FOR BREAKING NEWS VISIT WWW.QNS.COM MARCH 25, 2022 • THE QUEENS COURIER 18
tax guide
The first step of tax preparation
is gathering your records
As taxpayers get ready to fi le their 2021 tax
return, they should start by gathering their
records. Taxpayers should gather all yearend
income documents to help ensure they
file a complete and accurate 2021tax return
and avoid refund delays.
Taxpayers should have all necessary records
handy, such as W-2s, 1099s, receipts,
canceled checks and other documents that
support any income,deductions or credits
on their tax return.
Most taxpayers should have already received
income documents including:
• Forms W-2, Wage and Tax Statement
• Form 1099-MISC, Miscellaneous Income
• Form 1099-INT, Interest Income
• Form 1099-NEC, Nonemployee
Compensation
• Form 1099-G, Certain Government
Payments; like unemployment compensation
or state tax refund
• Form 1095-A, Health Insurance Marketplace
Statements
Here are a couple other things taxpayers
can do to prepare to file.
View IRS account online
Taxpayers can view their online account.
This allows them to see the latest information
about their federal tax account and
most recently filed tax return through a
secure and convenient tool on IRS.gov. This
can help taxpayers if they need information
from last year’s return.
People with an account on IRS.gov can
also see the amounts of their Economic
Impact Payments. This will be helpful to
eligible individuals who either did not
receive any Economic Impact Payments or
received less than the full payments. They
may claim the recovery rebate credit on
their 2021 federal tax return.
People should visit Secure Access: How to
Register for Certain Online Self-Help Tools
for more information about how to create
an account or how to reset the username or
password.
Photo via Getty Images
Review unemployment benefi ts
Unemployment compensation is taxable
and must be included as gross income on a
taypayer’s return.
Taxpayers should receive a Form 1099-G
showing their unemployment income. Th ey
can have federal taxes withheld from their
unemployment benefi ts or make estimated
tax payments, but many do neither. In that
case, taxes on those benefi ts need to be paid
when their 2021 tax return is fi led. Th erefore,
taxpayers who didn’t have tax withheld from
their payments may see a smaller refund than
expected or possibly have a tax bill.
Individuals who receive a Form 1099-G
for unemployment compensation they were
not paid should contact their state tax agency
and request a corrected Form 1099-G. States
should not issue Forms 1099-Gs to taxpayers
they know to be victims of identity theft involving
unemployment compensation. Taxpayers
should fi le an accurate return including the
income they actually received.
Taxpayers who are victims of identity theft
involving unemployment compensation should
not fi le an identity theft affi davit with the IRS.
— Courtesy of the Internal Revenue Service
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