Whether you are preparing your own income tax returns or you go to a professional, here is a laundry list of items to review before you actually begin your return. Now, the list that follows is rather lengthy, but important. For many people, they will only have a few of these items that are applicable to their situation. Regardless of the length and complexity of your return, you may find this very helpful in your preparation.
General Taxable Income
___ W-2 Form(s) for Wages, Salaries, and Tips
___ Interest Income Statements: Form 1099-INT & 1099-OID
___ Dividend Income Statements: Form 1099-DIV
___ Sales of Stock, Land, etc.: Form 1099-B
___ Sales of Real Estate: Form 1099-S
___ State Tax Refunds: Form 1099-G
___ Alimony Received or Paid
___ Unemployment Compensation Received
___ Miscellaneous Income: Form 1099-MISC
___ Early Distribution from Retirement Plans: Form 1099-R
Retirement Income and Contributions
___ Retirement Income: Form 1099-R
___ Social Security Income and Railroad Retirement Income: Form SSA-1099
___ Detailed contribution information for your IRA's (Types, amounts, dates, etc.)
Business Income
___ Business Income and Expenses
___ Rental Income and Expenses
___ Farm Income and Expenses
___ Form K-1 Income from Partnerships, Trusts, and S-Corporations
___ Tax Deductible Miles Traveled for Business Purposes
Tax Credits Checklist
___ Child Care Provider Address, I.D. Number and Amounts Paid
___ Adoption Expense Information
___ Foreign Taxes paid
___ First Time Home Buyer Tax Credit
Expense and Tax Deduction Checklist
___ Medical Expenses for the Family
___ Medical Insurance Paid Form 1095-A, B, or C (If not available, bring Health Ins Card, and a copy of a pay stub from taxable year)
___ Prescription Medicines and Drugs
___ Doctor and Dentist Payments
___ Hospital and Nurse Payments
___ Tax Deductible Miles Traveled for Medical Purposes
___ Home Mortgage Interest from Form 1098
___ Home Second Mortgage Interest Paid
___ Real Estate Taxes Paid
___ State Taxes Paid with Last Year's Return (if itemized)
___ Personal Property Taxes Paid
___ Charitable Cash Contributions (Make sure that they are properly documented)
___ Fair Market Value of Non-cash Contributions to Charities
___ Unreimbursed Expenses Related to Volunteer Work
___ Miles Traveled for Volunteer Purposes (Make sure that they are properly documented)
___ Casualty and Theft Losses
___ Amount Paid to Professional Preparer Last Year
___ Unreimbursed Expenses Related to Your Job
___ Miles Traveled Related to Your Job (Make sure that they are properly documented)
___ Union and Professional Dues
___ Investment Expenses
___ Job-hunting Expenses
___ IRA Contributions
___ Education Expenses 1098-T
___ Moving Expenses
___ Last Year's Tax Preparation Fee
Tax Estimate Payments Checklist
___ Estimated Tax Payments Made with ES Vouchers
___ Last Year's Tax Return Overpayment Applied to This Year
___ Off Highway Fuel Taxes Paid
General Information
___ Photo I.D. for You and Your Spouse
___ Copy of Last Year's Tax Return
___ Social Security Numbers and Dates of Birth for You and Your Spouse
___ Educational Expenses for You and Your Spouse
___ Dependents' Names, Dates of Birth, and Social Security Numbers
___ Dependents' Post High School Educational Expenses
___ Child Care Expenses for Each Dependent
___ Prior Year Adjusted Gross Income (AGI) & Personal Identification Number (PIN) - how to find last year's adjusted gross income (AGI)
___ Routing Transmit Number (RTN) (For direct deposit/debit purposes)
___ Bank Account Number (BAN) (For direct deposit/debit purposes)
NOTE – This list is not all-inclusive. There are a number of other documents that you may receive for tax purposes that are printed on an applicable and acceptable form. Some of them do not. In order to take proper advantage of these, you will need to provide adequate documentation. If you need help gathering, sorting, and entering information, now is the time to seek help from a professional. We can provide guidance and templates to make the process more efficient, more effective, and less stressful. This can also save you additional time and expense.
-Michael Hermanson, CPA | CGMA