11/13/2020
Tax Prep Checklist: THE BASIC FORMS AND RECORDS YOU’LL NEED TO FILE YOUR TAXES WITH US!
Personal Information; A Social Security or tax ID number for everyone included on your tax return -You need your own number, but don’t forget your spouse and dependent’s as well. If someone doesn’t have a Social Security number, you’ll need their TIN. Date of birth for everyone on your return.
Income and Investment Information;
Form W-2 Wage and Tax Statement -Your W-2 shows how much you earned and how much was withheld for taxes.
Bank statements; – Did you make contributions to an IRA? You’ll need a Form 5498. Are you paying down student loan debt? Be sure to grab your Form 1098-E. Did you take out a home mortgage? Be sure to have your Form 1098 Mortgage Interest Statement.
Last year’s state refund amount – your state refund is considered income for tax purposes. Any miscellaneous income records– This could include award money, gambling winnings, lottery pay-outs for example.
Any Form 1099s – There are several different types of 1099. Some of the common ones include:
1099-MISC if you are self-employed and received $600+ from a client
1099-DIV if you received dividends
1099-G if you received money or benefits from the government
1099-K if you made third-party transactions (through PayPal or Venmo, for example)
1099-R for distributions from a retirement plan, IRA, pension, annuity, etc.
Self-Employment and Business Records
Business expense records – These could be receipts, credit card statements, records of checks you’ve written.
Quarterly estimated tax payment receipts – If you make installments to your tax bill during the year, the IRS should send you a record of what you paid – similar to a receipt.
Mileage records – In order to get a deduction for your travel, you’ll need to know how many miles you drove for work purposes.
Home office expenses – Taking the home office deduction? You’ll need to know how big your space is in square feet. If you decide to use the actual expense method, you’ll also need a record of your home-related expenses, like utilities and mortgage (or rent).
Medical Expense Receipts and Records
Receipts for unreimbursed medical expenses – These could include exams, surgeries, and preventative care. It could also be braces, glasses, hearing aids, prescriptions – even transportation to and from treatment.
Form 1095: Health insurance coverage forms – If you are enrolled through the Marketplace, you’ll receive Form 1095-A. Insurance providers will send a 1095-B for individuals they cover. If your employer offers coverage, they should send you a 1095-C.
Social Security benefits – If you receive Social Security, you’ll receive an SSA-1099 in January showing the total amount of benefits you received for the year.
Charitable Donations
Charitable donation receipts – you’ll need to be able to back them up with receipts showing the date, amount, and charitable organization.
Homeownership Info
Property tax receipts – you could write off a portion of the property taxes you paid.
