Tax Preparation Checklist: What You'll Need to File

I don't know about you, but every year I find myself wondering.... do I have everything I need to file my taxes properly?  Should I itemize my deductions?  What am I missing?  I went on a hunt for some resources to help me make sure I was prepared.  Below is a tax preparation checklist from H&R Block that I found to be very helpful in making sure there was no stone left unturned before filing my 2012 taxes.


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

         Add Your 2010, 2009, and/or 2008 tax return(s). Your Tax Professional can check them for accuracy

Other people who may belong on your return

         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 showing that your ex-spouse is releasing their right to claim a child to you

Education Payments

         Bills from the educational institution or anything else that itemizes what you paid or received loans for versus what was covered by scholarship or other financial aid

         Forms 1098-T and 1098-E, if you received them

         Scholarships and fellowships

Employee 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 or credit card statements, and receipts

         Business-use asset information (cost, date placed in service, etc.) for depreciation

         Office in home information, if applicable

Vehicle Information

         Total miles driven for the year (or beginning/ending odometer readings)

         Total business miles driven for the year (other than commuting)

         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

         Rental asset information (cost, date placed in service, etc.) for depreciation

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 records showing income, as well as expense records)

         Amount of any alimony received and ex-spouse's name

         Health care reimbursements (1099-SA or 1099-LTC)

         Jury duty records

         Hobby income and expenses

         Prizes and awards

         Other 1099

Itemizing Deductions

         Forms 1098 or other mortgage statements

         Amount of state/local income tax paid (other than wage withholding), or amount of state and local sales tax paid

         Real estate and personal property tax records

         Invoice showing amount of vehicle sales tax paid

         HUD statement showing closing date of home purchase

         Cash amounts donated to houses of worship, schools, other charitable organizations

         Records of non-cash charitable donations

         Amounts paid for healthcare 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 2010 tax return

         Employment-related expenses (dues, publications, tools, uniform cost and cleaning, travel)

         Job-hunting expenses

IRA Information

         Amount contributed for 2011 (and 2012, if applicable)

         Traditional IRA basis

         Value of IRAs on Dec. 31, 2011

If you were affected by a federally declared disaster

         City/county you lived/worked/had property in

         Records to support property losses (appraisal, clean up costs, etc.)

         Records of rebuilding/repair costs

         Insurance reimbursements/claims to be paid

         FEMA assistance information

         Check FEMA site to see if my county qualifies for individual assistance

http://www.hrblock.com/offices/tax-preparation-checklist.html

Stacy Neill |Marketing Director