I Asked ChatGPT How To Prepare for Tax Season in 30 Days — Here’s the Checklist
Written by
Nicholas Morine
Edited by
Jenna Klaverweiden
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Tax season is upon us, and with that comes the all-too-frequent feelings of stress, anxiety and being overwhelmed by all the procedures and paperwork.
But fear not. GOBankingRates consulted ChatGPT about how to prepare for tax season with a 30-day game plan, and it came through with a comprehensive walkthrough.
Also see seven signs you are prepared for tax season.
Build a ‘Source of Truth’ Folder
The first thing to do, according to ChatGPT, is get your documents that support your income and deductions claims in order. It’s recommended to pull all forms (including W-2s, 1099s, and all credits and deductions paperwork) into one folder as the basis for your filing.
Oh, and don’t forget about pulling last year’s return, which will be vital when calculating carryovers — and in verifying last year’s adjusted gross income (AGI). This should be done between days one through seven, ChatGPT said.
Lock Down Your Identity Protection
ChatGPT strongly suggested, alongside IRS guidance, that tax filers avail of the Identity Protection PIN (IP PIN) service — and to do so during the second week of preparation. You can apply for the IP PIN through your IRS online account, and doing so adds a second level of authentication or security to your returns.
If for any reason applying for the IP PIN online is not an option on your end, you can instead reach out to a Taxpayer Assistance Center to get the ball rolling.
Pick a (Filing) Lane
For days 10 through 18, ChatGPT strongly pushed the idea of deciding well in advance which method of filing you’ll be pursuing, whether that’s a DIY effort, hiring a professional tax preparer or taking advantage of a free community program.
On the free side, IRS Free File offers up tax prep software, at no cost, to taxpayers with an AGI of $89,000 or less. However, there are further details — including some state partners offering free tax prep and filing — and caveats.
Determining a course of action (or, “picking a lane” as ChatGPT termed it) is even more important for those with multi-form returns requiring a bit of extra work or attention to detail.
Double-Check Your Tax Return
On days 18 through 30, ChatGPT said you should run a final audit:
- Check that your name, Social Security number and dependent Social Security numbers match your cards.
- Ensure your bank account and routing are correct concerning direct deposit.
- Make sure all income forms are reported, and you’re not claiming tax credits without paperwork.
- Ensure you’ve saved a complete copy of all supporting documents, and the return itself.
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