What Documents Do You Need to Gather for Your 2024 Tax Return?

Documents You'll Need to File Your 2024 Tax Return

Well, it's March, and you know what that means. It's time to start thinking about tax season if you haven't done so already. April 15, 2025, will be here before you know it, and ensuring you have gathered all the necessary documents ahead of time can help streamline the filing process. With tax law updates and financial institutions sending out tax forms, you might be wondering what paperwork you need to collect. Below, we'll walk you through the essential documents to ensure you're fully prepared to file your 2024 tax return with confidence.

Income-Related Documents to Collect

Wages and Salary (W-2 Forms): If you were employed in 2024, your employer should provide you with a Form W-2 detailing your earnings and tax withholdings.
Self-Employment or Contractor Income (1099 Forms): If you worked as an independent contractor or were self-employed, you may receive 1099-NEC, 1099-MISC, or 1099-K forms, depending on how you were paid. Be sure to gather documentation for all income and expenses related to business activities.
Investment Income and/or Interest-Bearing Accounts (checking or savings account, high-yield savings account, etc.) (1099 Forms): If you earned dividends, interest, or capital gains, your financial institution should have issued a Form 1099-B, 1099-DIV, 1099-INT, and/or a Consolidated or Composite 1099. For some holdings in your investment account, you may also receive a 'Corrected 1000' later on before taxes are due. You may want to verify your cost basis and holding period details for investment sales or inheritances to ensure they are correctly reflected on your tax forms.
Withdrawals From a Retirement Plan or Insurance Policy (1099-R): If you withdrew funds from a retirement account or insurance policy, you should receive a 1099-R form. Also, be sure to let your tax preparer know if any special withdrawal circumstances apply to you (e.g., penalty exceptions for early retirement plan withdrawals, insurance policy exchanges, etc.)
Direct or Indirect Rollover of Funds From an Employer Retirement Plan (e.g., 401(k), 403(b), 457, etc.): If you performed a rollover in 2024, the plan administrator of the employer retirement plan will send you a Form 1099-R.
Retirement Income From a Pension, Annuity, or Social Security: Collect Form(s) 1099-R for pensions and annuities and SSA-1099 for Social Security benefits.
Roth Conversion: For any Roth conversions you made in 2024, the financial institution will also issue you a Form 1099-R for this.
Rental Income: If you own a rental property(ies), gather records of rental income, property expenses, and time spent on rental activities (e.g., personal vs. rental usage).
Equity Compensation (Forms 3921/3922, W-2 details): Depending on the type of equity compensation you acquired through your employer, you may receive a Form 3921 and/or 3922. It may also be reported on your W-2. You will want to collect any documents related to your equity compensation and be mindful of any adjustments that may need to be made (e.g., cost basis adjustment, employee discounts, holding period requirements, etc.).
Real Estate Transactions (1099-S): If you sold a home or other real estate, you may need this form along with documentation of your cost basis (e.g., purchase and sale statements, improvements, depreciation previously claimed or allowed, etc.). It is also good to talk to your tax preparer about exclusions that may apply to you based on your ownership and property usage.
Alimony Received (for divorces finalized before 2019): Gather records if you received alimony, as it remains taxable for agreements pre-dating 2019.
Other Income: If you received unemployment benefits, jury duty pay, gambling winnings, or any other taxable income, collect the necessary supporting documents. You can find a more comprehensive list of additional sources of income on IRS Schedule 1, Part 1.

Documents Needed for Deductions

Retirement Contributions (i.e., 401(k), 403(b), 457, IRA, etc.) or other tax-advantaged accounts (i.e., health savings account, flexible spending account, 529, etc.): Gather documentation for any contributions you made to these accounts. Also, if you made excess contributions to any of these accounts, be aware of any deadlines to remove those funds to avoid penalties.
Self-Employed Business Expenses: If you are self-employed, collect receipts and records for all business expenses (e.g., home office deductions, vehicle expenses, health insurance premiums, business insurance, office supplies, etc.) relating to your business income and potential eligibility for the Qualified Business Income (QBI) deduction.
Interest on Your Mortgage, Home Equity Loan, or Home Equity Line of Credit (HELOC) (Form 1098): Collect your Form 1098 Mortgage Interest Statement and any other relevant documentation (e.g., interest paid, points paid, origination dates, balances, etc.) Be mindful that there are limitations on these deductions (i.e., funds must be used to buy, build, or substantially improve your home) that may apply. You can read more about this on the IRS page for the Home Mortgage Interest Deduction.
Student Loan Interest on Qualified Student Loans (Form 1098-E): You may be able to deduct some or all of the student loan interest you paid up to $2,500. Collect Form(s) 1098-E or other statements showing the amount of interest paid.
Medical Expenses: If you had significant out-of-pocket medical expenses, gather receipts and statements. Deductions apply if expenses exceed 7.5% of your Adjusted Gross Income (AGI).
Charitable Donations (including cash, non-cash property, stock, etc.): Keep records of any information about the donations, including valuation details for non-cash gifts.
State and Local Taxes (e.g., income, sales, property, etc.): The SALT (State and Local Tax) deduction allows you to deduct certain state and local taxes up to $10,000. Be sure to gather details on the amounts paid.
Alimony Paid (for divorces finalized before 2019): For divorces in 2018 or earlier, alimony paid to a former spouse can be deducted. Be sure to collect documents that outline relevant details (i.e., alimony received, date of the divorce agreement, etc.) as well as the alimony recipient's social security number.
Other Deductions That May Apply to You: Check out a more comprehensive list on IRS Schedule 1, Part 2, and gather relevant details to substantiate your decisions.

Tax Credits and Special Considerations

Child and Dependent Care Expenses: If you have children or dependents, gather documentation for childcare, education, or adoption-related costs. To learn more about this credit, check out the IRS page on the Child Tax Credit. The IRS also has an interactive tax assistant questionnaire to help determine if a dependent qualifies for the child tax credit or the credit for other dependents.
Education Expenses (Form 1098-T, 1099-Q): If you, your spouse, or your dependents incurred any qualifying education expenses, gather Form(s) 1098-T (if you made tuition payments), Form(s) 1099-Q (for 529 distributions), receipts, etc.
Electric Vehicle and Energy Efficiency Credits: If you purchased an electric vehicle (EV) or made energy-efficient home improvements to your home, collect relevant documents, including receipts and manufacturer certifications, to potentially qualify for tax credits.
Health Insurance Through the Marketplace (Form 1095-A): If you obtained insurance through the Marketplace, you'll need this form to reconcile premium tax credits. Be careful of any premium tax credits you owe back if your income is higher than what you initially reported to the Marketplace. If so, consider strategies that may reduce your MAGI (e.g., deductible IRA contributions, etc.)
Estimated Tax Payments or Tax Overpayment from Last Year Toward This Year's Tax Liability: If you made estimated tax payments throughout the year, collect proof of payments (e.g., amounts, dates paid, whose name payments were made in, etc.).
Other Tax Credits: If you believe there may be other credits you qualify for, check the IRS page on credits and deductions for individuals and collect any relevant details and documents needed for those credits.

Other Key Considerations

Gifts Above $18,000 in 2024: If you gave a gift exceeding the annual exclusion amount, be mindful of any gift tax reporting requirements (e.g., Form 709), as well as elections that may reduce your gift tax liability (e.g., gift-splitting, 529 5-year averaging, etc.).
Qualified Charitable Distributions (QCDs): If you made donations directly from your IRA, ensure you have documentation. Be mindful that these donations should not be reported on Form(s) 1099-R and may be excluded from taxable income (if eligible).
Backdoor Roth IRA Contributions: Ensure non-deductible IRA contributions (i.e., your basis) are appropriately tracked and reported for current and previous tax years.
Business Partnerships, Master Limited Partnerships (MLPs), Interest in LLCs or S corporations, or Received Money From an Estate or Irrevocable Trust: Certain entities and partnerships issue K-1 tax forms, which report any amounts that are passed onto any party that has an interest in the entity. Depending on the entity, the tax form may include income, losses, deductions, and credits the taxpayer is responsible for reporting on their personal tax return. Note that since K-1s typically need to be received by March 15th, these forms tend to arrive late and can be one of the last tax documents you receive.
Business Owners: If you co-own a. business or solely own a business taxed as an S-Corporation, be mindful of business tax returns (e.g., Form(s) 1120-S, 1065, etc.) that may need to be finalized before your personal tax filings.
Solo 401(k) Plans: If your Solo 401(k) had a balance exceeding $250,000, gather the December monthly statement from the financial institution holding your Solo 401(k) and talk to your tax preparer about whether you need to file Form 5500-EZ.

Final Thoughts

Organizing your tax documents ahead of time can help you avoid last-minute stress and ensure you maximize deductions and credits. If you have complex financial situations, consult with a financial advisor or tax professional to ensure you're collecting all necessary documentation. By staying ahead of the game, you can make tax season as smooth as possible!

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About the Author

Holzberg Wealth Management is a family-owned and operated financial planning and investment management firm based in Marin County, CA. As your financial advisors, we serve you as a fiduciary and are fee-only, so we never receive commissions of any kind. We help individuals and families like you in the greater San Francisco Bay Area and nationwide with the financial decision-making process to organize, grow, and protect your assets.

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