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Day 1: Gather data
We're talking about the income tax, so that means you need to gather all your earnings information.
Start with your W-2 wage statements. You should have one for each salaried job you had last year.
Don't forget any 1099 forms. These statements, each with a different suffix or prefix, will come from various sources:
- You'll have received some from employers if you did independent contract work.
- You'll have Form 1099-INT and 1099-DIV from banks and investment companies if you owned financial instruments that paid interest or dividends.
- You'll need Form 1099-B if you sold a stock, Form 1099-S if you sold real estate.
- Form SSA-1099 will document any Social Security income you received.
- Form 1099-G goes to those who collected unemployment, which, unfortunately, is taxable.
- If you had some luck and received Form W-2G from a gambling establishment, you'll have to report any winnings.
Remember, the IRS also received copies of these income statements. Put them together with other tax-related documents you received earlier.
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