World Master Financial

Tax Preparation and Business Consulting

Tax Preparation Check List

Having the right Having the right information at hand is half the battle when doing your taxes. Use this checklist to help you gather your important personal, employment, residential and financial information. You can avoid multiple trips to your tax professional by getting it all together now.

 

Printer-Friendly Tax Preparation Checklist

Personal Information
 Your social security number
 Your spouse's full name and social security number
 Amount of any alimony paid and ex-spouse's social security number

Dependents
 Dates of birth and social security numbers
 Childcare records (including the provider's ID number) if applicable
 Approximate income of other adults in your home (not spouse, if you're filing jointly)
 Form 8332, copies of your divorce decree, or other documents proving your right to claim a child living with your ex-spouse

College/University Tuition
 Bills from educational institution or anything else that itemizes what you paid or got loans for versus what was covered by scholarship or other financial aid
 Forms 1098-T and 1098-E, if you have them
 Scholarships and fellowships

Work  Related Information

 Forms W-2

Self-Employment Information
 Forms 1099-MISC, Schedules K-1, income records to verify amounts not reported on 1099s
 Records of all expenses - check registers, credit card statements

Vehicle Information
 Total miles driven for the year (or beginning/ending odometer readings)
 Total business miles driven for the year
 Amount of parking and tolls paid
 If you want to claim actual expenses, receipts or totals for gas, oil, car washes, licenses, personal property tax, lease or interest expense, etc.

Rental Income
 Records of income and expenses

Retirement Income
 Pension/IRA/annuity income (1099-R)
 Social security/RRB income (1099-SSA, RRB-1099)

Savings and Investments
 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

Other Income
 Unemployment, state tax refund (1099-G)
 Gambling income (W-2G or not, expense records)
 Amount of any alimony received and ex-spouse's name
 Health care reimbursements (1099-SA)
 Jury duty records
 Hobby income and expenses
 Prizes and awards

Itemizing Deductions
 Forms 1098 or other mortgage statements
 Amount of state/local income tax paid (not withheld)
 Real estate and personal-property tax records
 Cash amounts donated to houses of worship, schools, other charitable organizations
 Records of non-cash charitable donations
 Amounts paid for health-care insurance and to doctors, dentists, hospitals
 Amounts of miles driven for charitable or medical purposes
 Expenses related to your investments
 Amount paid for preparation of your 2004 tax return
 Employment-related expenses (dues, publications, tools, uniform cost and cleaning, travel)
 Job-hunting expenses

IRA Information
 Amount contributed for 2005 (and 2006, if applicable)
 Traditional IRA basis
 Value of IRAs on 12-31-05

If you were affected by Hurricane Katrina
 City/county you lived/worked/had property in
 Records to support property losses
 Records of rebuilding costs

 

 

Any questions, please don’t hesitate to call us at 916-833-0543.