Money Mechanics Blog

Now that 2021 is in the books, it’s time to start with your last task remaining from the previous year – the dreaded filing of the tax return.  

At Allegius, we’re here to help! Check out this simple checklist to get you prepared to either visit with your tax preparation expert or tackle the job on your own.  

2022 Tax Preparation Checklist

Personal Information

Before you begin, collect your personal information (and that of your spouse, if you are filing jointly).  

• Your Social Security Number (and your spouse’s security number if filing jointly)
• Social Security Number(s) for any dependents

Income Information

This information helps to determine your income from 2021. 

• W-2 Forms from all employers you (and your spouse, if filing a joint return) worked for during the past tax year.
• 1099 Forms if you (or your spouse) completed contract work and earned more than $600.
• Investment income information (including: interest income, dividend income, proceeds from the sale of bonds or stocks, and income from foreign investments).
• Income from local and state tax refunds from the prior year.
• Business income (accounting records for any business that you own)
• Unemployment income
• Rental property income
• Social Security benefits
• Miscellaneous income (including: jury duty, lottery and gambling winnings, Form 1099-MISC for prizes and awards, and Form 1099-MSA for distributions from medical savings accounts)

Income Adjustments

The following will allow you to reduce how much you owe in taxes and possibly increase your odds of receiving a refund from Uncle Sam this year.

• Homebuyer tax credit
• Green energy credits
• IRA contributions
• Mortgage interest
• Student loan interest
• Medical Savings Account (MSA) contributions
• Self-employed health insurance
• Moving expenses

Credits and Deductions

There are tax credits and deductions for many expenses.  If you qualify, these may lower the amount of tax you owe.

• Education costs
• Childcare costs
• Adoption costs
• Charitable contributions/donations
• Casualty and theft losses
• Qualified business expenses
• Medical expenses
• Job and moving expenses

Direct Deposit Information

If you are interested in having your tax refund deposited directly to your bank account, you will need to provide the following:

• Your bank account number
• Allegius routing number - https://www.allegius.org/manage/tools/routing-number.html

Need help setting up savings accounts, like an IRA, to help reduce your tax burden?  Ask us at Allegius! Learn more about Allegius IRAs at https://www.allegius.org/save/personal-savings/individual-retirement-accounts-iras.html.