Tips on Fast & Affordable Tax Services

February 18, 2017

2016 TAX PREP CHECKLIST
 
Dependent(S) Information
  •  Dates of birth and social security numbers or tax ID numbers

  •  Childcare records (including the provider's tax ID number) if applicable

  •  Income of other adults in your home

  •  Form 8332 showing that the child’s custodial parent is releasing their right to claim a child to you, the noncustodial parent (if applicable)

Sources Of Income
  • Employed

    •  Forms W-2

  • Unemployed

    •  Unemployment, state tax refund (1099-G)

  • Self-Employed

    •  Forms 1099-MISC, 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 1040ES)

  • Rental Income

    •  Records of income and expenses

    •  Rental asset information (cost, date placed in service, etc.) for depreciation

    •  Record of estimated tax payments made (Form 1040ES)

  • Retirement Income

    •  Pension/IRA/annuity income (1099-R)

    •  Traditional IRA basis (i.e. amounts you contributed to the IRA that were already taxed)

    •  Social security/RRB income (1099-SSA, RRB-1099)

  • Savings & Investments or Dividends

    •  Interest, dividend income (1099-INT, 1099-OID, 1099-DIV)

    •  Income from sales of stock or other property (1099-B, 1099-S)

    •  Dates of acquisition and records of your cost or other basis in property you sold (if basis is not reported on 1099-B)

    •  Health Savings Account and long-term care reimbursements (1099-SA or 1099-LTC)

    •  Expenses related to your investments

    •  Record of estimated tax payments made (Form 1040ES)

  • Other Income & Losses

    •  Gambling income (W-2G or records showing income, as well as expense records)

    •  Jury duty records

    •  Hobby income and expenses

    •  Prizes and awards

    •  Trusts

    •  Royalty Income 1099 Misc.

    •  Any other 1099s received

    •  Record of alimony paid/received with Ex-spouse’s name and SSN

Types Of Deductions
  • Home Ownership

    •  Forms 1098 or other mortgage interest statements

    •  Real estate and personal property tax records

    •  Receipts for energy-saving home improvements

    •  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

  • Medical Expenses

    •  Amounts paid for healthcare insurance and to doctors, dentists, hospitals

  • Health Insurance

    •  Form 1095-A if you enrolled in an insurance plan through the Marketplace (Exchange)

    •  Form 1095-B and/or 1095-C if you had insurance coverage through any other source (i.e . an employer, insurance company, government health plan such as Medicare, Medicaid, CHIP, TRICARE, VA, etc.)

    •  Marketplace exemption certificate (ECN) if you applied for and received an exemption from the Marketplace (Exchange)

  • Childcare Expenses

    •  Fees paid to a licensed day care center or family day care for care of an infant or preschooler.

    •  Wages paid to a baby-sitter. 
      Don't include expenses paid through a flexible spending account at work.

  • Educational Expenses

    •  Forms 1098-T from educational institutions

    •  Receipts that itemize qualified educational expenses

    •  Records of any scholarships or fellowships you received

    •  Form1098-E if you paid student loan interest

  • Job Expenses & Tax Prep Fees

    •  Employment related vehicle expenses (tolls, mileage, gas, maintenance, license, property tax, interest expense, parking)

    •  Receipts for classroom expenses (for educators in grades K-12)

    •  Employment-related expenses (dues, publications, tools, uniform cost and cleaning, travel)

    •  Job-hunting expenses

    •  Record of moving expenses not reimbursed by employer

    •  Amount paid for preparation of last year’s tax return

       

       

       

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