Thursday, January 7, 2016

Additional information on last week’s post on documentation needed for charitable deductions

 
 
Cathy Robinson
Principal
 
Last week, I covered documentation you will need to report charitable deductions you have taken during the year. This week, consider additional, accompanying documentation which if you receive it, you will need to hold on to it for completion of your income tax return.
 
If you are working, you will receive your Form W-2 from your employer by January 31st.  If you have a bank account, you may have received interest income during the year. If this is the case, you will receive a Form 1099-INT.   Furthermore, if you have a brokerage account or a mutual fund, you may have interest income, dividend income, or stock sales to report.  In this case, you should receive a consolidated Form 1099 and year end summary.  Another form you may receive is a 1099-G.  This form reports the amount of any tax refund you may have received in the prior year. 
 
If you were an independent contractor, you should receive a 1099 – MISC by January 31st.  Additionally, did you take a withdrawal from a retirement account in 2015; did you roll over money to another retirement account?  If either of these scenarios happened, you will receive a Form 1099-R.  Lastly, were you a winner at the casino or the lottery?  If so, you will receive a W-2G.
 
Be alert and on the lookout for these forms in your mailbox soon!