Income Tax Checklist

Filing your income tax return just got a little easier

Save time and get organized this tax season! At Tax-Compare.com, we have compiled a list of all the documents you may need when you are preparing your income tax return. This is a comprehensive list, meaning some of these documents may or may not apply to your income tax situation. You'll be surprised how much faster you'll be able to file your income tax when you have these documents ready.

This income tax checklist is only meant to be a guide and is not a substitute for tax advice. Please consult your income tax software provider with specific tax questions you may have.

PERSONAL INFORMATION

  • Social Security numbers (including spouse and dependents)
  • Your child care provider's name, address and tax ID or Social Security number
  • Form 8332, copies of your divorce decree, or other documents proving your right to claim a child living with your ex-spouse
  • Advance Child Tax Credit Payment
    • Copy of the IRS notice announcing the amount of your payment
    • Amount of the payment you received
  • Social Security number or ID number of adopted child

EMPLOYMENT & INCOME TAX INFORMATION

  • W-2 forms for this year (you and your spouse)
  • Schedule(s) K-1 (Form 1065) from investments in partnerships
  • Schedule(s) K-1 (Form 1120S) from investments in S Corporations
  • Miscellaneous income including contract or freelance work: Form 1099-MISC
  • Distributions from medical savings accounts: Form 1099-MSA
  • Social Security/RR1 Benefits: Form SSA-1099 or Form RRB-1099
  • Pensions and Annuities: Form 1099-R
  • Alimony received: Bank statements or record of deposits
  • Jury duty pay
  • Gambling and lottery winnings: Form W-2G
  • Receipts for all gambling purchases
  • Prizes and awards: Form 1099-MISC
  • Scholarships (if you used the money for anything other than tuition, books and supplies): Form 1099-MISC
  • Director's fees receipts if you received money for serving on a corporate board of directors
  • Unemployment Income: 1099-G from your state unemployment agency or unemployment check stubs and deposit records
  • State and local income tax refunds: Form 1099-G

HOMEOWNER/RENTER INFORMATION

  • Residential address(es) for this year
  • Mortgage interest: Form 1098 or Your mortgage statement or bill for January 2008
  • If you purchased a home this year: Form 1098
  • Sale of your home or other real estate: Form 1099-S
  • Second-mortgage interest paid: Form 1098
  • Real-estate taxes paid: Tax collector bills or cancelled checks and Form 1098 or closing statement if you bought, sold or refinanced property in the current year
  • Rent paid during tax year
  • Moving expenses: Invoices from moving companies or cancelled checks and paycheck stub for moving expense reiumbursement

IF YOU USE YOUR HOME FOR YOUR BUSINESS

  • Square footage of your home office area
  • Total square footage of your home
  • Total rent paid, if home is rented
  • Property tax payments from assessor's bill, cancelled checks, or impound records
  • Homeowner insurance premium payments
  • Invoices for repairs and maintenance on your house
  • Utility bills

FINANCIAL ASSETS

  • Interest-income statements: Form 1099-INT & Form 1099-OID
  • Dividend-income statements: Form 1099-DIV
  • Proceeds from broker transactions: Form 1099-B
  • Confirmation slips or brokers' statements for all stocks, etc., that you sold this year
  • Income from foreign investments: Amount of foreign taxes paid (you can find this on the brokers' statements)
  • Rental Property Income: Form 1099-MISC
    • Profit and loss statements from your property manager, or
    • Checkbook or cancelled checks for expenses
    • Property tax payments from assessor's bill, cancelled checks or impound records
    • Record of suspended rental losses from prior years (usually shown on last year's income tax return)
  • IRA Distributions: Form 1099-R
    • If you received a distribution from an IRA account, the most-recently filed Form 8606 (if you made contributions in prior years to IRAs that weren't deductible on your income tax return)

FINANCIAL LIABILITIES

  • Auto loans and leases Including account numbers and car value -- if the vehicle is used for business
  • Student loan interest paid: Form 1098-E or loan statements
  • Tuition Statement: Form 1098-T
  • Receipts for tuition (or cancelled checks) for post-high school education
  • Early withdrawal penalties on CDs and other time deposits
  • Self-employed Health Insurance: Insurance premium bills, or Cancelled checks
  • Keogh, SEP, SIMPLE and Other Self-employed Pension Plans: Year-end account summary, or Cancelled checks, alimony paid, cancelled checks

AUTOMOBILES

  • Personal-property tax information

DEDUCTIBLE EXPENSES

  • Charitable Donations
    • Written note from charity with name of charity, date of the contribution and the amount of the contribution
    • Records of the mileage incurred for charitable purposes (such as Scouts)
    • Appraisal fees for expensive donations
    • Receipts from a charitable agency and Estimated value of property given
    • Prior years' tax returns if you have unused charitable contributions (carryovers) from earlier years
    • Year-end paycheck stub if donations were paid through your wage
  • Unreimbursed expenses for volunteer work: You can deduct any driving expenses for volunteer or charitable work at the rate of 14 cents a mile
  • Unreimbursed expenses related to your job - Reimbursement check stubs or reports from your employer
    • Work Supplies - receipts or bills
    • Subcriptions to magazines or purchase of professional publications and books - receipts or invoices
    • Gifts to clients, etc. - receipts showing date, cost and description
    • Travel Expenses: Invoices, receipts or ticket stubs for transportation, Mileage records per vehicle use, Hotel bills, Restaurant tickets showing name and address of establishment, Parking fee receipts
    • Union Dues: paycheck stub for automatic withdrawals
    • Uniform and special clothing costs - bills or paycheck stubs showing deductions
    • Property purchased for use in your work - invoices, receipts
    • Seminar fees - receipts or invoices
    • Receipts for small tools and supplies you purchased
  • Job-hunting expenses
  • Job-related education expenses
  • Child-care expenses
  • Investment interest expense: Brokers' statements showing margin interest paid
  • Investment interest expense: Loan statements for loans taken out to purchase investments
  • Medical and Dental Expenses
  • Contributions to Medical Savings Account: Account Statements or cancelled checks
  • Adoption Expenses: Receipts or cancelled checks for legal fees, transportation, other costs
  • Educator Expenses: Cancelled checks for expenses paid for classroom supplies, etc.
  • Alimony paid
  • Sales-tax expenses
  • Tax-return-preparation expenses and fees
  • IRA Contributions

SELF-EMPLOYMENT DATA

  • K-1s on all partnerships
    • Books/accounting records for your business OR:
    • Invoices or billings
    • Bank statements
    • Cancelled checks for expenses
    • Payroll records
  • Farm income: You will need to prepare Schedule F
    • In addition:
    • Invoices for major purchases of machinery, equipment, furniture
    • Logs or other records listing vehicle mileage
    • Inventory records, if your business maintains an inventory of goods or materials

MISCELLANEOUS TAX DOCUMENTS

  • Federal, state and local estimated taxes paid for current year, including estimated tax vouchers, cancelled checks & other payment records
  • IRA, Keogh & other retirement plan contributions: Account summary form for the year for your IRA accounts , or deposit receipts and contribution records
  • Records to document medical expenses
  • Records to document casualty or theft losses: Form 4684
    • Description of property damaged or stolen
    • Receipts or cancelled checks showing cost of property
    • Insurance policy and insurance reports showing reimbursement
    • Appraisal fees if applicable
  • Records for any other expenditures that may be deductible
  • Records for any other revenue or sales of property that may be taxable or reportable

OTHER INFORMATION

  • If you want your tax refund deposited directly into your bank account, you'll need: Direct deposit information: Routing Number and Account Number
  • Foreign bank account information: Name, Location, Account Number, maximum value of account
  • Hybrid or clean diesel auto purchases: Bill of sale for a hybrid automobile purchased in 2009