Tax Preparation Checklist

 To prepare your income tax return, go through the following checklist for the categories that apply to you.  Having this information ready, will increase the efficiency, cost and accuracy of your taxes.

Steps to take in preparing for taxes:

  1. Download or print the checklist. Tax Preparation Checklist
  2. Place checklist in a file folder 
  3. As you receive tax documents, place them in the folder and check off the list
  4. Line items on the checklist that do not apply
  5. Enter information and amounts that are not already available on the other documents, such as your bank routing number for direct deposit.
Having this information in a report is much easier than going through your checks and bank statements for the entire year.  As you review the report, highlight information you will need to prepare your tax return.

The IRS needs to know exactly who is filing and who is covered in your tax return.  To do this, you will need Social Security numbers and dates of birth for you, your spouse and dependents.

Checklist of information needed to complete your taxes

Income Information

  • Wages (W2(s))

  • Interest (1099-INT)

  • Foreign bank accounts, income +/or paid taxes

  • Dividend Income (1099-DIV)

  • Stock sale information/Capital gains (1099-B)

  • Pension Distributions (1099-R)

  • Social Security Benefits (Form 1099-SSA)

  • State / Local Refunds (Form 1099-G)

  • Gambling Income (Form W-2G)

  • Other Income

    • Alimony received

    • Unemployment compensation (1099-G)

    • Debt Cancellation (Form 1099-C)

    • Disability Income

    • Jury Duty

    • Tip Income

    • Scholarships (Form 1098-T)

    • Education Savings Account Withdrawal (Form 1099-G)

    • Bartering Income (Form 1099-B)

    • Achieving Better Life Experience Distribution (Form 1099-QA)

  • Small business (self-employed or independent contractor business owner)

    • Business income (Form 1099-MISC plus items not on 1099-MISC)

    • Business Expenses (provide list or use the business organizer)

    • Vehicle information

  • Rental Property

    • Rental Income (Form 1099-MISC)

    • Related expenses (Provide list or use the rental property organizer)

  • Schedule K-1 from Partnerships, S Corps, Trusts

  • Sale of real estate not qualifying for personal residence exemption

    • Closing statement - Sale of Property

    • Closing statement - Purchase of Property

    • List of additions/improvements while you owned the property

    • Forgiveness of debt income (Form 1099-C or 1099-A)

Deduction Information

  • IRA Contributions

  • SEP, Simple, Keogh Plans

  • Student loan interest (1098-T)

  • Student expenses (Forms 1098-T and 1099-Q)

  • Alimony Paid (recipient name and SS#)

  • Mortgage Interest (Form 1098)

  • Investment Interest

  • Cash and noncash charitable contributions

  • Business or disaster casualty/theft loss

  • Medical expenses

    • Health insurance

    • Out of pocket medical expenses (and Form 1099-SA)

    • Forms 1095-A, 1095-B, and 1095-C

    • Healthcare marketplace exemption

    • Medical account contribution (Form 5498-SA)

    • ABLE Account Contribution (Form 5498-QA)

  • Real estate taxes

  • Other taxes (including sales tax paid on the purchase of autos, boats and RVs for personal use)

Credit and Payment Information

  • Childcare expenses - provide name, address, SS# or EIN, and amount paid for each child

  • Estimated tax payments (dates and amounts paid)

  • Legal papers for adoption, divorce or separation involving custody of your dependent children.

  • Tuition statements (Form 1098-T) and education expenses

  • Copy of voided check (for direct deposit of refund information)

  • Energy or electric vehicle tax credit information

  • Closing statement for first-time or long-time homebuyer's credit.

Contact Water's Edge CPA, LLC to complete your taxes.  Water's Edge CPA, LLC a registered IRS E-File organization, will ensure the compliance of the tax code along with the mitigation of costs and risks.  

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