Tax Preparation Checklist: 2019 - 2020 Tax Season
Tax Preparation Checklist
When your ready to start your online income tax filing, the first thing you need to do to make the process quick and simple is to gather all the data needed.
Depending on your job and investments, this can be short and sweet or, it may require some digging. My advice is to always keep all your tax related documents organized in one spot so that your not running around trying to locate everything come tax season. Organize early, save time later...
Whether you're completing your taxes in an office or using online tax preparation solutions, we're here to take the hassle out of figuring out what you need.
What You'll Need to File Your 2019 Tax Return
Having all the right information in hand is half the battle when preparing your taxes. Review the list below to find out what documents you need based on your unique tax filing situation.
Tax Prep Checklist for Online Income Tax Filing
This tax preparation checklist is by no means a comprehensive guide. Be sure to check with your tax professional or use a quality tax software program like TurboTax or H&R Block as a guide to ensure you've got everything you need covered.
- Social Security Numbers for your family and dependants
- Bank account and routing numbers for having your refund direct deposited into your account
- A list of the taxes you've paid during the year (paycheck withholdings, estimated tax payments, sales taxes, property taxes, etc.)
- W-2's and any other income tax forms (1099's, Schedule K-1, etc.)
- IRA Contribution information documents
- Medical expenses paid receipts
- Education payments (tuition paid, student loan interest paid, etc)
- Home mortgage interest paid and loan costs (mortgage points and closing costs)
- Job search and moving related expenses for changing jobs
- Charitable donations and contributions receipts
Tax Preparation Checklist Questions
- Were you married as of Dec. 31
- Did anyone (other than your spouse) live in your home at some point during the year
- Did you provide support for someone who didn't live with you?
- Was this person your child, an ex-spouse, your parent or some other adult?
- Did you or anyone in your family take post-high school classes or make student-loan payments this year?
- Did you receive income this year for work that you did?
- Did you receive this income as an employee?
- Did you receive this income as a contractor or from self-employment?
- Did you drive your vehicle for work-related activities other than commuting to and from your job?
- Did you receive any other income this year?
- Did you have any pension, IRA, social security income, or rollover pension or IRA income?
- Did you have savings or investment income (i.e. capital gains, dividends or interest)?
Tax Preparation Checklist: Data Collection
- Personal Information
- Employment & Income Information
- Personal and Business Expenses
- Homeowner or Renter Information
- Self Employment Records
- Financial Assets
- Financial Liabilities
- Social Security Numbers for every family member including spouse and children
- W-2 Forms
- Unemployment compensation (Form 1099-G)
- Other income, including rent (Form 1099-MISC)
- Partnership, S Corporation, & trust income (Schedules K-1)
- Pensions and annuities (Forms 1099-R)
- Social Security/RR1 benefits (Forms RRB-1099)
- Alimony received
- Jury duty pay
- Gambling and lottery winnings (Forms W-2G)
- Prizes and awards
- Alimony paid and the social security number of ex-spouse
- State & local income tax refunds (Form 1099-G)
- Federal, state & local estimated income tax (estimated tax vouchers, cancelled checks & personal payment records)
- IRA, and other retirement plan contributions
- Documents for medical expenses
- Document for casualty or theft losses
- Other deductible expenditure records
- Charitable contributions (qualified written statement from charity for donations in excess of $250)
- Tax return preparation expenses and fees from prior years
- Child care expenses
- Medical expenses
- Residential address for current tax year
- Real estate taxes paid
- Mortgage interest (Form 1098)
- Sale of your home/real estate (Form 1099-S)
- Interest on second mortgage
- Moving expenses
- Business income (Form 1099-MISC or personal records)
- Employment taxes & other business taxes paid for current year (personal records)
- Partnership SE income (Schedule K-1)
- Business-related expenses (receipts, other documents & personal records)
- Farm-related expenses (receipts, other documents & personal records)
- Interest income statements (Form 1099-INT & 1099-OID
- Proceeds from broker transactions (Form 1099-B)
- Dividend income statements (Form 1099-DIV)
- Retirement plan distribution (Form 1099-R)
- Student loan interest paid
- Early withdrawal penalties on CDs and other time deposits
- Auto loans and leases if vehicle used for business - account numbers and car values