Data and Document Checklist for Preparation of Your Tax Return
It's always helpful to organize your tax information and supporting documents before you begin the process of preparing your tax return, whether you engage a tax professional or prepare it yourself.
- Documentation for Personal Income and Expense Items
- W-2 forms from each employer you had during the year
- 1099-INT and 1099-DIV interest and dividend income reporting forms
- 1099-R forms for pension income and retirement plan distributions
- 1099-S for Social Security benefits received
- 1099-G for state unemployment compensation, state tax refunds, gambling or lottery winnings
- 1099-MISC for compensation received as an independent contractor, executor, trustee, etc.
- 1099-B for the sale of securities
- 1099-S for sale of real estate
- Form 1098 for mortgage or home equity loan interest you paid
- 1098-T for tuition and fees paid for higher education (and info on other education expenses)
- Alimony paid or received, including Social Security Number of recipient (save cancelled checks)
- Records of purchase and sale of a personal residence, including the settlement statement from closing (Keep records of all home improvements.)
- Real estate taxes paid during the year
- Summary of medical and dental expenses paid during the year and any insurance reimbursements
- Schedule of estimated federal, state and local taxes paid during the year
- Summary of charitable donations, including cash, checks and donated property. Keep all receipts. If value of donated property exceeds $500, an itemized list is necessary.
- Child care expenses and provider information. The tax identification number of the provider is required.
- Information on IRA contributions made or to be made for the tax year
- Summary of moving expenses, if eligible for the moving expense deduction
- Schedules K-1 from partnerships, S corporation, trusts or estates. NOTE: These forms are not required to be delivered to you by January 31st, so they may arrive later than other tax documents.
- Summary of casualty losses from fire, theft or natural disaster
- Business, Employee-related and Rental Property Information
- Job-related expenses, such as union or professional association dues, work clothing, tools, supplies, job-hunting and job-related education.
- Log book for business use of a vehicle.
- Other records relating to vehicles purchased or leased during the year for which you are claiming business expense deductions
- Receipts for travel, lodging and meals while on business
- Receipts and records for all business-related income and expenses
- Records of all income from and expenses paid for rental real estate you own
- If You Can Answer Yes to the Following Questions, You Should Give All Related Documents to Your Tax Preparer.
- Did you pay interest on higher education loans?
- Were there any births, deaths, adoptions, divorces or marriages in your household?
- Did you convert a traditional IRA to a Roth, or re-characterize a Roth back to a traditional IRA?
- Did you receive tip income?
- Did you receive a notice from the IRS, state or local taxing agency regarding a prior year tax return?
- Did you receive installment payments on property sales?
- Did your children under 14 years of age receive investment income?
- Did you support anyone other an your own children?
- Did you make gifts to any individual other than your spouse of more than $11,000?
- Do you have a foreign bank account?
- Did you refinance your mortgage during the year?
- Did you pay points to purchase a home or refinance a mortgage during the year?
- Did you receive non-taxable sick pay?
- Did you have household employees?
- If you did not receive a W-2 from a former employer, do you have the final pay stub from that employer?
- Did you receive money from a lawsuit?
- Did you receive money from any other source not previously mentioned in this checklist?