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The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.
alternatives, such as a bank loan or credit card file it electronically. See Why Should I File Elec- manner that allows you and the IRS to deter-
payment. tronically, earlier. mine your correct tax.
To apply for an installment agreement on- Mailing your paper return. Mail your paper You can use your checkbook to keep a re-
line, go to IRS.gov/OPA. You can also use return to the address shown in the Instructions cord of your income and expenses. You also
Form 9465. for Forms 1040 and 1040-SR. need to keep documents, such as receipts and
In addition to paying by check or money or- sales slips, that can help prove a deduction.
payment from your bank account to make in- What Happens After basic records that everyone should keep. The
der, you can use a credit or debit card or direct
In this section, you will find guidance about
stallment agreement payments. See How To I File? section also provides guidance about specific
Pay, earlier. records you should keep for certain items.
After you send your return to the IRS, you may Electronic records. All requirements that ap-
Gift To Reduce Debt have some questions. This section discusses ply to hard copy books and records also apply
Held by the Public concerns you may have about recordkeeping, to electronic storage systems that maintain tax
your refund, and what to do if you move.
books and records. When you replace hard
You can make a contribution (gift) to copy books and records, you must maintain the
reduce debt held by the public. If you What Records Should electronic storage systems for as long as they
wish to do so, make a separate check are material to the administration of tax law.
payable to “Bureau of the Fiscal Service.” I Keep? For details on electronic storage system re-
quirements, see Revenue Procedure 97-22,
Send your check to: This part discusses why you should keep re- which is on page 9 of Internal Revenue Bulletin
cords, what kinds of records you should keep, 1997-13 at IRS.gov/pub/irs-irbs/irb97-13.pdf.
Bureau of the Fiscal Service and how long you should keep them. Copies of tax returns. You should keep cop-
ATTN: Department G You must keep records so that you can ies of your tax returns as part of your tax re-
P.O. Box 2188 prepare a complete and accurate in- cords. They can help you prepare future tax re-
Parkersburg, WV 26106-2188 RECORDS come tax return. The law doesn't re- turns, and you will need them if you file an
quire any special form of records. However, you amended return or are audited. Copies of your
Or enclose your separate check in the envelope should keep all receipts, canceled checks or returns and other records can be helpful to your
with your income tax return. Don't add this gift other proof of payment, and any other records survivor or the executor or administrator of your
to any tax you owe. to support any deductions or credits you claim. estate.
If you file a claim for refund, you must be If necessary, you can request a copy of a re-
For information on making this type of gift on- able to prove by your records that you have turn and all attachments (including Form W-2)
line, go to TreasuryDirect.gov and click on “How overpaid your tax. from the IRS by using Form 4506. There is a
to Make a Contribution to Reduce the Debt.” This part doesn't discuss the records you charge for a copy of a return. For information on
You may be able to deduct this gift as a should keep when operating a business. For in- the cost and where to file, see the instructions
charitable contribution on next year's tax return formation on business records, see Pub. 583, for Form 4506.
if you itemize your deductions on Schedule A Starting a Business and Keeping Records. If you just need information from your return,
(Form 1040). you can order a transcript in one of the following
ways.
Name and Address Why Keep Records? • Go to IRS.gov/Transcript.
Good records help you: • Call 800-908-9946.
After you have completed your return, fill in your
name and address in the appropriate area of • Identify sources of income. Your re- • Use Form 4506-T or Form 4506T-EZ.
Form 1040 or 1040-SR. cords can identify the sources of your in- There is no fee for a transcript. For more infor-
You must include your SSN in the cor- come to help you separate business from mation, see Form 4506-T.
nonbusiness income and taxable from
! rect place on your tax return. nontaxable income.
CAUTION Basic Records
• Keep track of expenses. You can use
P.O. box. If your post office doesn't deliver your records to identify expenses for which Basic records are documents that everybody
mail to your street address and you have a P.O. you can claim a deduction. This helps you should keep. These are the records that prove
box, enter your P.O. box number on the line for determine if you can itemize deductions on your income and expenses. If you own a home
your present home address instead of your your tax return. or investments, your basic records should con-
street address. • Keep track of the basis of property. tain documents related to those items.
Foreign address. If your address is outside You need to keep records that show the Income. Your basic records prove the
the United States or its possessions or territo- basis of your property. This includes the amounts you report as income on your tax re-
ries, enter the city name on the appropriate line original cost or other basis of the property turn. Your income may include wages, divi-
of your Form 1040 or 1040-SR. Don't enter any and any improvements you made. dends, interest, and partnership or S corpora-
other information on that line, but also complete tion distributions. Your records can also prove
the spaces below that line. • Prepare tax returns. You need records to that certain amounts aren’t taxable, such as
prepare your tax return.
1. Foreign country name. • Support items reported on tax returns. tax-exempt interest.
2. Foreign province/state/county. The IRS may question an item on your re- Note. If you receive a Form W-2, keep
3. Foreign postal code. turn. Your records will help you explain any Copy C until you begin receiving social security
item and arrive at the correct tax. If you
benefits. This will help protect your benefits in
Don’t abbreviate the country name. Follow the can’t produce the correct documents, you case there is a question about your work record
country's practice for entering the postal code may have to pay additional tax and be sub- or earnings in a particular year.
and the name of the province, county, or state. ject to penalties. Expenses. Your basic records prove the ex-
Where Do I File? Kinds of Records To Keep penses for which you claim a deduction (or
credit) on your tax return. Your deductions may
include alimony, charitable contributions, mort-
After you complete your return, you must send it The IRS doesn't require you to keep your re- gage interest, and real estate taxes. You may
to the IRS. You can mail it or you may be able to cords in a particular way. Keep them in a
Page 16 Chapter 1 Filing Information