Tax Tip: Document Your Special Tax Situations

You have dependents in college. Provide all Form 1098-Ts you received to reflect your tuition payments, the “burser’s reports” for the year (you may be able to print out a report from the college’s website), and the amounts paid for books and supplies.

You paid for child care. Make sure you have the name, address, Social Security or Employer Identification number, and the amount paid for all child care providers. Summer day camp costs qualify for the Child Care Credit.

You received a distribution from a pension plan. If you took any cash out of a retirement plan, whether or not you rolled over the distribution to an IRA, you will need documentation of the amounts and dates of the transaction.

You donated a car to charity. Give your tax preparer all the paperwork you received from the charity, especially the Form 1098-C, plus documentation of the original cost and date of purchase of the car.

You’re paying alimony. Make sure you have the Social Security number of your ex-spouse, the amount of alimony paid in the year, and any other required payments (i.e. health insurance premiums, real estate expenses) you made on behalf of your ex-spouse.

You purchased a car, truck, SUV, motorcycle or boat. For any major vehicle purchase, provide documentation of the amount of sales tax you paid. 

You purchased an energy-efficient product for your home. Energy improvements are tax-deductible, so make sure you have the receipt for the item purchased and a Manufacturer’s Certification Statement. If you do not have a Manufacturer’s Certification Statement, go back to where you purchased the item and ask for one. You also may be able to download one from the manufacturer’s website. 

If you’re filing your taxes for the first time this year, make sure to check out MainStreet’s Taxes 101: A Beginner’s Guide to Filing Your 1040!