Tax Preparation Document Checklist

Tax Preparation Document Checklist

Filing your taxes can be a daunting task, especially if you are not sure what documents you need to prepare. Here are some of the most common tax documents that you may need to file your taxes:

Income Sources

W-2: This form shows your wages and tax withholdings from your employer. You should receive a W-2 from each employer you worked for during the year.

1099: This form shows income from various sources, such as interest, dividends, self-employment, royalties, etc. There are different types of 1099 forms depending on the type of income. You should receive a 1099 from each payer that paid you more than $600 during the year.

1098: This form shows interest and other expenses that you paid on certain loans, such as mortgage, student loan, etc. You may be able to deduct these expenses from your taxable income. You should receive a 1098 from each lender that you paid interest or other expenses to during the year.

1095: This form shows information about your health insurance coverage, such as whether you had minimum essential coverage, whether you received any premium tax credits, etc. You may need this form to report your health insurance status on your tax return. You should receive a 1095 from your health insurance provider or marketplace.

Schedule C: This form shows your income and expenses from a business or profession that you operate as a sole proprietor. You may need this form if you are self-employed or have a side hustle. You should prepare this form yourself based on your records of income and expenses.

Schedule D: This form shows your capital gains and losses from the sale of assets, such as stocks, bonds, real estate, etc. You may need this form if you sold any assets during the year. You should prepare this form yourself based on your records of sales and purchases.

Schedule E: This form shows your income and expenses from rental property, royalties, partnerships, S corporations, trusts, etc. You may need this form if you have any income or losses from these sources. You should prepare this form yourself based on your records of income and expenses.

These are some of the most common tax documents that you may need to file your taxes. However, depending on your situation, you may need other forms or schedules as well. To find out what forms and schedules you need for your specific tax situation, you can use the IRS's Interactive Tax Assistant tool at https://www.irs.gov/help/ita or consult a tax professional.

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Rental Income

Records of income and expenses

Rental asset information (cost, date placed in service, etc.) for depreciation

Record of estimated tax payments made (Form 1040–ES)

Retirement Income

Pension/IRA/annuity income (1099-R)

Traditional IRA basis (i.e., amounts you contributed to the IRA that were already taxed)

Social security/RRB income: SSA-1099, RRB-1099

Savings & Investments or Dividends

Interest, dividend income (1099-INT, 1099-OID, 1099-DIV)

Income from sales of stock or other property (1099-B, 1099-S)

Dates of acquisition and records of your cost or other basis in property you sold (if basis is not reported on 1099-B)

Health Savings Account and long-term care reimbursements (1099-SA or 1099-LTC)

Expenses related to your investments

Record of estimated tax payments made (Form 1040–ES)

Transactions involving cryptocurrency (Virtual currency)

Other Income & Losses

Payment Card and Third Party Network Transactions - 1099-K

Gambling income (W-2G or records showing income, as well as expense records)

Jury duty records

Hobby income and expenses

Prizes and awards

Trust income

Royalty Income 1099–MISC

Any other 1099s received

Record of alimony paid/received with ex-spouse’s name and SSN

State tax refund

Types of Deductions

The types of deductions you can take depend a lot on your life situation. It’s likely you won’t need all of the documents listed below for your taxes.

Charitable Donations

Cash amounts donated to houses of worship, schools, other charitable organizations

Records of non-cash charitable donations

Amounts of miles driven for charitable or medical purposes

Medical Expenses

Amounts paid for healthcare, insurance, and to doctors, dentists, and hospitals

Amounts paid for qualified insurance premiums if paid outside of the Marketplace or an employer provided plan

Health Insurance

Form 1095-A if you enrolled in an insurance plan through the Marketplace (Exchange)

Childcare Expenses

Fees paid to a licensed day care center or family day care for care of an infant or preschooler.

Amounts paid to a baby-sitter or provider care of your child under age 13 while you work.

Expenses paid through a dependent care flexible spending account at work.

Educational Expenses

Forms 1098-T from educational institutions

Receipts that itemize qualified educational expenses

Records of any scholarships or fellowships you received

Form 1098-E if you paid student loan interest

K-12 Educator Expenses

Receipts for classroom expenses (for educators in grades K-12)

State and Local Taxes

Amount of state and local income or sales tax paid (other than wage withholding)

Invoice showing amount of vehicle sales tax paid and / or personal property tax on vehicles

Retirement & Other Savings

Form 5498-SA showing HSA contributions

Form 5498 showing IRA contributions

All other 5498 series forms (5498-QA, 5498-ESA)