Tax Preparation Checklist 2020 - 2021

Time 2021-01-09 16:09:11

Web Name: Tax Preparation Checklist 2020 - 2021

WebSite: http://taxpreparationchecklist.com

ID:161751

Keywords:

Preparation,Tax,Checklist,

Description:

Tax season offers plenty of challenges especially when it comes to gathering up all that documentation that needs to be handy while working on your tax return. Fortunately, a tax preparation checklist can make light of the situation and help you discover what s needed to proceed when ready. Being prepared for tax season will help you expedite your tax return preparation process, and quite possibly reduce your taxes. Gathering up all the documents needed to prepare and file your tax return with ease. Our checklists are provided to help you collect the most common items that are generally required when you are filing tax returns or gathering up documentation to supply to your personal tax professional (CPA). These lists include common items and documentation generally required to prepare tax returns for individuals and families, business owners, self employed taxpayers and investors. Checklist for Individuals and Families General Information Bank account number and routing number, if you are opting for depositing your tax refund directly into your bank account. Date of Birth for yourself, spouse and dependents. Full Names and Social Security Numbers for yourself, your spouse, and any children / dependents that you have. Payments of Estimated Federal, State, local taxes paid or paycheck withholding amounts paid over the tax year being filed. Previous years tax returns for you and you spouse. Income Documentation Alimony received Business or farming income - profit/loss statement, capital equipment information Cost Basis of Securities Sold Miscellaneous income: jury duty, gambling winnings, Medical Savings Account, scholarships, etc. Prior year installment sale information - Forms 6252, principal and interest collected during the year, SSN and address for payer Rental property income and expenses: profit/loss statement, suspended loss information Social Security received W-2 forms for you and your spouse SSA-1099 for Social Security benefits received 1099-MISC Income: independent contractor forms 1099-S form for income from sale of a property 1099-C forms for cancellation of debt 1099-R, Form 8606 for distributions from IRAs or retirement plans 1099 – Interest and Dividend Income, Retirement, Annuities, tax refunds, Unemployment 1099-G unemployment income forms, or state / local tax refunds 1099-INT, 1099-DIV, 1099-B, or K-1s investment, interest income Adjustments to your income Alimony paid Keogh, SEP, SIMPLE, and other self-employed pension plans Receipts for qualified energy-efficient home improvements (solar, windows, etc.) Records of IRA contributions made during the year Records of Medical Savings Account (MSA) contributions Records of moving expenses Self-employed health insurance payment records Teachers: Canceled checks or receipts for expenses paid for classroom supplies, etc. Form 1098-E for student loan interest paid (or loan statements for student loans) Form 1098-T for tuition paid (or receipts/canceled checks for tuition paid for post-high school) Deductible Expenses Itemized Deductions (Schedule A) List of Charitable Contributions Medical Expenses, Health Care Insurance, Prescriptions, Doctors, Dentists, Eyeglasses, Long Term Health Care Insurance Real Estate Taxes and other taxes paid, PMI insurance, points, Un-reimbursed Job Expense Union/Professional Dues, Job related costs, uniforms, supplies, seminars, continuing education, publications, travel, etc.) Form 1098 – Mortgage Interest Expense Tax Credit Deduction for Individuals Adoption expenses Alimony Paid (need Social Security number of recipient) Casualty and theft losses, insurance reimbursements Charitable donations: official receipts/checks, cash amounts, donated property value, miles driven, out-of-pocket expenses Child Care Expenses provider’s name, address, tax ID, $ amount Home business expenses, home size/office size, home expenses Investment interest expenses IRA contributions Medical and dental expense records Medical savings account Moving expenses Personal property taxes Real estate taxes paid Rental Property Expense cost basis Work vehicle license fees, mileage Additional Documentation Prior-year refund applied to current year and/or any amount paid with an extension to file Foreign bank account information: location, name of bank, account number, peak value of account during the year Printable Tax Documentation Checklist click to print personal tax preparation checklist for individuals General Taxable Income ___ Alimony Received or Paid ___ Dividend Income Statements: Form 1099-DIV ___ Interest Income Statements: Form 1099-INT 1099-OID ___ Miscellaneous Income: Form 1099-MISC ___ Sales of Real Estate: Form 1099-S ___ Sales of Stock, Land, etc.: Form 1099-B ___ State Tax Refunds: Form 1099-G ___ Unemployment Compensation Received ___ W-2 Form(s) for Wages, Salaries, and Tips Retirement Income ___ Railroad Retirement Social Security Income: Form SSA-1099 ___ Retirement Income: Form 1099-R Business Income ___ Business Income and Expenses ___ Farm Income and Expenses ___ Form K-1 Income from Partnerships, Trusts, and S-Corporations ___ Rental Income and Expenses ___ Tax Deductible Miles Traveled for Business Purposes Tax Credits Checklist ___ Adoption Expense Information ___ Child Care Provider Address, I.D. Number and Amounts Paid ___ First Time Home Buyer Tax Credit ___ Foreign Taxes paid Expense and Tax Deduction Checklist ___ Amount Paid to Professional Preparer Last Year ___ Casualty and Theft Losses ___ Charitable Cash Contributions ___ Doctor and Dentist Payments ___ Fair Market Value of Non-cash Contributions to Charities ___ Home Mortgage Interest from Form 1098 ___ Home Second Mortgage Interest Paid ___ Hospital and Nurse Payments ___ Investment Expenses ___ IRA Contributions ___ Job-hunting Expenses ___ Last Year s Tax Preparation Fee ___ Medical Expenses for the Family ___ Medical Insurance Paid ___ Miles Traveled for Volunteer Purposes ___ Miles Traveled for Medical Purposes ___ Miles Traveled Related to Your Job ___ Moving Expenses ___ Personal Property Taxes Paid ___ Prescription Medicines and Drugs ___ Real Estate Taxes Paid ___ State Taxes Paid with Last Year s Return (if itemized) ___ Student Loan Interest Paid ___ Tax Deductible Unreimbursed Expenses Related to Your Job ___ Union and Professional Dues ___ Unreimbursed Expenses Related to Volunteer Work Tax Estimate Payments Checklist ___ Estimated Tax Payments Made with ES Vouchers ___ Last Year s Tax Return Overpayment Applied to This Year ___ Off Highway Fuel Taxes Paid General Information ___ Bank Account Number (BAN) (For direct deposit/debit purposes) ___ Child Care Expenses for Each Dependent ___ Copy of Last Year s Tax Return ___ Dependents Names, Years of Birth, and Social Security Numbers ___ Dependents Post High School Educational Expenses ___ Educational Expenses for You and Your Spouse ___ Prior Year Adjusted Gross Income (AGI) Personal Identification ___ Routing Transmit Number (RTN) (For direct deposit/debit) ___ Social Security Numbers for You and Your Spouse TaxPreparationChecklist.Com

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2020 - 2021 Tax Season Tax Preparation Checklists for Individuals, Businesses, Schedules A-N Forms 990 and More

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