax return before you send it.
1.- W-2 forms from your employer or employers
2.- 1099 forms that will be sent to you by banks, issuing agencies and other payers such as unemployment compensation, dividends, distributions from a pension, annuity or retirement plan
3.- Form 1099-K , this will be new for many taxpayers in 2023, and Form 1099-MISC or any other income statement if you participated in shared economy transactions
4.- Form 1099-INT , if interest was paid to you at any time
5.- Documents of income or transaction records of digital assets
6.- Form 1095-A , the market health insurance statement, with which you can reconcile the advance payment or claim the Premium Tax Credit for coverage in the 2022 market
7.- Letters issued by the IRS or by other agencies
8.- Notice CP01A with your new PIN for identity protection
An additional recommendation that the IRS makes to taxpayers is that you notify the office if you have changed your address and also notify the Social Security Administration if there is a legal change in your name.
The IRS reminded taxpayers that unemployment income, interest received, income from the sharing economy (PayPal or Venmo, among others) and digital assets are considered taxable income.