Ultimate Tax Filing Preparation Checklist
Tax season has started and you must have started to think about your tax filing . In order to cruise through this annual ritual smoothly , we have suggest you to use this checklist. This will smoothen the process of filing your taxes. The tax filing check list has been prepared for a wide audience , so some of the items listed may not apply to your specific tax situation.
Personal Information
- Social Security Numbers (SSN) or tax ID numbers
Dependent(s) Information
- Child-care records, including the child-care provider’s tax ID number (if applicable) and the total fees paid to the provider or babysitter.
- Form 8332 – (This is only applicable if you are not your child’s custodial parent.) This form proves the child’s custodial parent releases their right to claim the child as a dependent to you.
For Income Fields in Tax Return
Employment related
- Form W-2 – Form you held with a company during the year.
- Form 1099-G – You’ll receive Form 1099-G if you ere unemployed during the year or received a state refund for the previous tax year
Self-Employed Income
- Forms 1099, Schedules K-1, income records to verify amounts not reported on 1099s
- Records of all expenses — check registers or credit card statements, and receipts
- Business-use asset information (cost, date placed in service, etc.) for depreciation
- Office in home information, if applicable
- Record of estimated tax payments made (Form 1040–ES)
Rental Income
- Up-to-date income and expense records
- Rental asset information for tracking depreciation
- Estimated tax payment records
Retirement Related Data
Only that relates to you
- Form 1099-R –For any pension, IRA or annuity income.
- Traditional IRA basis
- Form SSA-1099 – For any social security benefits received during the year.
Savings & Investments or Dividends
- Form 1099-SA – If you use HSA funds during the year, this form reports the distributions you took.
- Form 1099-LTC – This form is sent to you if you received any long-term care benefits.
- Form 1099-INT
- Form 1099-B
- Form 1099-S
- All investment acquisition dates along with cost records or another cost basis of the property you sold
- An up-to-date record of any expenses related to your investments
- Record of estimated tax payments made to cover the tax bill on the income from those investments
Miscellaneous Income or Losses
- Form W-2G
- A detailed record of hobby income and expenses
- Information on any prizes or awards you received during the tax year
- Details on Trusts
- Royalty income 1099-MISC
- Records of any alimony paid or received
Deductions
Home Ownership
- Forms 1098 or other mortgage interest statements
- Real estate and personal property tax records
- Receipts for energy-saving home improvements (e.g., solar panels, solar water heater)
- All other 1098 series forms
Charitable Donations
- Cash amounts donated to houses of worship, schools, other charitable organizations
- Records of non-cash charitable donations
- Amounts of miles driven for charitable or medical purposes
Educational Expenses
- Forms 1098-T from educational institutions
- Receipts that itemize qualified educational expenses
- Records of any scholarships or fellowships you received
- Form 1098-E if you paid student loan interest
State and Local Taxes
- Record of the state and local income tax you paid throughout the year
- Vehicle sales tax invoice, if applicable
- Record of the amount of sales tax paid during the year
Disaster Relief
If you ever lived in a federally declared disaster relief area, you’ll need this information when filing your tax return:
- Name of the city and county that you worked or owned property in that was declared a disaster area
- Property loss records (i.e., appraisals, clean-up costs)
- Detailed list of rebuilding costs
- Paperwork that supports any insurance reimbursements or claims to be paid
- FEMA assistance information
Print out this income tax preparation worksheet so that the tax filing for the year passes smoothly without any fault
