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TAX PREPARATION CHECKLIST 2024

As tax season approaches, staying organized is key to maximizing deductions and minimizing stress. This comprehensive checklist will ensure you’re fully prepared and on track for filing.

PERSONAL INFORMATION

Personal Data 

  • Social Security Numbers and birthdates for you, your spouse and children
  • Driver’s license information for taxpayer and spouse (license number, issuing state, expiration date, issue date)

Your Household (include only those for whom you provide >50% of their support)

  • Name, date of birth, social security number, and gross income of any adult who lived with you all year
  • Name, date of birth, social security number, and gross income
    of any parent not living with you
  • Name, date of birth, social security number of any new additions to the family

INFORMATION ABOUT YOUR INCOME

Employment 

  • Forms W-2 for you and
    your spouse

Self-Employment

  • Forms 1099-Misc, if applicable
  • Your Business Records:
    • Income Statement (include revenue and expense detail)
  • Detail of taxes paid
  • Home office expenses
  • Vehicle expenses or mileage log (records MUST be written)
  • Listing of current year asset acquisitions and dispositions
  • Medical insurance premiums
    paid for you, your spouse,
    and dependents
  • Self-employed retirement contributions (SEP, SIMPLE IRA, 401(k) plans)

Pension/Annuities

  • Forms 1099-R or RRB-1099
    for distributions from IRAs
    or retirement plans
  • Any nondeductible IRA/Roth contributions or distributions thereof
  • Qualified charitable distributions
    from IRAs
  • Rollovers

Social Security Income

  • Forms 1099-SA

Rental Income

  • Forms 1099-Misc
  • Income Statement (include revenue and expense detail and taxes paid)
  • Listing of current year asset acquisitions and dispositions

Investment Income

  • Forms 1099-DIV, 1099-INT: statements of dividends and interest
  • Forms 1099-B: proceeds from broker transactions (include cost basis information for all non- covered stock sold)
  • Schedules K-1: partnership, trust, estate and S Corporation income

Foreign Bank Account Information

  • Bank information – location
    (foreign country address),
    name of institution
  • Account Information (account numbers and maximum account values during the year)

Miscellaneous Income

  • Form 1099-G for state/local tax refunds or unemployment income
  • Form 1099-S for Income on
    Sale of Property
  • Settlement sheets for any sale, purchase, or refinance of residence and original basis of house sold
  • Form 1099-C from Cancellation
    of Indebtedness Income
  • Alimony received and date of
    court ruling
  • Scholarships, fellowships
    Other:
  • Medical Savings Account
    jury duty
  • Gambling/lottery winnings
    prizes/awards, etc.