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You need the 2006 Tax information to complete the taxes you file in 2007. The only thing you need from the taxes you filed in 2006 for 2005 might be any returns that you received and whether or not you took any of a return in exchange for tax credits. Your Taxes are paid as you go through the year, by witholding from pay (if you are an employee), or by making estimated payments quarterly, if you are self employed or have earnings from something other than employment (like investments). Those payments are done on an estimated basis - you square up and finalize all the reporting by filing the forms for that year "X", on or before the due date after the end of the tax year. For personal tax payers that is normally at least one of the forms in the 1040 series, with many other possible attachments: (Sch. A&B, Schedule D, Form 4797 - Gain Losses, etc., etc.) and on or before April 15 of the year X+1. In very basic or simple return situations there is little need to know much about prior filings and just a complete record of the year X data, (generally provided in the W-2s and 1099 forms sent to the personal tax reporter during January), will suffice. Any refund of a prior year State tax needs to be known (and really should have been received on a 1099G). Many other items from prior years may need to be tracked into future periods (situationally): Unused Stock and Investment Losses (which have a long carryforward lifes), or Amortization of mortgage investment points or fees are just some very common ones. Certainly anyone with a Sch. C (business type income or expenses), or having income reported on a Sch K/Form 1065 (from partnerships), will likely have tax positions that carry from one year to the other. For sure, income taxes required on the Form 1120 series or 990 may have different filing dates, and require positions from prior filings reconcile to the current report. Connected but slightly off the Q: Operationally, especially for those using any of the programs for filing-- Just keeping a file, on disk or such, of the prior years report - (while common sense for any number of proof/retention of data reasons), makes filing in the next year much, much easier. The program will look at and carry any needed info forward, even just names and IDs, etc, check for changes or possible ommmissions this year (like a missing 1099 from someone), and mean you don't have to re input all that data. Finally, they make comparisions from one year to the next, which help with financial planning and more. It's great!

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Q: Do you need last year's tax information to file this year?
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