Tax Preparation Checklist
Before preparing your taxes, go through the following tax preparation checklist. You may be surprised at how much time you save by organizing your information beforehand.
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Key Takeaways
- Have the Social Security numbers and dates of birth for you, your spouse, and your dependents at hand before you start preparing your return.
- Remember to report all income, including state and local income tax refunds, unemployment benefits, taxable alimony, and gambling winnings.
- Have documentation for your deductions and credits, including for childcare costs, education expenses, adoption costs, home mortgage interest, and charitable donations.
- Taxes you've already paid – such as estimated tax payments or withheld taxes – can lower your final tax bill or boost your refund.
How a tax preparation checklist can help
Before you begin working on your personal income tax return, it’s a good idea to collect and organize your tax documents and related records. The following tax preparation checklist will help you keep track of the information you’ll need.
Although the checklist doesn’t cover every possible tax situation, it’s a handy list for most people. Also, not every category will apply to you, so just pick those that do, and then make sure you have the necessary information available. When you're ready to prepare your tax return using TurboTax software, you'll be surprised at how much time you'll save by organizing your information beforehand.
How to use the checklist
As you collect your tax documents and records, we recommend downloading and printing this PDF checklist, and then placing it in a file folder or attaching it to the outside of the folder.
As you receive or locate tax documents, place them in the folder and check them off the list. You can also scratch off anything on the list that doesn't apply to your tax situation. If there’s information or amounts that aren’t already available on other documents, such as your bank routing and account numbers for direct deposit, then you can jot them down on the printed checklist.
TurboTax Tip:
If you use a program or app to keep track of your finances, print or download a report of your transactions for the tax year. This will help you clearly see where your money goes each year. As you review the report, highlight information you will need to prepare your tax return.
Personal information
The IRS needs to know exactly who's filing and who is covered in your tax return. To do this, you will need Social Security numbers and dates of birth for you, your spouse and any dependents.
Information about your income
Generally speaking, all income is taxable unless it’s specifically exempted by law. So, it’s important to have all the tax forms and other information showing all your taxable income for the year. This includes tax documents and records for common types of income, such as:
- wages for you and your spouse, including W-2 forms
- tips received but not reported on W-2 forms
- cancellation of debt income, including amounts reported on 1099-C forms
- unemployment income, including amounts on 1099-G forms
- state or local tax refunds, including amounts on 1099-G forms
- self-employment and farming income, including income shown on profit and loss statements, 1099-NEC forms, and 1099-K forms if you receive business payments through a third-party payment processor such as PayPal
- business or other income reported on Schedule K-1 forms from S corporations, partnerships, LLCs, trusts, and estates, along with related expenses including business use of home and mileage information
- retirement plan distributions, including amounts reported on 1099-R forms
- proceeds from the sale of real estate, including information on 1099-S forms and escrow closing statements, as well as information about the purchase of and any improvements to the property
- interest, investment, and royalty income, including amounts from 1099-INT, 1099-DIV, 1099-B, 1099-MISC, or Schedule K-1 forms
- Social Security benefits, including amounts reported on SSA-1099 forms
- alimony received for divorce settlements finalized before 2019
- rental property income, including information from profit and loss statements and depreciation schedules
- installment sale income, including principal and interest collected during the year, and Social Security numbers and addresses for payer
- miscellaneous income, such as jury duty pay, gambling winnings, certain scholarships, prizes and awards, and stock options
Information about adjustments, deductions, and credits
To really cut your tax bill to the bone, you need to take advantage of all the tax breaks you can. Here are examples of documentation you’ll need to claim some of the most common adjustments, deductions, and credits.
Adjustments to income:
- alimony payment records for divorce settlements finalized before 2019
- Form 1098-E for student loan interest paid (or loan statements for student loans)
- teachers’ bank/credit card/debit card statements or receipts for purchases of deductible classroom supplies
- IRA and other retirement account contribution records, including 5498 forms, if available
- records of health savings account (HSA) and medical spending account (MSA) contributions
- self-employed health insurance payment records, including Form 1095-A if you bought insurance through the Health Insurance Marketplace
- moving expense records for military personnel
Itemized tax deductions:
- mortgage interest and points payment records, including 1098 forms
- escrow closing statements from mortgage refinancing or home purchase
- investment interest expense records
- charitable donation records, including receipts, canceled checks, appraisals, and mileage statements
- medical and dental expense records and receipts, including for medical, dental, Medicare, and long-term care insurance premiums
- casualty and theft loss records, including for damages and insurance reimbursements
- state and local tax payment records, including for property, sales, and income tax
Tax credits:
- child care expense records, including the provider’s name, address, and taxpayer identification number
- educational expense records, including 1098-T forms
- adoption records, including those for legal, medical, and transportation costs (you’ll also need the child’s taxpayer identification number)
- electric vehicle purchase information
- records for energy-efficient upgrades to your home, including for solar electricity generation, solar water heaters, wind turbines, heat pumps, battery storage, and fuel cells
- health insurance information for coverage purchased through Affordable Care Act health insurance marketplace, including 1095-A forms
Taxes you've paid
Properly documenting the taxes you've already paid can keep you from overpaying or result in a larger refund. Prepaid taxes can be subtracted from the amount you owe on your tax return, so make sure you have records showing:
- estimated tax payments made during the year, including date and amount
- taxes withheld from your paycheck or other payments
- prior-year refunds applied to the current year
- tax payments made with a request to extend the time to file
Other information
You’ll also want to pull together information about:
- direct deposit or tax payments, including bank account and routing numbers
- foreign bank accounts, including bank location and name, account numbers, and peak value of account during the year
- last year’s tax return for general reference and e-filing
Business owners
Our checklist is designed for filing a personal income tax return. However, if you’re a business owner looking for help with your taxes, a TurboTax small business tax expert can help you get your documents in order before filing your business tax return.
With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish. Or, get unlimited help and advice from tax experts while you do your taxes with TurboTax Live Assisted.
And if you want to file your own taxes, you can still feel confident you'll do them right with TurboTax as we guide you step by step. No matter which way you file, we guarantee 100% accuracy and your maximum refund.
