What Records You'll Need for Filing Your Taxes
Generally, you’ll want to keep anything and everything that proves income and expenses.
A receipt can be a cash receipt, financial account statement, credit card statement, canceled or duplicate check. Also, a statement of account if paid electronically or through a payroll deduction that includes the date, signature and reason for payment.
When in doubt, it’s better to have it and not need it than to need it and not have it.
Here is some of the paperwork you should be keeping:
- Earned income (W-2 forms)
- Investment income (Form 1099s and other brokerage statements)
- Medical expenses (deductible if 7.5% of gross adjusted income)
- Documentation of taxes paid
- Receipts for charitable contributions of goods or services totaling more than $75. You can deduct a cash donation of $250 or more only if you have written confirmation.
- Child care expenses (some are deductible)
- If you receive or pay alimony, a copy of your written separation agreement or the divorce, separate maintenance or support decree
- Business expenses
- Professional/union dues
- Education expenses (some are deductible)
- Automobile/travel costs (if they are deductible for your work)
- Mortgage interest paid (Form 1098)
- Documentation of theft or loss, including value, the date the property was first noticed missing and proof that it was yours
- Gambling records stating the type of gambling activity, the amount won or lost, location of the establishment, names of others present with you and the date
- Records of contributions or distributions from IRA, pension, annuity or profit-sharing plans
- Full names, birth dates, Social Security numbers of others who may belong on your return
Neither Nationwide nor any of its representatives give tax or legal advice. Federal tax laws are complex and subject to change. Please consult your tax or legal adviser for answers to your specific questions.