Checklist – Individual Tax Preparation

INDIVIDUAL TAX PREPATION

Most tax payers will benefit from this checklist to organize personal, income and deductions information for tax preparation. It’s better to print the checklist, organize/check off items that apply to you and attach it on top of tax documents. If this is your first time using Multiplex Tax Services, please attach copy of your complete prior year federal tax return (1040 with all schedules). To open the checklist, please click:  tax-preparers-checklist-mbe

Personal information
o    Names as it appears on social security card for you, Social Security numbers and dates of birth for you, your spouse, and your dependents;
o    Mailing address
o    Telephone number
o    Email address
o    Bank account number and routing number, for direct deposit of refund or direct debit for tax payment

Income Information for you and your spouse (if married filing joint)

o    W-2 for employment income
o    W-2G for Gambling
o    1099-MISC for completed contract work and earned more than $600
o    Business income and accounting records for expenses, list of capital expenses with date and purchase price, business use of home – total area and area used for business, home expenses – auto mileage – total miles driven and total business miles
o    Rental Income, expenses and suspended loss carryover information
o    1099-G forms for unemployment benefits, and state tax refund
o    SSA-1099 for Social Security benefits received
o    1099-R for payments/distributions from IRAs or retirement plans including RMD
o    1099-INT, -DIV, for investment or interest income
o    1099-B proceeds from sale of bonds or stocks, and income from foreign investments. If you have exercised employee stock ownership plan, please check with your employer finance office for additional information on stock granted.
o    K-1 form(s) from SCorp, Partnership or Estates
o    1099-S income for sale of a property (principal residence or business property). More information i.e. purchase and sales dates and cost basis is required
o    1099-C Cancellation of Debt
o    Miscellaneous income (including: jury duty, lottery, Form 1099-MISC for prizes and awards, and Form 1099-MSA for distributions from medical savings accounts and scholarships)
o    Form 6252 installment sale information for prior year
o    Alimony received.

Adjustments to income
o    Form 1098-E for student loan interest paid
o    Educator Expenses for Teachers: expenses paid for classroom supplies
o    IRA contributions made during the year
o    Health Saving Account contribution
o    Self-employed health insurance payment records
o    Records of moving expenses
o    Alimony paid
o    Self-employed SEP, SIMPLE, and qualified pension plans

Deductions and credits
o    Forms 1098: Mortgage interest, private mortgage insurance (PMI), and points paid. If home was bought during reporting tax year, escrow closing statement for certain deductible expenses
o    Property Taxes paid
o    Personal property tax, vehicle license fee
o    Charitable contribution: List of donees with amounts of cash and non-cash. For non-cash contribution of over $500, additional information required – donees name, address, purchase price and date of donated property, and evaluation method and miles driven for charitable purpose
o    Medical and dental expenses (first 10% of your AGI is not deductible)
o    Casualty and theft losses: amount of loss and insurance reimbursements
o    Union dues
o    Unreimbursed employee expenses (continuing education, uniforms, supplies and equipment, seminars, subscriptions, publications, travel, parking fee, etc.)
o    Child Adoption Expense: SSN of adopted child; details of adoption expenses
o    Other Miscellaneous expenses – investment, safe deposit box, gambling losses to the extent of winnings
o    Education Credit: Form 1098-T for tuition paid for college education and record of other education expenses such as books and supplies
o    Child care Expenses: Care provider’s name, address, tax ID, telephone number and total amount paid for each qualified child
o    Qualified energy-efficient home improvements expenses.(solar, windows)

Other Information
o    Estimated Taxes paid during the year
o    Prior year refund applied to current year
o    If filed Extension Application, estimated taxes paid with extension
o    Foreign bank account information: Country, account number, name of bank, highest balance of account during the year