Tax day is quickly approaching, and it’s time to get organized. New tax rules might make it worth your while to itemize rather than take the standard deduction this year. And don’t just file away your 1099 forms—they can offer valuable insight into your portfolio’s tax efficiency. Christine Benz, Morningstar’s director of personal finance and retirement planning, discusses what you need to consider before, and after, you file.

Morningstar’s Tax-Planning and IRA Resources for 2026

On this episode:

00:00:00 Welcome

00:01:15 The "Procrastination Penalty" of Last-Minute IRA and HSA Contributions

00:02:35 How to Decide Whether to Itemize or Claim the Standard Deduction

00:04:18 Tips for Itemizing

00:05:37 Other Deductions You May Qualify For

00:07:45 Insights from Your 1099 Forms: Dividends 

00:10:40 Insights from Your 1099 Forms: Capital Gains

00:09:39 Insights from Your 1099 Forms: Tax-Exempt Interest

00:12:35 How to Avoid Overpaying Your Taxes

 

Watch more from Morningstar:

Avoid This IRA Distribution Error to Protect Your Retirement Cash 

Elevate Your 60/40 Portfolio With These Simple Tweaks

Why REIT ETFs Still Work as Real Estate Slumps

 

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