July 30, 2010, Newsletter Issue #229: Tax Preparation Checklist

Tip of the Week

Is there a checklist for preparing my income tax preparation?

Although this list is not “written in stone”, it might save you time and remind you what documents you will need for filing.

For personal data you need: social security numbers for you and your dependents. Employment and Income forms will consist of W-2s, pensions/annuities, alimony if applicable, jury duty, prizes/awards, Scholarships/fellowships, state/local income tax refund and gambling and lottery winnings.

Homeowners will need mortgage interest and form 1098 for all homes. If you sold your home or other estate, use Form 1099-S. Don't forget moving expenses. Renters will need there yearly receipts.

Documentation on all financial assets including interest, dividends, proceeds and retirement plans. Liabilities include Auto loans, student loans and early withdrawal penalties on CDs etc. Remember charity donations, IRA and such, job hunting, child care and even last year's tax return fees!

Income tax preparation just might go a little more smoothly following this list.

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