- Student loan interest statement (Form 1098-E). If you are currently repaying a loan, you will receive a 1098-E from the loan provider showing how much you paid in interest last year.
- Mortgage loan interest statement (Form 1098). If you paid more than $600 in mortgage loan interest, the mortgage lender will send you a 1098.
- Health Savings Accounts (1099-SA). If you have an HSA, you will get a 1099-SA showing how much you withdrew from the account. Flexible Spending Accounts (FSAs) are not reported on your tax return.
Other considerations before filing your taxes depend on your circumstances. If you are co-parenting or married and filing separately from your spouse, you’ll need to decide who is going to claim each of your children. Or if you’re just starting out and living at home, you might still be a dependent on your parents’ tax return. Make a list of questions you have about your taxes and start seeking answers as early as possible. If you do it a little bit at a time, it doesn’t have to be overwhelming.
If you earned less than $55,000 last year, you are eligible for free in-person tax help from the IRS’s Volunteer Income Tax Assistance (VITA) program.
REPORT TAX ID THEFT
You hope it never happens, but if you discover you are the victim of tax identity theft, here are the steps to take.
- Alert your financial institutions that your identity has been stolen.
- Read through the IRS instructions for reporting identity theft.
- File a complaint at IdentityTheft.gov.
- Place a fraud alert on your credit report by contacting one of the three major credit bureaus (Equifax, Experian, TransUnion). That agency should notify the other two.
- Clean up any false accounts the identity thieves created.