Checklist for Preparing your Income Tax return
Before you start
Personal information
Income information
Adjustments
Itemized deductions
Information on household employees
Tax payments
Direct deposit information
Foreign bank account information
Use the following detailed checklists to gather information for preparing
your income tax return. Not every category will apply to you; just pick the ones
that do apply and make sure you have that information available. When you’re
ready to prepare your return using TurboTax®, you’ll be surprised
how much time you will save by organizing your information.
Before you start:
Print this article. We’ve provided check boxes for you to check as you
collect the information, and spaces for you to enter information such as social
security numbers and cash amounts.
If you maintain your financial data in a personal finance software program
such as Quicken®, print a report of your financial transactions for
2002. This is an invaluable resource as you prepare your tax return, and helps
you clearly see where your money goes each year. Having this information in
report form is much easier than going through cancelled checks or your check
register for the entire year.
As you review the report, you can highlight information you will need for
your return or make notes to remind yourself of something later. If you need
more information on a certain item, the report makes it easier to find the item
on the computer when you need the detail. For example, if you know you paid
check number 1077 to the IRS but don’t know if it was for last years’
balance due, an estimated payment for this year, or an extension payment, you
can do a search for check 1077 and get more detail. Most software packages have
a variety of reports that you can print to help with your specific needs.
Now you’re ready to start gathering information. The checklists are divided
into categories so you can organize your information. As you receive or locate
an item, check it off the list.
Personal information
Social security numbers for:
q
You ________________________
q
Your spouse ________________________
q
Dependents, if any ________________________
Childcare costs:
q
Cancelled checks or invoices
q
Provider's name ______________________________
q
Provider’s address
________________________________________________
q Provider's tax ID or social
security number ______________________________
Educational costs:
q Tuition bills or cancelled checks
for post-high school education
Adoption costs:
q Social Security number or I.D.
number of adopted child __________________
q
Receipts or cancelled checks for
__ Legal fees
__ Transportation
__ Other costs
Income information
Income from jobs:
q
W-2 forms for all employers for whom you and your spouse worked in
2002.
Investment income:
q
Interest income - Form 1099-INT
q
Dividend income - Form 1099-DIV
q
Proceeds from the sale of stocks, bonds, etc. - Form 1099-B
q
Confirmation slips or brokers’ statements for all stocks, etc.
that you sold in 2002
q
Schedule(s) K-1 (Form 1065) from investments in partnerships
q
Income from foreign investments – Amount of foreign taxes paid
(you can find this on the brokers' statement) _____________________
q
Income from stock option exercises and sales:
_ Stock option agreement (showing type of options you received)
_ Stock option statement showing exercise prices of options
_ Form 1099-B for proceeds from stock sale
q
Sale of employee stock purchase plan shares:
_ Form 1099-B for proceeds from stock sale
_ Stock price on grant date ______________
_ Stock price on purchase date ___________
_ If stock sale occurred before qualifying period begins, Form W-2
showing
"compensation income" from a disqualifying disposition
Income from State and Local Income Tax Refunds:
q
Form 1099-G from state or local governments
q
State income tax return from 2001
q
City income tax return from 2001, if any
Alimony:
q Bank statements or record
of deposits
Business or farming income:
q Books/accounting records for your business,
OR:
q Invoices or billings
q Bank statements
q Cancelled checks for expenses
q Payroll records
In addition you need:
q Invoices for major machinery, equipment,
furniture, etc. purchases
q Logs or other records listing vehicle
mileage
q Inventory records, if your business
maintains an inventory of goods or materials
If you use your home for business:
q Square footage of your home office area
_______________
q Total square footage of your home
_____________________
q Total rent paid, if home is rented
_____________________
q Mortgage interest reported on Form 1098
_______________
q Property tax payments from assessor's bill,
cancelled checks, or impound records ________________
q Homeowner’s insurance premium payments
_______________
q Invoices for repairs and maintenance on your
house
q Utility bills
IRA/Pension distributions:
q Form 1099-R for payments from IRA or
retirement plans
q Account summary form for the year for your IRA
accounts, OR
q Deposit receipts and contribution records
q If you received a distribution from an IRA
account – The most-recently filed Form 8606, if you made contributions to IRAs
that weren't deductible on your return
Rental Property income:
q Profit and loss statements from your property
manager, OR
q Checkbook or cancelled checks for expenses
q Form 1099-Misc or other records for rental
income paid to you
q Mortgage interest reported on Form 1098
q Property tax payments from assessor's bill,
cancelled checks, or impound records
q Record of suspended rental losses from prior
years (usually shown on last year's return)
Unemployment income:
q Form 1099-G from your state unemployment
agency, OR
q Unemployment check stubs and deposit records
Social security benefits:
q Form SSA-1099
Income from sales of property:
If the property was sold in 2002:
q Sales proceeds - Bill of sale, closing
statement or other records
q Cost of the property you sold – Invoices,
receipts, or cancelled checks
q Improvements made to the property – Invoices or construction contracts and cancelled checks
If the property was sold at a profit before 2002 on the installment basis:
q Previous year's return – Form
6252, Installment Sales
q Amount of principal collected on the
installment note owed to you
q
Amount of interest collected on the note
q
Name, address and social security number
of the buyer
Miscellaneous income:
q Jury duty pay records
q Form(s) W-2G for gambling and lottery
winnings
q Receipts for all gambling purchases
q Form 1099-MISC for prizes and awards you
received
q Form 1099-MSA for distributions from medical
savings accounts
q Scholarship records (if you used the money
for anything other than tuition, books, and supplies)
q Director’s fees receipts if you received
money for serving on a corporate board of directors
Adjustments
IRA contributions:
q Year-end account summary or bank
statements
Student loan interest:
q Form 1098-E showing interest paid, OR
q Loan statements
Medical savings account contributions:
q Account statements OR
q Cancelled checks
Moving expenses:
q Invoices from moving companies, OR
q Cancelled checks AND
q Paycheck stub for moving expense
reimbursements
Self-employed Health insurance:
q Insurance premium bills, OR
q Cancelled checks
Keogh & SEP pension plans:
q Year-end account summary, OR
q Cancelled checks
Alimony:
q Cancelled checks
Itemized deductions
Medical and dental expenses:
q Medical bills or cancelled checks
q Form SSA-1099 for Medicare premiums paid
from your social security benefits
q
Year-end pay stub if premiums were paid
through your wages (only if the deductions were after-tax)
q
Mileage records for trips to the
doctor, clinics, etc.
Taxes:
State and local income taxes:
q
Last year's state income tax return
q
W-2s
q
Cancelled checks for state estimates paid
Real estate taxes:
q
Tax collector bills or cancelled checks
q
Form 1098 or closing statement if you bought, sold, or refinanced
property in the current year
Personal property taxes:
q
Tax bills or cancelled checks
q
Automobile licensing bills, if fees are charged annually based on
value
Interest you paid:
Home mortgage interest:
q
Form 1098, OR
q
Your mortgage statement or bill for January, 2002
Points:
q
Form 1098 if you purchased a home in 2002
q
Your 2001 tax return if you refinanced in prior year
Interest paid on investment loans:
q
Brokers’ statements showing margin interest paid
q
Loan statements for loans taken out to purchase investments
Charitable donations:
Cash donations:
q
Charity bills, receipts, or cancelled checks
q
Records of the mileage incurred for charitable purposes (Scouts,
etc.)
Donations of Property:
q
Receipts from charitable agency
q
Estimated value of property given _____________
q
Appraisal fees for expensive donations ____________
Other charitable donations:
q
Prior years' tax returns if you have unused charitable
contributions (carryovers) from earlier years
q
Year-end paycheck stub if donations were paid through your wages
Casualty and Theft Losses:
q
Description of property damaged or stolen
q
Receipts or cancelled checks showing cost of property
q
Insurance policy and insurance reports showing reimbursement
q
Appraisal fees if applicable _______________
Job Expenses:
q
Reimbursement check stubs or reports from your employer
q
Job travel information:
__ Invoices, receipts, or ticket stubs for transportation
__ Mileage records per vehicle used
__ Hotel bills
__ Restaurant tickets showing name and address of establishment
__ Parking fee receipts
q
Union dues – Paycheck stub for automatic withdrawals
q
Gifts to clients, etc. – Receipts showing date, cost,
description
q
Supplies – Receipts or bills
q
Property purchased for use in your work – Invoices, receipts
q
Uniform and special clothing costs – Bills or paycheck stubs
showing deductions
q
Seminar fees – Receipts or invoices
q
Professional publications and books – Receipts or invoices
q
Receipts for small tools and supplies you purchased
q
Job search expenses:
__ Long-distance call bills
__ Resume costs (printing, mailing, resume service, etc.)
__ Transportation bills and mileage records
__ Employment agency fees
__ Career counseling costs
q
Job-related educational expenses:
__ Tuition, fee, and book receipts for education that maintains or improves
your present skills
__ Transportation receipts
__ Lodging receipts if you take classes away from home
Other Miscellaneous Deductions:
q
Tax return preparation fees – Invoices or cancelled checks
q
Cost of tax return preparation software and books – Receipts or
cancelled checks
q
Safe deposit box rental fees from bank invoice or statement
_______
q
IRA custodial fees (if paid from a non-IRA account) ________
q
Payroll records for office workers managing your investments
q
Investment advice costs: invoices or bills
Information on household employees
q
Wages paid during 2002 ________________
q
Employee's social security number ________________
If you want your refund deposited directly into your bank account, you need
your:
