The records you need

To fill out your tax form, either online or on paper, you’ll need certain records that report necessary information. One of the most important is IRS Form W-2, which your employer gives you or mails to your home. It reports what you earned, what was withheld for various taxes, and other details. If you have interest or dividend income, or do freelance work, you’ll get an IRS Form 1099 from each organization that paid you.

The IRS will have its own copy of those records. Using Form W-2, for example, it can match what you report as income with what your employer reports you were paid.

A record system

It’s smart to have a system for keeping your tax records organized. It can make a huge difference when tax season rolls around each year if you have everything you need in one place. The more you earn and the more complicated your finances are, the more records you’ll have to keep. Here’s a list of those that might affect you at this point in your life:

• Interest you paid on student loans and on your mortgage if you own a home, which lenders will provide

• Confirmations of contributions to deductible IRAs

• Records of uninsured medical and dental expenses that add up to more than 7.5% of your adjusted gross income (AGI)

• State and local taxes you paid

• Business expenses for your job that your employer required but didn’t pay for, which may include the cost of an advanced degree