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New tax forms: tips that will save you from mistakes

The best way to prepare to fill out a tax return is to take a deep breath, exhale, and start collecting all the receipts and necessary documents.

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Your 2018 declaration of the year will be very different from what you previously filled out, writes Our Texas. We are talking about a wide range of major changes and many small pitfalls in the new tax law. The new form of 1040 is much more compact. But for many, along with this form, additional forms will be required.

The first few steps will help you overcome stress and begin to act. Therefore, we remind you that the deadline for submitting your declaration is 15 April. The earliest deadline for receiving a declaration is January 28.

Before you begin to understand the new declaration (and best of all, of course, contact a specialist for help), think about what has happened in your life. Perhaps in 2018, you had a baby, bought a new home, got a new job, or retired?

When it comes to taxes, new events in your life can mean a new set of necessary documents. Here is a brief list of what needs to be done first:

1. Prepare a copy of your daily tax return.

Of course, the tax rules have changed a lot, and you got the 1040 form, which looks different. But your 2017 declaration for the year can help make sure that you have collected all the necessary documents for the drafting of this year’s declaration.

Did you change jobs in March or April? Do you have both forms of W-2: one from the past job where you worked only a few months and the other from the current one?

Unfortunately, many people forget to provide documents from their old place of work. You should not forget about this and remind the former employer yourself if for some reason he forgot to send you the necessary document. Your 1040 form can serve as a reminder that you have not yet received the latest 1099-DIV data from the mutual fund (mutual fund) on dividends received and capital gains. Or perhaps you didn’t receive the 1099-INT form from your bank.

2. Correct social security number

Make sure you, your spouse, and children have the correct social security numbers. If you have a baby in 2018, you must also have a social security certificate.

Also prepare a driver's license. Some tax preparers also require this document as proof of your identity.

Some states, such as Alabama, Connecticut, New Mexico, New York and Ohio, will not accept your declaration if you do not provide a driver's license number.

Most declarers use the TurboTax program, which requires you to provide your driver's license or any other identity card.

Also this year, the TurboTax program has the ability to scan the barcode of your driver's license, which immediately loads your name, address, date of birth into the file and makes it easier to enter all of this information.

3. Time to check the list of documents

If you are working with a professional tax return compiler, it is possible that he will provide you with a list of required documents by e-mail, or you can check which documents you need to collect by passing here at this link.

Please note: the form 1099-G is needed if you were receiving unemployment benefit, which is taxed; 1098 form - for mortgage interest rate; documents related to retirement benefits require filling out a form 1099-R.

If you are receiving social insurance benefits, you must be mailed an SSA-1099 form, which is sent every January, so that you know how much money you received per year, which you need to report in your return and pay tax.

The SSA-1042S form is sent to non-US citizens who live outside the country and received or resumed receiving social insurance last year.

If you currently live in the United States, you need to change the form SSA-1099 or SSA-1042S, the social security administration allows you to do this on the Internet and print the form from your account.

Replacing forms SSA-1099 or SSA-1042S for the previous tax year is possible from February 1. Social Security line 1-800-772-1213.

4. You need to know your bank account number

Check your bank account number and bank code (routing number) three times if you expect a refund for taxes and a direct transfer to your account. This will help you avoid big problems.

If the IRS has accepted your tax return and is unable to return the money by direct deposit into your bank account, you will be sent a check by mail to the address indicated in your declaration. If you sent the declaration, you will not be able to change anything in it, including bank details.

If the IRS did not accept your declaration, then you will have the opportunity to make changes to your bank details before sending the tax return again.

Usually, the refund is faster if there is a possibility of a direct deposit to your account. Direct deposit also prevents the likelihood that your check will be stolen, lost or returned because the postal service was unable to deliver it.

We remind you that if you do not have time to file a declaration for 15 in April, you can always extend the deadline for the delivery of your tax return, but for this you need not forget to send the relevant document to the IRS on time and pay the approximate amount of taxes so that you will not be fined in the future The final taxes along with the tax return can be recalculated by October 15.

Read also on ForumDaily:

What to do if you cannot pay taxes in full: IRS instruction

How to pay taxes in 2019: seven important questions

Bill Gates complained about too small taxes and called his wealth undeserved

15 states with better taxation for the middle class

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