𝐀 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐆𝐮𝐢𝐝𝐞 𝐭𝐨 𝐏𝐫𝐞𝐩𝐚𝐫𝐢𝐧𝐠 𝐘𝐨𝐮𝐫 𝟏𝟎𝟒𝟎 𝐈𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐓𝐚𝐱 𝐑𝐞𝐭𝐮𝐫𝐧

𝐀 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐆𝐮𝐢𝐝𝐞 𝐭𝐨 𝐏𝐫𝐞𝐩𝐚𝐫𝐢𝐧𝐠 𝐘𝐨𝐮𝐫 𝟏𝟎𝟒𝟎 𝐈𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐓𝐚𝐱 𝐑𝐞𝐭𝐮𝐫𝐧

Filing your taxes can feel overwhelming, especially for new immigrants or individuals managing their taxes independently for the first time. To make the process easier, we've compiled a checklist based on our services at Inspiration Multi-Services. Here's everything you need to know to prepare for filing your 1040 Individual Tax Return.

𝟏. 𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧: 𝐓𝐡𝐞 𝐅𝐨𝐮𝐧𝐝𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐘𝐨𝐮𝐫 𝐑𝐞𝐭𝐮𝐫𝐧

Before diving into income and deductions, gather your personal information. This ensures accuracy and avoids delays: 

✅ 𝐒𝐨𝐜𝐢𝐚𝐥 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐍𝐮𝐦𝐛𝐞𝐫𝐬 (𝐒𝐒𝐍𝐬): Collect your SSN, your spouse's, and those of any dependents.

✅ 𝐃𝐚𝐭𝐞 𝐨𝐟 𝐁𝐢𝐫𝐭𝐡: Include your date of birth and those of your spouse and dependents. 

✅ 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭-𝐈𝐬𝐬𝐮𝐞𝐝 𝐈𝐃: A valid photo ID, such as a driver’s license or passport.

✅ 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧: Update your address, email, and phone number.

✅ 𝐅𝐨𝐫𝐦 𝟏𝟎𝟗𝟓-𝐀: If applicable, to verify health insurance details. 

𝟐. 𝐈𝐧𝐜𝐨𝐦𝐞 𝐃𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧: 𝐄𝐯𝐞𝐫𝐲 𝐃𝐨𝐥𝐥𝐚𝐫 𝐂𝐨𝐮𝐧𝐭𝐬

Your income sources must be accurately reported to the IRS. Gather forms and records for:

✅ 𝐄𝐦𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭 𝐈𝐧𝐜𝐨𝐦𝐞 (𝐖-𝟐): From all employers you worked with during the year.

✅ 𝐒𝐞𝐥𝐟-𝐄𝐦𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭 𝐨𝐫 𝐅𝐫𝐞𝐞𝐥𝐚𝐧𝐜𝐞 𝐈𝐧𝐜𝐨𝐦𝐞 (𝟏𝟎𝟗𝟗-𝐍𝐄𝐂): Record payments for any non-employee compensation.

✅ 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐚𝐧𝐝 𝐃𝐢𝐯𝐢𝐝𝐞𝐧𝐝𝐬 (𝟏𝟎𝟗𝟗-𝐈𝐍𝐓 𝐚𝐧𝐝 𝟏𝟎𝟗𝟗-𝐃𝐈𝐕): For income earned through savings or investments.

✅ 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 (𝟏𝟎𝟗𝟗-𝐆): Includes unemployment benefits or state tax refunds.

✅ 𝐎𝐭𝐡𝐞𝐫 𝐈𝐧𝐜𝐨𝐦𝐞 𝐒𝐨𝐮𝐫𝐜𝐞𝐬: Such as retirement distributions (1099-R) or Social Security benefits (1099-SSA).

✅ 𝐑𝐞𝐧𝐭𝐚𝐥 𝐨𝐫 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐈𝐧𝐜𝐨𝐦𝐞: Document any rental earnings and associated expenses.

𝟑. 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐂𝐫𝐞𝐝𝐢𝐭𝐬: 𝐒𝐚𝐯𝐞 𝐖𝐡𝐞𝐫𝐞 𝐘𝐨𝐮 𝐂𝐚𝐧

Deductions and credits can reduce your tax burden significantly. Keep records for: 

✅ 𝐂𝐡𝐚𝐫𝐢𝐭𝐚𝐛𝐥𝐞 𝐂𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧𝐬: Receipts from donations to qualified organizations.  

✅ 𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐄𝐱𝐩𝐞𝐧𝐬𝐞𝐬: Qualified expenses not covered by insurance. 

✅ 𝐒𝐭𝐚𝐭𝐞 𝐚𝐧𝐝 𝐋𝐨𝐜𝐚𝐥 𝐓𝐚𝐱𝐞𝐬: Payments made throughout the year. 

✅ 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 (𝐅𝐨𝐫𝐦 𝟏𝟎𝟗𝟖): If you’re a homeowner. 

✅ 𝐄𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧 𝐄𝐱𝐩𝐞𝐧𝐬𝐞𝐬: Tuition payments or student loan interest. 

✅ 𝐂𝐡𝐢𝐥𝐝-𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐂𝐫𝐞𝐝𝐢𝐭𝐬: Child Tax Credit and childcare expenses. 

𝟒. 𝐀𝐝𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐑𝐞𝐜𝐨𝐫𝐝𝐬: 𝐄𝐧𝐬𝐮𝐫𝐞 𝐚 𝐒𝐦𝐨𝐨𝐭𝐡 𝐏𝐫𝐨𝐜𝐞𝐬𝐬

Beyond income and deductions, a few other documents will help streamline your filing:

✅ 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐝 𝐓𝐚𝐱 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬: Any advance payments you’ve made. 

✅ 𝐋𝐚𝐬𝐭 𝐘𝐞𝐚𝐫’𝐬 𝐓𝐚𝐱 𝐑𝐞𝐭𝐮𝐫𝐧: Helpful for comparing and referencing. 

✅ 𝐁𝐚𝐧𝐤 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧: Routing and account numbers for direct deposit of refunds. 

𝐒𝐢𝐦𝐩𝐥𝐢𝐟𝐲 𝐘𝐨𝐮𝐫 𝐅𝐢𝐥𝐢𝐧𝐠 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐩𝐢𝐫𝐚𝐭𝐢𝐨𝐧 𝐌𝐮𝐥𝐭𝐢-𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬

Filing taxes doesn’t have to be daunting. At Inspiration Multi-Services, we provide personalized guidance to ensure every document is accounted for, maximizing your return while keeping you compliant with IRS regulations. 

For more information, or to schedule a consultation, visit 𝐰𝐰𝐰.𝐢𝐧𝐬𝐩𝐢𝐫𝐚𝐭𝐢𝐨𝐧𝐦𝐮𝐥𝐭𝐢𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬.𝐜𝐨𝐦 or contact us at 𝟕𝟖𝟔.𝟑𝟒𝟐.𝟓𝟏𝟑𝟓. Let's make tax season stress-free for you! 

This checklist is your roadmap to a successful tax return. Whether you’re a new immigrant or filing independently, preparation is key. With the right documents in hand, you’ll be ready to file confidently and efficiently.