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What Documents Do I Need to Collect for Filing My 2024 Tax Return?

Financial Planning Taxes Retirement Planning

A 60-second read by James Suazo, ChFC®:   As you start to compile the documents you need for filing your tax return, it might be helpful to reference our flowchart below in determining what documents are needed. It is important to wait for all of your tax documents to arrive before filing, especially if you are thinking of filing your taxes early this year.  

Keep in mind the following:

  1. Wait for all your tax documents to arrive before filing.  This is especially true for investment accounts in which 1099s are received.  If you have received “corrected 1099s” in the past, you may choose not to file early to avoid the potential need for an amended return.  Some of these forms come in late February or March.

  2. You will receive a form 1099-R if any money has been moved out of a retirement account.  How much you will pay in taxes will depend on how the money is moved. You want to make sure any movement out of a retirement account is done properly, and the correct code is applied when you file your taxes.

  3. For IRA’s, you may also receive a 5498 when you contribute to your account.    You may need to file form 5498 in some circumstances.

Reference this flowchart for guidance with what documents are needed for your 2024 tax return
Click on the image to view a larger version of the chart with both pages

The 2024 instructions for Forms 1099-R and 5498 can be found on the IRS.gov website:
https://www.irs.gov/pub/irs-pdf/i1099r.pdf

As always, it is best to discuss your options with your personal financial advisor and/or tax professional who knows your specific circumstances.

If you have any further questions, please contact the Baron Financial Group Team.

Visit our website blog for more information about taxes 

Disclosure: This is a general communication being provided for informational purposes. This material is not intended to be relied upon as forecast, research, tax or investment advice. Please consult your financial planning and tax professional for personal advice.