February 1, 2016: Tax Preparation Checklist: U.S. taxpayers spend about 7.6 billion hours per year complying with the filing requirements of the Internal Revenue Service. This time commitment highlights the complexity of tax return preparation. To make sure our clients don't miss important deductions, I use an Income Tax Checklist. Using a checklist is often a good idea even if your tax return is relatively simple. It gives you (and me) piece of mind knowing that something didn't "slip through the cracks."
Our 2015 Income Tax Checklist is presented below. My clients should check the boxes that apply and gather the relevant data for the return. If the item is not relevant to your situation, just X out the box so I know that the item doesn't apply to your situation.
Our 2015 Income Tax Checklist is presented below. My clients should check the boxes that apply and gather the relevant data for the return. If the item is not relevant to your situation, just X out the box so I know that the item doesn't apply to your situation.
2015 Income Tax Checklist
Personal information
□ Copies of last year’s tax return(s) for you and your spouse
□ Social Security numbers and dates of birth for you, your spouse, and your dependents (if not on return)
□ Income of other adults living in your home (for dependency evaluation)
□ Business tax ID number(s), if applicable (if not on return)
□ Bank account number and routing number (if you choose direct deposit)
Income for you and your spouse
□ W-2 forms; for earned income
□ W-2G; for gambling income
□ 1099-B; for capital gain or loss (need asset acquisition date(s) and basis if not reported on 1099-B)
□ 1099-C; for cancellation of debt
□ 1099-DIV; for dividend income
□ 1099-G; for unemployment income, or state or local tax refunds
□ 1099-INT; for interest income
□ 1099-LTC; for long-term care reimbursements
□ 1099-OID; for original issue discounts
□ 1099-R; for payments/distributions from IRAs or retirement plans
□ 1099-S; for sale of a personal residence
□ 1099-SA; for health savings account reimbursements
□ 1099-SSA; for Social Security benefits received
□ Alimony received
□ Business or farming income; include revenue, expenses, and asset data for depreciation calculation
□ Form 6252; principal/interest collected for the year, SSN and address for payer
□ Rental property income; include revenue, expenses, and asset data for depreciation calculation
□ Schedule K-1; for investment business income
□ Miscellaneous income; jury duty, gambling winnings, scholarships, etc.
Self-Employment Income for you and your spouse
□ 1099-MISC; for independent contractor work
□ 1099-S; for sale of business property for real estate professionals
□ Business income; include revenue, expenses, and asset data for depreciation calculation
□ Business use of vehicle; vehicle mileage log, parking and tolls
□ Farming income; include revenue, expenses, and asset data for depreciation calculation
□ Form 6252; principal/interest collected for the year, SSN and address for payer
□ Home office expense (if qualified)
□ Rental property income; include revenue, expenses, and asset data for depreciation calculation
□ Schedule K-1; for business income
Income adjustments
□ 1098-E; for student loan interest paid (or loan statements for student loans)
□ 1098-T for tuition paid (or receipts/canceled checks for tuition paid for post-high school)
□ Alimony paid and ex-spouse's full name and SSN
□ Health insurance payment records
□ IRA contributions records
□ Job-related moving expenses
□ Keogh, SEP, SIMPLE, and other self-employed pension plans
□ Medical Savings Account (MSA) contributions
□ Qualifying energy-efficient home improvement receipts (solar, windows, etc.)
□ Teacher job-related expenses that were not reimbursed
Itemized Deductions (must exceed standard deduction for a tax benefit)
□ 1098; Mortgage interest
□ Adoption costs
□ Casualty and theft losses: damage, insurance reimbursements
□ Charitable contributions: cash, checks, receipts, in-kind, mileage and out-of-pocket expenses
□ Child care costs
□ HUD-1 if real estate was purchased or sold during the tax year
□ Interest expenses: Investment
□ Interest expenses: Mortgage interest, PMI and points not on form 1098 (with recipient and their tax ID)
□ Job-related expenses that were not reimbursed (uniforms, supplies, continuing education, travel, etc.)
□ Medical and dental expenses (must exceed 10% of AGI to be deductible)
□ Taxes paid: Personal property
□ Taxes paid: Real estate
□ Taxes paid: State and local
□ Taxes paid: Vehicle registration (FMV based tax)
□ Union dues
Other Information
□ Estimated tax payments
□ Foreign bank account information; location, bank, account #, peak account value for tax year
□ Prior-year refund applied to current year/amount paid with a filing extension
Affordable Care Act
□ 1095-A; for people enrolled in an insurance plan through the Marketplace
□ 1095-B; who was (or wasn’t) covered for people enrolled through a large applicable employer
□ 1095-C; plan(s) offered for people enrolled through a large applicable employer
□ ECN; marketplace extension certificate if you received an exemption from the Marketplace
“Taxpayers are not required to send the IRS information forms or other proof of health care coverage when filing their tax return. However, it’s a good idea to keep these records on hand to verify coverage.”
Personal information
□ Copies of last year’s tax return(s) for you and your spouse
□ Social Security numbers and dates of birth for you, your spouse, and your dependents (if not on return)
□ Income of other adults living in your home (for dependency evaluation)
□ Business tax ID number(s), if applicable (if not on return)
□ Bank account number and routing number (if you choose direct deposit)
Income for you and your spouse
□ W-2 forms; for earned income
□ W-2G; for gambling income
□ 1099-B; for capital gain or loss (need asset acquisition date(s) and basis if not reported on 1099-B)
□ 1099-C; for cancellation of debt
□ 1099-DIV; for dividend income
□ 1099-G; for unemployment income, or state or local tax refunds
□ 1099-INT; for interest income
□ 1099-LTC; for long-term care reimbursements
□ 1099-OID; for original issue discounts
□ 1099-R; for payments/distributions from IRAs or retirement plans
□ 1099-S; for sale of a personal residence
□ 1099-SA; for health savings account reimbursements
□ 1099-SSA; for Social Security benefits received
□ Alimony received
□ Business or farming income; include revenue, expenses, and asset data for depreciation calculation
□ Form 6252; principal/interest collected for the year, SSN and address for payer
□ Rental property income; include revenue, expenses, and asset data for depreciation calculation
□ Schedule K-1; for investment business income
□ Miscellaneous income; jury duty, gambling winnings, scholarships, etc.
Self-Employment Income for you and your spouse
□ 1099-MISC; for independent contractor work
□ 1099-S; for sale of business property for real estate professionals
□ Business income; include revenue, expenses, and asset data for depreciation calculation
□ Business use of vehicle; vehicle mileage log, parking and tolls
□ Farming income; include revenue, expenses, and asset data for depreciation calculation
□ Form 6252; principal/interest collected for the year, SSN and address for payer
□ Home office expense (if qualified)
□ Rental property income; include revenue, expenses, and asset data for depreciation calculation
□ Schedule K-1; for business income
Income adjustments
□ 1098-E; for student loan interest paid (or loan statements for student loans)
□ 1098-T for tuition paid (or receipts/canceled checks for tuition paid for post-high school)
□ Alimony paid and ex-spouse's full name and SSN
□ Health insurance payment records
□ IRA contributions records
□ Job-related moving expenses
□ Keogh, SEP, SIMPLE, and other self-employed pension plans
□ Medical Savings Account (MSA) contributions
□ Qualifying energy-efficient home improvement receipts (solar, windows, etc.)
□ Teacher job-related expenses that were not reimbursed
Itemized Deductions (must exceed standard deduction for a tax benefit)
□ 1098; Mortgage interest
□ Adoption costs
□ Casualty and theft losses: damage, insurance reimbursements
□ Charitable contributions: cash, checks, receipts, in-kind, mileage and out-of-pocket expenses
□ Child care costs
□ HUD-1 if real estate was purchased or sold during the tax year
□ Interest expenses: Investment
□ Interest expenses: Mortgage interest, PMI and points not on form 1098 (with recipient and their tax ID)
□ Job-related expenses that were not reimbursed (uniforms, supplies, continuing education, travel, etc.)
□ Medical and dental expenses (must exceed 10% of AGI to be deductible)
□ Taxes paid: Personal property
□ Taxes paid: Real estate
□ Taxes paid: State and local
□ Taxes paid: Vehicle registration (FMV based tax)
□ Union dues
Other Information
□ Estimated tax payments
□ Foreign bank account information; location, bank, account #, peak account value for tax year
□ Prior-year refund applied to current year/amount paid with a filing extension
Affordable Care Act
□ 1095-A; for people enrolled in an insurance plan through the Marketplace
□ 1095-B; who was (or wasn’t) covered for people enrolled through a large applicable employer
□ 1095-C; plan(s) offered for people enrolled through a large applicable employer
□ ECN; marketplace extension certificate if you received an exemption from the Marketplace
“Taxpayers are not required to send the IRS information forms or other proof of health care coverage when filing their tax return. However, it’s a good idea to keep these records on hand to verify coverage.”
