What all do I need to file my taxes?

Discussion in 'Bookkeeping & Taxes' started by Koby, Feb 2, 2011.

  1. Koby

    Koby New Member

    I've got my W2 from my employer and have information regarding gains and losses from my stocks. Are there any other documents I need before I can file my taxes online? Do I need anything regarding my roth IRA? Thanks for the help.
  2. jen

    jen New Member

    Hi Koby,

    In order to report gains and losses of stocks, you'll need Schedule D for Form 1040. If you're using an online tax software product like TurboTax, TaxAct or H&R Block At Home to file your taxes, they should prompt you to fill out Schedule D when you're asked about stocks and investments.

    Regarding your Roth IRA, you won't need to report contributions to your Roth IRA on your tax return. But you will need to report Roth IRA distributions on your tax return for documentation purposes. To do this, you'll need the following forms:

    Form 1099-R: Your employer should send you this form, on which you'll report distributions.

    Form 8606 (Nondeductible IRAs) for all early distributions from an IRA. Form 8606 is used to determine if your withdrawals are considered contributed funds, which are not subject to taxes.

    Form 5329 (Additional Taxes on Qualified Plans) if you have withdrawn any funds early other than contributions. Form 5329 is used to determine taxes and penalties (if any) due on early distributions from IRAs.

    Hope this answers your question. If you have any other questions, don't hesitate to ask us.

    For more in-depth help with filing taxes, contact the IRS or sign up to file your tax return using online tax software: Check http://www.tax-compare.com for more details.
  3. Koby

    Koby New Member

    Thanks so much Jen! Your info helped a ton.
  4. susy

    susy New Member

    Very helpful info . Thanks.
  5. Ady

    Ady New Member

    Jen, thank you so much for beneficial information regarding report of gains and losses of stocks. All the forms are well explained.
    Adding to this, one can also take the help of tax professionals in complex situations.
    Charles T likes this.

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