As you put away the holiday gifts, set aside an empty box to collect all the year-end tax documents that will soon begin arriving in your mailbox. Among the papers to look for:
Form W-2 from your employer, which shows your gross income, tax-deductible contributions to your retirement and flexible-spending accounts, and state and federal taxes withheld from your paycheck.
A flurry of 1099 forms from your bank, broker, pension and IRA administrators, and the Social Security Administration. These forms report taxable interest and dividends you received, plus any retirement income.
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Form 1098 from your mortgage lender. It reports mortgage interest and real estate taxes you paid. If you paid college tuition or interest on a student loan, look for Form 1098-T or 1098-E.
Form 1099-G from your state if you collected unemployment during 2009. The first $2,400 of benefits received in 2009 is tax-free.
Form 1099-MISC. Independent contractors should receive one from each client who paid $600 or more in 2009. If you think you're missing a form, be sure to check your e-mail. And if you still haven't received a document by January 31, contact your financial institution or other provider.
You may already have some important documents that you'll need to prepare your taxes. For example, if you bought a new car between February 17 and December 31, 2009, check your sales receipt to see how much you paid in state and local sales tax on the vehicle; you may deduct that amount regardless of whether you itemize. And if you installed qualified energy-efficient home improvements during 2009, your sales receipt or installation contract will document your claim to a tax credit of 30% of the cost of materials, up to $1,500.
If you closed on a new home on or after November 7, 2009, you must attach a copy of your settlement sheet to your tax return to claim the home-buyer tax credit.
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