Your Tax Prep Checklist: A Few Forms to Keep in Mind - VFCU
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Your Tax Prep Checklist: A Few Forms to Keep in Mind

On January 29th, the IRS kicked off the opening of the 2018 tax season. While April 15th is the last day to file your taxes, we all know that some taxpayers will wait until the last minute to gather all of the necessary documentation to file theirs. But why wait? Is it because of the paperwork? Finding the proper documents? Valley Federal Credit Union wants to make it a little easier by providing a checklist of necessary documents and important tax credits that you might be qualified for this tax season.

Valley Federal Credit Union has made filing taxes even more convenient by working together with TurboTax. By teaming up, we can make filing easy for you!

Personal Information

Before filing your taxes, you’ll need the social security number of everyone that’ll be listed on your return. This includes children, a spouse and any other dependents. If your child is quite young and still hasn’t received their social security number, we’d recommend focusing on that first since it could keep you from getting a nice refund.

Employment Documents

Next, gather all documents that show how much you earned in 2017. Remember to include your spouse’s documents as well if you two will be filing jointly. If you still have the same job as last year, then you’ll only need Form W-2 from your employer. However, you may need a different one if you happened to work as a freelancer or were contracted by an employer. The form you’ll need in this case is the 1099-MISC. If you collected unemployment, then you’ll need Form 1099-G. This is the time to start reaching out to employers to ensure that you have all important documents!

Find Last Year’s Return

One of the reasons to have last year’s return handy is that, unless your life changed drastically since the last time you filed, you’ll more than likely have the same deductions, such as property taxes, mortgage interests and charitable contributions. You can always request a copy from the IRS if you’re having trouble finding yours.

Available Tax Credits

There are a number of deductions and credits to help get the most out of your tax return. You’ll need the following documentation if applying for tax credits:

  • Advance Child Tax Credit payment
  • Child care costs — Provider’s name, address, tax ID and amount paid
  • Education costs — Form 1098-T and education expenses
  • Adoption costs — The social security number of the child and legal, medical and transportation costs
  • Home mortgage interest and points you paid — Form 1098
  • Investment interest expenses
  • Charitable donations — Cash amounts and value of donated property, miles driven and out-of-pocket expenses
  • Casualty and theft losses — Amount of damage, insurance reimbursements
  • Other miscellaneous tax deductions — Union dues and unreimbursed employee expenses such as uniforms, supplies, seminars, continuing education, publications, travel, etc.
  • Medical and dental expenses

Direct Deposit

One of the most convenient ways to get your refund is through direct deposit, and the IRS allows you to split it up to three different accounts. Filing electronically is another speedy process that will get your refund in in at least eight business days instead of the normal three to five week-long period. Whether you’re prepared and ready to take on tax season or are wondering which documents you might need, Valley Federal Credit Union wants to make it easier for you to file your taxes by working together with TurboTax. File your taxes and have your refund transferred straight into your account! Visit our credit union in Brownsville today to learn more!

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