2020 Tax Season Preparation Checklist

Here is a basic checklist that will aid you in gathering your tax documents for your 2019 tax return.

  • If you are a new client, a copy of your 2019 tax return
  • Any notices and correspondence you received from the IRS, state or local tax authority
  • If you are a new client, I will need to make a copy of your social security card, and driver’s license
  • If you are a new client, I will need social security numbers and birth dates for you and your dependents
  • If you had a new baby, I will need a copy of the social security card
  • Physical address (especially if you moved), telephone number and email address

INCOME

  • All 2019 W2s received for you and your spouse if you are filing jointly
  • Form 1099-INT, 1099-DIV, 1099-B (all pages), 1099-S
  • K1s from partnerships, S corps, trusts
  • Statements of distributions from retirement accounts (Form 1099-R)
  • Statements of income from Social Security (Form 1099-SSA)
  • Any Cancellation of Debt reported on 1099-C or 1099-A
  • Records of other income which could include: unemployment, state tax refunds, gambling income & losses, spousal support/alimony received, jury duty, hobby income/expenses, prizes and awards
  • Closing documents (the final HUD settlement statement) on any real estate transaction you had during 2019
  • If you bought/sold virtual currency, provide purchase/sale date, purchase/sale price
  • Did the taxpayer or spouse at any time during 2019, receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency

DEDUCTIONS

  • Any spousal support/alimony you PAID in 2019, including the social security number of the recipient. Copy of your alimony agreement.
  • Health Savings Account contributions and distributions, Form 1099-HSA and 5498-HSA
  • Traditional IRA or Roth IRA contributions/year-end values reported on Form 5498 or December 2019 statement
  • Health insurance information: did you purchase in the market place, employer provided, did you have health coverage all year? Please provide Form 1095-a, 1095-b, or 1095-c you received. You may need to login to your Healthcare.gov to download your 1095.
  • Colleges attended, tuition, books/supplies/equipment, fees paid and Form 1098-T for all members of the family
  • Student loan interest paid and Form 1098-E
  • Details of estimated tax payments paid to IRS and state taxation authorities

BUSINESS, RENTAL AND FARM INCOME

  • A copy of QuickBooks if you use this software to keep your business bookkeeping
  • All income/expenses if you use some other method of bookkeeping (Balance Sheet, Income Statement and General Ledger or Excel)
  • Copies of 2019 business bank statements if you have not reconciled your checking account
  • Any 1099-MISC and 1099-K received for your business
  • Records of all major purchases of $500 or greater for machinery, equipment, and furniture. Include date of purchase and item description
  • Inventory records (beginning and ending inventory) and purchases
  • Mileage logs for 2019. Include both total business and total miles you drove between January 2019 and December 2019

ITEMIZED DEDUCTIONS

  • Medical expenses including co-pays, prescriptions, dentists, eye doctors, hospital, medical mileage
  • Health insurance if paid out of pocket
  • Long term care insurance premiums
  • Mortgage interest paid Form 1098
  • Real estate taxes if not included on Form 1098
  • Personal property taxes
  • State and local income taxes paid in addition to amounts withheld on pay checks
  • Investment interest expenses including margin account interest and interest on investment property
  • Total cash contributions to charitable organizations
  • Records of non-cash charitable contributions including date and value of donated property
  • Total volunteer miles driven in 2019
  • Details of casualty theft or loss
  • Union dues, job hunting expenses, unreimbursed employee expenses including travel, supplies, equipment, professional association dues, and non-commuting business miles
  • Tax preparation fees, safe deposit box fees, investment advisor fees

CREDITS

  • Dependent care expenses including amount paid, provider’s name, address, telephone and tax id number
  • Adoption expenses if you adopted or finalized an adoption in 2019
  • Residential energy credits including costs for solar panels, geo-thermal and other energy efficient improvements like windows and doors
  • If you received a First Time Homebuyers Credit in prior years, please make sure I have records of the original purchase and any correspondence from the IRS regarding the credit
  • If you qualify for the Earned Income Credit, I will need a copy of your children’s report card (other documents are acceptable also) as part of the documentation requirements. Additional documentation may be required if you also have a Schedule C business

I will also need the following signed documents:

  • Engagement letter for personal tax return [Download]
  • Client consent and privacy policy [Download]
  • If applicable, Engagement letter for business tax return [Download]

Additional resources that may help you:

  • The Fair Market Value Guide for donations [Download]
  • Rental Property Worksheet [Download]