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Tax Prep Checklist_ Everything You Need to File Your Taxes

Tax Prep Checklist: Everything You Need to File Your Taxes

What you need to file your taxes varies depending on your situation. To make the e-filing process quicker, gather your forms and documents before you begin .Use the checklist below to find the tax documents and forms you will need to get started. Remember that the sooner you file, the sooner you’ll get your refund.

PERSONAL INFORMATION

The IRS needs to know exactly who’s filing and who is covered in your tax return. To do this, you will need the following for you, spouse and dependents (if applicable).

  1. Copy of State ID (for you and your spouse)
  2. Social Security Number and Date of Birth
  3. Information about Stimulus payment -IRS Notice 1444
  4. Routing and Account number to receive your refund by direct deposit
  5. Copies of last year’s tax return for you and your spouse (helpful, but not required)
DEPENDENT INFORMATION
  1. Child Care Record (If applicable)
  2. Income of Dependent (if applicable)
  3. Form 8332 – that show the right to claim a child – (if applicable)
SOURCE OF INCOME
  1. Employed => Form W-2
  2. Unemployed => Form 1099-NEC, Form 1099-G
  3. Self Employed => Form 1099-MISC, Form 1099-K, Schedule K-1, Form 1099-NEC, Record of Business expenses, Business use asset information for depreciation, Office in Home information, Records of Estimated Tax Payments made (Form 1040-ES), Mileage Record, etc
  4. Rental Income => Record of Income and Expenses, Rental Asset information for depreciation, Records of Estimated Tax Payments made (Form 1040-ES)
  5. Retirement Income and Social Security Benefits => Form 1099-R, Form SSA-1099, Form RRB-1099, Traditional IRA basis (i.e. amounts you contributed to the IRA that were already taxed), Form 8606 for payments/distributions from IRAs or retirement plans.
  6. Income from Savings, Investments and Dividends=> Form 1099-INT, Form 1099-OID, Form 1099-DIV, Form 1099-B, Form 1099-SA, Form 1099-LTC, Expenses related to your Investments, Records of Estimated Tax Payments made (Form 1040-ES)
  7. Income from sales of property=> Form 1099-S, original cost and cost of improvements, escrow closing statement, cancelled debt information (Form 1099-C), Prior year installment sale information—forms 6252, principal and Interest collected during the year, SSN/address of payer.
  8. Other Income=> Gambling (Form W-2G), Jury Duty, MSA, Royalty income, Alimony Received (Applicable to divorces finalized before January 1, 2019), Trust Income, Prize or Award
ADJUSTMENT TO YOUR INCOME INFORMATION

The following can help reduce the amount of your income that is taxed, which can increase your tax refund or lower the amount you owe.

  1. Home Ownership=> Receipts for any Qualifying Energy-Efficient Home Improvement
  2. Education=> Form 1098-E, Student loan interest, Educator Expenses
  3. Retirement and Other Savings=> IRA Contribution, MSA Contribution, Form 5498-HSA Contribution, Form 5498-IRA Contribution, Form 5498-QA, Form 5498-ESA
  4. Health Insurance=> Form 1095-A, Records of Medical Savings Account (MSA), Self-employed HI payment records, Self-Employed Pension Plan
  5. Alimony paid Applicable to divorces finalized before January 1, 2019)
DEDUCTION AND CREDIT INFORMATION

The government offers a number of deductions and credits to help lower the tax burden on individuals. You’ll need the following documentation to make sure you get all the deductions and credits you deserve.

  1. Home Ownership=> Form 1098 (MI, PMI and points), Real Estate and Property Tax
  2. Charitable Donation=> Cash, Non-Cash, Amount Miles driven for charitable
  3. Medical Expenses => Out-of-Pocket Expenses, Records of Medical and Dental expenses
  4. Health Insurance=> Form 1095-A, Records of Medical Savings Account (MSA), Self-employed HI payment records, Self-Employed Pension Plan
  5. Child Care Costs=> Amount paid to daycare, and baby-siter- Provider’s name, address, tax id
  6. Adoption costs=> SSN of child, legal, medical, and transportation costs
  7. Educational Expense=> Form 1098-T, Records of Scholarship or Fellowships you received, Receipts that itemize Educational Expenses
  8. Retirement and Other Savings=> Form 5498-HSA Contribution, Form 5498-IRA Contribution, Form 5498-QA, Form 5498-ESA
  9. Investment Interest Expenses
  10. K-12 Educator Expenses
  11. State and Local Expenses
  12. Federal Declare Disaster
  13. Casualty and Theft Losses- Amount of damage, insurance reimbursements
  14. Any Other?