Tax documentation and paperwork needed for your tax prep ...



ESSENTIAL TAX PREP PAPERWORK

Documentation Needed for Your Tax Prep

1. Copy of prior year federal and state income tax returns (new clients only)

2. Social security numbers and dates of birth for all family members claimed as dependents

3. All W-2 forms

4. 1099-Int forms for all bank and savings accounts with interest earnings

5. 1099-Div forms for all brokerage accounts with dividends and bond interest earnings

6. Business owners and those who are self-employed must provide total gross earnings and a detailed listing of all business expenses analyzed by expense categories, which include but are not limited to:

• advertising;

• business gifts;

• commissions and/or fees;

• computer purchases and supplies;

• continuing education;

• contract labor;

• dues/subscriptions;

• insurance;

• licenses;

• materials & supplies;

• meals and entertainment;

• mileage;

• office supplies;

• postage/delivery;

• professional fees;

• rent;

• repairs/maintenance;

• taxes;

• travel;

• utilities; etc.

7. Rental property owners should provide total gross rental income and rental expenses (real estate taxes, insurance, mortgage interest, utilities, repairs and maintenance, supplies, advertising, service contracts, permits, commissions/management, etc.) as well as settlement statement(s) for any property(ies) bought or sold during the tax year

8. 1099-R forms for all pension/IRA distributions and 1099-SSA forms for social security indicating both taxable and non-taxable benefits received

9. 1099-G forms if unemployment was collected during the tax year

10. 1099-G forms for any gambling/lottery winnings; gambling losses apply, but only up to the extent of reportable winnings

11. Mortgage interest statements (Forms 1098) for all primary, secondary and home equity loans

12. Real estate taxes paid (if real estate taxes are paid through mortgage escrow, this amount should appear on the Form 1098, mortgage interest statement)

13. Settlement statement/HUD 1 for any property refinance, sale or purchase

14. Amount of student loan interest paid

15. Form 1098-T showing tuition paid for qualified higher education costs for you and any dependents (if not received, contact college/university)

16. Any childcare expenses, including name and address of the daycare provider, tax identification number and amount of payments

17. Cash and non-cash charitable donations (IRS requires proper documentation in order to verify donations)

18. Medical expenses, including dental, eyecare, prescriptions, hospital, lab fees, long-term care insurance premiums, supplemental medical insurance premiums, co-payments, medical supplies, etc.

19. Amounts and dates of any/all quarterly federal and/or state estimated tax payments

20. IRA contributions made or intending to make by tax deadline

21. Any relevant Schedule K-1’s from investments in partnerships, LLCs or S-Corporations

22. Proof of health insurance coverage

Steven Lissner & Company ( 333 Route 46 West Suite 206, Mountain Lakes, NJ 07046 ( (973) 917-4080

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