January 29, 2025

Checklist for Tax Preparation

Whether you’re filing your taxes on your own or with professional assistance, having the right
documents ready is crucial. Below is a detailed guide to help you gather everything you need for
a smooth filing process:

Personal Information

  • Your Social Security number (SSN) or Taxpayer Identification Number (TIN)
  • Spouse’s full name and SSN/TIN, if applicable
  • Valid photo identification for both you and your spouse

Details for Dependents

  • Birth dates and SSNs/TINs for dependents
  • Records from childcare providers, including their Tax ID number, if applicable
  • Form 8332 (if a custodial parent allows a noncustodial parent to claim the child)

Income Documents

For Employees

  • Wage and income statements (W-2 forms)

For Those Receiving Unemployment

  • Unemployment income documentation (1099-G)

For The Self-Employed

  • Income statements like 1099-NEC or 1099-K
  • Evidence of expenses (receipts, statements, and other records)
  • Details on assets used for business, including costs and purchase dates
  • Information about home office use, if applicable

Rental Income

  • Income and expense records for rental properties
  • Asset details for depreciation purposes (cost, purchase date, etc.)

Retirement Income

  • Documents for pensions, annuities, and IRAs (1099-R forms)
  • Records of previous IRA contributions already taxed (Form 8606)
  • Social Security or Railroad Retirement income (Forms SSA-1099 or RRB-1099)

Investment and Cryptocurrency Income

  • Forms showing interest or dividends (e.g., 1099-INT, 1099-DIV, or 1099-OID)
  • Statements for sold investments (1099-B or 1099-S) and details of original purchase price (cost basis)
  • Documentation of expenses tied to investments
  • Records of cryptocurrency and NFT transactions, including sales and costs

Other Income Sources

  • Refunds from state taxes (1099-G)
  • Income reported on K-1 forms for investments or partnerships
  • Gambling winnings and related expenses (W-2G or other records)
  • Payments for jury duty, hobbies, or prizes
  • Trust or royalty income (1099-MISC)
  • Any other miscellaneous income forms

Deductions and Credits

Estimated Federal and State Tax Payments

  • Record of quarterly estimated federal tax payments (Form 1040-ES)
  • Record of quarterly estimated state tax payments

For Homeowners

  • Mortgage interest (Form 1098)
  • Real estate and property tax payment records

Charitable Giving

  • Proof of monetary donations (receipts or acknowledgments)
  • Documentation of non-cash contributions
  • Mileage logs for charity-related travel

Medical and Health Expenses

  • Records of healthcare premiums and medical expenses (e.g., doctor visits, dental work)
  • Health Savings Account Distributions (Form 1099-SA)
  • Travel expenses for medical care (mileage, lodging, etc.)

Education-Related Expenses

  • Tuition payments (Form 1098-T)
  • Receipts for qualified education costs (Form 1099-Q)
  • Proof of scholarships, fellowships, or student loan interest paid (Form 1098-E)

Childcare Costs

  • Records of daycare payments for children under 13
  • Documentation of payments to babysitters or caregivers

State, Local, and Sales Taxs

  • Details of state and local taxes paid outside of wage withholding
  • Receipts for significant purchases (e.g., vehicles or boats)
  • Real estate and personal property tax payment records

Retirement and Savings Contributions

  • Contribution statements for HSAs (Form 5498-SA) and IRAs (Form 5498)
  • Other applicable forms in the 5498 series

Disaster Relief

  • Records of property damage or losses due to federally declared disasters
  • Costs of repairs or cleanup
  • Insurance claims or reimbursements received
  • Information on FEMA assistance

This checklist is designed to help you gather all necessary information and documents, reducing the risk of errors or missed deductions. If you have any questions or need assistance, contact your tax advisor for guidance.

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