Tax Prep Checklist: What You'll Need to File your 2023 Tax Return
Whether we’re ready our not, tax season is upon us! You’ve likely been getting all kinds of documents you might need to file your 2023 tax return.
If you use tax-filing software or even work with a tax professional, a tax-prep checklist can help you stay organized and save time as you get ready to file.
Get a copy of your 2023 tax return checklist below:
What Documents Do I Need for My 2023 Tax Return?
Get your Cove Checklist: What Documents Do I Need for My 2023 Tax Return?
For all the nerdy details, below is a summary of the most common tax documents and information you’ll need to complete your filing.
What do I Need to File?
Your personal information
Your personal info tells the IRS and state who is filing the return and where to contact you and send your tax refund (if eligible).
Remember, you will also need this information for your spouse if you’re filing a joint return.
Your name (exactly as it appears on your Social Security card)
Date of birth
Social Security number
Home address
Copy of last year’s federal and state tax returns
Bank account number and routing number to send your refund by direct deposit
Dependent information
If you are claiming a dependent on your tax return, you will need the following:
Dependents’ name (as it appears on their Social Security card), dates of birth and Social Security numbers
Form 8332 (if your dependent child’s custodial parent is releasing their right to claim the child as a dependent)
Income sources
You might receive several different forms documenting the income you received in 2023. Some common forms include:
W-2s from your employer(s)
1099-INT, 1099-DIV and 1099-B for interest, dividends, and security/fund sales
1099-R and SSA-1099 for retirement-plan distributions and Social Security benefits
You will also receive a 1099-R for rollovers and Roth conversions made during the year
1099-S for income from the sale of your residence or other property
1099-MISC for income from a rental property
1099-Q for distributions from a 529 plan or Coverdell ESA
1099-SA for distributions from a Health Savings Account (HSA)
1099-G forms for unemployment income and state or local tax refunds
Schedule K-1 for income from a pass-through business, trust or estate
Alimony received (if your divorce or separation agreement is dated on or before December 31, 2018)
Records of any transactions involving cryptocurrency
Information on other sources of income, such as jury duty pay, gambling winnings, cancellation of debt, etc.
Self-employment records
If you’re self-employed or run a business, you need to report that income. You can also claim business expenses to lower your taxable income.
1099-NEC or 1099-K showing income earned as an independent contractor
Records of all business income and expenses
Documentation for home office expenses, including square footage of home and square footage of area used exclusively for business
Records for business assets to be depreciated, including cost and date placed in service
Miles traveled for business purposes
Read more about common self-employment and small-business tax deductions
Deductions
Deductions can reduce your taxable income, lowering the amount of tax you owe or increasing your refund.
For 2023, the standard deduction was $13,850 for single filers ($27,700 for married filing jointly).
Most folks claim the standard deduction, but if you itemize your deductions, you’ll need information on:
Out-of-pocket medical expenses
Form 1098 showing any mortgage interest, mortgage insurance premiums and points you paid during the tax year
Real-estate taxes
State and local income taxes or sales taxes
Taxes paid with your vehicle registration
Charitable donations
Premiums paid for long-term care insurance
Documentation of casualty losses (if you lived or owned property in a federally declared disaster area)
If you have any of the following deductions, known as adjustments to income, you can claim them even if you don’t itemize.
Form 1098-E for student loan interest
Records of contributions to an HSA, IRA, SEP or self-employed retirement plan
Premiums paid for self-employed health insurance
Alimony paid (for divorce or separation agreements dated on or before December 31, 2018)
Expenses paid for classroom supplies (for teachers)
Tax credits
Tax credits are a dollar-for-dollar reduction in the amount of tax you owe.
Generally, you’ll need the following documents to claim common tax credits.
Form 1098-T showing expenses for higher education
Child care costs and care provider’s name, address and tax identification number (TIN)
Form 1095-A if you purchase health insurance through the Health Insurance Marketplace
Form 8936 to claim a credit for an electric-vehicle purchase
Form 5695 for energy efficient home improvement credits
Estimated tax payments
If you’re self-employed or earn a lot of money that doesn’t have federal and state income tax withheld, you may need to make estimated tax payments.
Make sure you include these payments on your tax return, so you don’t pay twice.
Estimated tax payments made during the year to the IRS and state and local tax authorities
Prior-year refunds applied to the current year
Any amounts paid with an extension
Gathering all of this information before you file your return may be cumbersome, but it ensures you’ll have everything you might need to claim every tax deduction and credit available to you.
Don’t forget about updates to Important Tax Numbers in 2024.
Do you have questions about your 2022 tax filing? Reach out to me at Ben@coveplanning.com or schedule a free consultation call.
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Ben Smith is a fee-only financial advisor and CERTIFIED FINANCIAL PLANNER™ (CFP®) Professional with offices in Milwaukee, WI, Evanston, IL and Minneapolis, MN, serving clients virtually across the country. Cove Financial Planning provides comprehensive financial planning and investment management services to individuals and families, regardless of location, with a focus on Socially Responsible Investing (SRI).
Ben acts as a fiduciary for his clients. He does not sell financial products or take commissions. Simply put, he sits on your side of the table and always works in your best interest. Learn more how we can help you Do Well While Doing Good!
Disclaimer: This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. I encourage you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Ben Smith, and all rights are reserved. Read the full Disclaimer.