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It’s Time To File Your Tax Return. Let’s Get Organized

It’s Time To File Your Tax Return. Let’s Get Organized

Tax season is here! Does the thought of gathering all the necessary documents cause you to break out in a cold sweat? If you feel stressed, you are not alone. According to a survey conducted by SurePayroll, 40% of Americans feel the most stressful part of the tax process is gathering the necessary information. Whether you work with a professional, file with software, or on paper, you may feel overwhelmed until it's done. To help you feel better equipped to navigate the process of gathering your documents for filing taxes, review the checklist below to assist you in organizing the documents you need to file your return.

For Hurlow Wealth Management Group clients, the following issues may be of particular interest. 


  • Does Box 2a of your 1099-R show $0.00? If you rolled your 401(k) over to a Traditional IRA in 2023, ensure this is reported correctly and not a taxable event.

Backdoor Roth IRA Contribution (or Roth Conversion)

  • Inform your tax preparer that you made a Roth Conversion or backdoor Roth IRA contribution and provide a copy of Form 1099-R.

529 Contributions:

  • Inform your tax preparer and provide the account number(s) and amounts contributed.
  • Information is available at collegechoicedirect.com. Select the appropriate account. The account number is near the top, and then scroll down to the "Year-to-Date Contributions" section for the 2023 contribution amount.

Neighborhood Assistance Program (NAP) or Indiana School Scholarship Tax Credit:

  • Make your tax preparer aware of the donee, gift amount, and credit amount (half of the gift amount).
  • The charity should provide you with a receipt for tax purposes.

Qualified Charitable Distributions (QCDs):

  • Inform your tax preparer of the dollar amount of QCDs.
  • If you need clarification on the amount, contact Hurlow Wealth Management Group.

Contributions of Stock to Donor-Advised Fund

  • Date of contribution, Fair Market Value, and ticker: Go to schwab.com > History > Contribution history > for each contribution, click to expand the contribution, then click Download receipt.
  • Cost basis and Date acquired ("open date"): schwab.com > select your charitable account > History > Cost Basis > search for ticker symbol. Save the page as a PDF or print it for your records and provide it to your tax preparer along with the receipts above.

Click HERE to review a comprehensive checklist that covers documents and information about key issues to consider when preparing taxes, such as:

  • Sources of income.
  • Potential tax deductions.
  • Potential tax credits.

Organizing and filing your taxes can be a complex and time-consuming process. While Hurlow Wealth Management Group advisors do not prepare tax returns, tax planning is a big part of the financial planning practice. Schedule a call today if you want assistance mitigating your lifetime tax burden. With the right approach and guidance, you can confidently navigate the world of taxes and optimize your financial well-being.

Source: surepayroll.com/resources/blog/tax-preparation-spikes-anxiety-among-americans
Services offered through Hurlow Wealth Management Group, Inc., a Registered Investment Adviser. Hurlow Wealth Management Group, Inc. does not provide tax, legal or accounting advice. Advisory services are only offered to clients or prospective clients where Hurlow Wealth Management Group, Inc. and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Hurlow Wealth Management Group, Inc. unless a client service agreement is in place.

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