TAX RETURN LAUNDRY LIST
FOR INDIVIDUAL TAX RETURNS
Read through the following list as a reminder of what is needed to complete your tax return. You may not have all of these items, but you will probably have several of them. If you are unsure about any of the items, give us a call or shoot us an email.
IF YOU DID NOT RECEIVE A TAX ORGANIZER WITH YOUR TAX PACKAGE AND WOULD LIKE ONE/USE ONE, PLEASE CALL OUR OFFICE ASAP. YOU CAN ALSO FIND A BLANK ONE ON THE WEB SITE – SEE HOME PAGE TAX BOX.
- 1099s – interest, dividends, retirement/pension, state tax refunds, unemployment, sale of securities, oil and gas interests, cancellation of debt, abandonment of real estate etc.
- K-1’s – partnerships, S corporations, LLCs, LLPs, estates, trusts, etc. (if we do your business returns, we will generate the K-1s)
- Social Security statement if you receive benefits (we don’t need the annual update of wages earned—but you should look at it carefully!!)
- Closing statements for all real estate deals—buys AND sells, including refinancings (points may be deductible and property taxes are often paid at time of refinancing)
- Estimated state and federal taxes payments – amounts paid and DATES
- Social Security Numbers, Names, Birthdates for new dependents
- Basis of securities sold – you don’t want to pay gains on the total amount of a sale! Please provide the amount you paid for the investment, along with date purchased. This will be on your 1099 if the purchase was fairly recent.
- Details on exercise and sale of incentive, restricted and nonqualified stock options—paystubs are very useful
- Investment account statements – with enclosures (often there are little hidden deductions in those papers!)
- Mortgage interest statement–1098 (Talk to us about second-home deductibility for boats, RVs, etc! Sadly though, you may only deduct interest on 2 mortgages unless additional mortgages are related to rental properties)
- Real estate taxes – all real estate tax is eligible for deduction if you itemize
- Mortgage Insurance Premiums (should be on the 1098)
- Personal property tax – car tax (see ownership tax and prior ownership tax on car registration) Not all states have car tax
- Charitable contributions – remember cash (check or credit card, too) as well as noncash items and volunteer work mileage and volunteer expenses! Please provide the purchase price for items you are donating
- Child care costs – amount, name and Social Security# or tax i.d. # of provider, and the address – HINT – if you are working with a home based day care provider, ask for this information up front. If you don’t have this information, you will probably not be able to get a credit for child care
- Educational loan interest
- 529 Plan contributions (may be eligible for state deduction) not just for post-secondary expenses anymore
- Tuition payments – college, graduate school, post-high school education of any kind
- Health insurance premiums paid AFTER tax or if self employed (or K-1 recipient—ask us!)
- Long Term Care Insurance Premiums
- Contributions/withdrawals to/from Medical Savings Accounts, Health Savings Accounts, IRAs, SEPs, SIMPLEs, KEOGHs, 401(k)s
- Installment sales – first year, we need all documentation; after that we need to know about the payments received
- Medical expenses – don’t overlook mileage, lodging, prescribed “stop smoking” programs, glasses, braces, prescribed weight loss programs, costs of a companion (!!) etc.
- Family Changes!! (new spouse, ex-spouse, new children, children who have flown the nest, etc)
- New Address, New Phone Number, New E-mail Address – anything NEW