Tax Preparation Checklist for USA Personal Tax season
Before you begin to prepare your income tax return for 2019, go through the following checklist. Highlight the areas that apply to you, and make sure you have that information available. Better yet, attach the list to a folder of your tax documents, and check items off as you add them to the folder.
Most people will need:
Personal information
This information tells the IRS exactly who’s filing, who is covered in your tax return, and where to deposit your tax refund.
ü  Social Security numbers, date of birth for you, your spouse, your dependents and address. Please include SSN card and Government issued IDü  Copies of last year’s tax return for you and your spouse, if filed separatelyü  Bank account number and routing number, if depositing your refund directly into your account. Please provide a bank check copy for verification
Information about your income
ü  W-2 forms for you and your spouseü  1099-C forms for cancellation of debtü  1099-G forms for unemployment income, or state or local tax refundsü  1099-MISC forms for you and your spouse (for any independent contractor work)ü  1099-R, Form 8606 for payments/distributions from IRAs or retirement plansü  1099-S forms for income from sale of a propertyü  1099-INT, -DIV, -B, or K-1s for investment or interest incomeü  SSA-1099 for Social Security benefits receivedü  Alimony receivedü  Business or farming income – profit/loss statement, capital equipment informationü  Rental property income and expenses: profit/loss statement, suspended loss informationü  Prior year instalment sale information – Forms 6252, principal and interest collected during the year, SSN and address for payerü  Miscellaneous income: jury duty, gambling winnings, Medical Savings Account, scholarships, etc.

Adjustments to your income
This following items can help reduce the amount of your income that is taxed, which can increase your tax refund, or lower the amount you owe.
ü  Form 1098-E for student loan interest paid (or loan statements for student loans)ü  Form 1098-T for tuition paid (or receipts/cancelled checks for tuition paid for post-high school)ü  For teachers: Cancelled checks or receipts for expenses paid for classroom supplies, etc.ü  Records of IRA contributions made during the yearü  Receipts for any qualifying energy-efficient home improvements (solar, windows, etc.)ü  Records of Medical Savings Account (MSA) contributionsü  Self-employed health insurance payment recordsü  Records of moving expensesü  Alimony paidü  Keogh, SEP, SIMPLE, and other self-employed pension plansü  Any other retirement plan deposits not included above

If you itemize your deductions:
Deductions and credits
The government offers a number of deductions and credits to help lower the tax burden on individuals, which means more money in your pocket. You’ll need the following documentation to make sure you get all the deductions and credits you deserve:
ü  Child care costs: provider’s name, address, tax ID, and amount paidü  Education costs: Form 1098-T, education expensesü  Adoption costs: SSN of child; records of legal, medical and transportation costsü  Forms 1098: Mortgage interest, private mortgage insurance (PMI), and points you paidü  Investment interest expensesü  Charitable donations: cash amounts, official charity receipts, cancelled checks; value of donated property; miles driven and out-of-pocket expensesü  Medical and dental expense recordsü  Casualty and theft losses: amount of damage, insurance reimbursements

Deductions and credits (continued)
ü  Records/amounts of other miscellaneous tax deductions: union dues; unreimbursed employee expenses (uniforms, supplies, seminars, continuing education, publications, travel, etc.)ü  Records of home business expenses, home size/office size, home expensesü  Rental property income/expenses: profit/loss statement, rental property suspended loss information
Taxes you’ve paid
ü  State and local income taxes paidü  Real estate taxes paidü  Personal property taxesü  Vehicle license fees based on value of vehicle
Other information
ü  Estimated tax payments made during the year (self-employed)ü  Prior-year refund applied to current year and/or any amount paid with an extension to fileü  Foreign bank account information: location, name of bank, account number, peak value of account during the yearü  Health coverage information (Form 1095)
Any other tax related information and documents for you or spouse or dependents
Note that the above list is not exhaustive and different documents could apply to your particular situation. Please discuss your tax related information with your personal tax advisor from our practice.
For any queries, feel free to write to us at gaurav@gjmco.in.