Action Line: Time to organize your 2012 tax information
BY PHIL MULKINS World Action Line Editor
Thursday, March 07, 2013
3/07/13 at 3:23 PM
Dear Action Line: What all documents am I supposed to gather before "taking my taxes" to the tax return preparer or free tax preparation service? - E.S., Tulsa.
The Internal Revenue Service announced Monday that it finished updating its tax-processing systems, allowing remaining individual and business taxpayers to file their 2012 federal income tax returns. The IRS completed reprogramming and testing its systems for tax-year 2012, including remaining updates required by the American Taxpayer Relief Act (ATRA) enacted by Congress in January, said Lea Crusberg, IRS spokeswoman for south Texas and Oklahoma.
The agency began accepting 2012 returns in phases while updating forms and instructions and made adjustments to processing systems to reflect current tax law. It began accepting most individual returns Jan. 30. Other returns were accepted in February. Remaining returns, from "the smallest group of taxpayers," can now be filed.
Filing deadline April 15: IRS reminds us "the best way to file accurate returns is with e-file" ( tulsaworld.com/IRSFiling) and the fastest refunds through direct deposit. Title 6 folders include "income," "mortgage interest," "tax credits," "2011 tax return," "interest & dividends" and "charitable contributions," said Crusberg.
Income: Put your W-2 in the "income" folder, as well as any 1099 forms for 2012 jobs. You also received Form 1099-G from the Oklahoma Tax Commission for a refund of 2011 taxes withheld - possibly considered "taxable income" for 2012 by the IRS (but only if you itemized deductions for 2011).
Mortgage interest: File Form 1098 (from your mortgage lender) showing "mortgage interest" paid and also reporting the property taxes your mortgage lender paid the county treasurer (ad valorem taxes) as well as possibly deductible mortgage interest premiums.
Tax credits: Documents showing expenses paid on new cars, new home, energy improvements, educational expenses and day care (provider's name, address and tax ID number - required on Form 2441 to claim the Child and Dependent Care Credit), Crusberg said.
2011 tax return: In 2013 you are preparing your 2012 tax return and need your 2011 tax return to put in your 2011 tax return file, for the preparer's reference. If you paid a preparer in 2012 to do your 2011 taxes or paid an online preparer by credit card, put your receipt for that in your 2011 tax return folder as it could be deductible on 2012 taxes.
Interest & dividends: Your banks, credit unions and investment companies mailed you Form 1099-DIV and Form 1099-INT for accounts you received dividends or interest on dividends from stocks or mutual funds in 2012, Crusberg said.
Charitable contributions: Find your final 2012 pay stub showing deductible United Way contributions. Your final 2012 natural gas bills show monthly gifts to Oklahoma Natural Gas Co.'s "Share the Warmth" program, and your electric bills show monthly gifts to American Electric Power-Public Service Company of Oklahoma's "Light-a-Life" program. Include receipts for clothing or vehicle donations to charity.
Original Print Headline: Time to organize your 2012 tax information
Submit Action Line questions by calling 918-699-8888, emailing phil.mulkins@TulsaWorld.com or by mailing them to Tulsa World Action Line, PO Box 1770, Tulsa OK 74102-1770.
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