Personal Tax Checklist

Income Forms

Personal Earned Income

  • Wage and Tax Information

    Issued by employers to report an employee's annual wages and the amount of taxes withheld from their paycheck. This form includes information such as the employee's income, Social Security earnings, Medicare earnings, and federal and state taxes withheld.

    Ready By: January 31st

    What does it look like?

  • Certain Gambling Winnings

    Issued by casinos and other gaming establishments to individuals who receive significant winnings from gambling activities, such as lotteries, sweepstakes, horse or dog racing, and casinos. It includes details about the type of gambling, the amount won, and any taxes withheld.

    Ready By: January 31st

    What does it look like?

  • Interest Income

    This form details the amount of interest income earned on savings accounts, interest-bearing checking accounts, and investments such as certificates of deposit (CDs) or bonds. Commonly issued by banks, government agencies, and other financial institutions.

    Ready By: January 31st

    What does it look like?

  • Dividends and Distributions

    Used by banks and financial institutions to report dividends and distributions received by a taxpayer from investments. This includes ordinary dividends, qualified dividends, total capital gains distributions, non-taxable distributions, federal income tax withheld, foreign taxes paid, and foreign source income.

    Ready By: January 31st

    What does it look like?

  • Government Payments

    This form typically includes unemployment compensation, state or local income tax refunds, credits, offsets, reemployment trade adjustment assistance (RTAA) payments, taxable grants, and agricultural payments.

    Ready By: January 31st

    What does it look like?

  • Cancellation of Debt

    Creditors report the cancellation or forgiveness of a debt exceeding $600. This form is typically issued when a lender forgives or cancels a debt, such as credit card debt, mortgage debt, or car loans, without expecting repayment.

    Ready By: January 31st

    What does it look like?

  • Proceeds from Real Estate Transactions

    This form is used to report the sale or exchange of real estate. It’s typically issued by the person responsible for closing the transaction, such as a title or escrow company.

    Ready By: January 31st

    What does it look like?

Self Employment Income

  • Nonemployee Compensation

    A tax form used to report income paid to freelancers, independent contractors, and other non-employees for services rendered in the course of a trade or business. This form is used when payments to an individual, partnership, estate, or in some cases, a corporation, exceed $600 in a year.

    Ready By: January 31st

    What does it look like?

  • Miscellaneous Income

    Report various types of income other than wages, salaries, and tips. This form is typically used for payments such as:

    • Rent

    • Prizes & Awards

    • Medical & Health Care Payments

    • Crop Insurance Proceeds

    • Fish or Other Aquatic Life

    • Payments to an Attorney

    It also includes sections for reporting direct sales of at least $5,000 of consumer products and certain substitute payments in lieu of dividends or interest.

    Ready By: January 31st

    What does it look like?

  • Payment Card and Third Party Network Transactions

    This includes payments processed through platforms like:

    • Cash App

    • Venmo

    • PayPal

    • Stripe

    • eBay

    • Amazon

    • Etsy

    • Square

    • QuickBooks

    • POS Systems

    It's important for taxpayers, especially those operating businesses or engaging in e-commerce, to accurately report this income on their tax returns.

    Ready By: January 31st

    What does it look like?

  • Partner's Share of Income, Deductions, Credits, etc.

    A tax document used to report an individual's share of income, deductions, credits, and other tax items from:

    • Partnerships / LLC’s

    • S corporations

    • Estate Beneficiaries / Trusts

    Each partner, shareholder, or beneficiary receives a Form K-1 from the entity, detailing their portion of income or loss for the year, which must then be reported on their personal tax returns.

    Ready By: March 15th

    What does it look like?

  • When reporting rental income, you should include the following types of income:

    • Rental Payments: The most obvious type of income to report is the rent payments you receive from tenants. This includes any advance rent payments you receive (rent paid before the period it covers).

    • Security Deposits: Normally, security deposits are not included in your income when you receive them if you plan to return them to your tenants at the end of the lease. However, if you keep part or all of the security deposit during the year because your tenant does not live up to the terms of the lease (e.g., for damage repair or unpaid rent), that amount becomes taxable income in the year it's kept.

    • Expenses Paid by Tenant: If your tenant pays any of your expenses, those payments are rental income. For example, if your tenant pays the water or sewer bill for your rental property and deducts it from the normal rent payment, the amount the tenant paid is considered rental income.

    • Property or Services in Lieu of Rent: If you receive property or services as rent, instead of money, you must include the fair market value of the property or services in your rental income.

    • Lease Cancellation Payments: If a tenant pays you to cancel a lease, this is also considered rental income.

    Form Schedule E is required to be filed.

  • Click here for the Sole Proprietorship checklist.

Investments & Retirement

  • Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

    This form is used to report distributions from retirement plans including:

    • Pensions

    • Annuities

    • 401(k)

    • Profit-sharing Plans

    • Traditional IRA

    • Roth IRA

    • SEP-IRA

    • SIMPLE IRA

    • Insurance contracts.

    It includes details such as the gross distribution, taxable amount, federal income tax withheld, and contributions or premiums paid.

    Ready By: January 31st

    What does it look like?

  • Proceeds From Broker and Barter Exchange Transactions

    A tax document used to report sales or redemptions of securities, commodities, and barter exchange transactions. Financial brokers and barter exchanges issue this form to clients to report the sale or exchange of stocks, bonds, mutual funds, and other investment properties. It includes details such as the date of the transaction, the proceeds from the sale, cost basis, and whether the gain or loss is short-term or long-term.

    Ready By: February 15th

    What does it look like?

  • Social Security Benefit Statement

    A tax form sent by the Social Security Administration (SSA) to individuals who receive Social Security benefits. It details the total amount of benefits received during the tax year, including retirement, survivor, and disability benefits.

    Ready By: January 31st

    What does it look like?

  • IRA Contribution Information

    This includes traditional IRA, Roth IRA, SEP IRA, and SIMPLE IRA contributions. The form also reports rollovers, recharacterizations, and the fair market value (FMV) of the IRA account at the end of the year.

    Ready By: May 31st

    What does it look like?

Health Coverage

  • Health Insurance Marketplace Statement

    A tax form sent to individuals who have purchased health insurance through the Health Insurance Marketplace. This form provides details about the insurance policy, including the type of coverage, the premiums paid, and any advance payments of the premium tax credit. Form 1095-A is essential for taxpayers to reconcile the advance payments of the premium tax credit on their tax returns and to claim the premium tax credit, if eligible.

    Ready By: February 1st

    What does it look like?

  • Health Coverage

    This coverage can include a variety of plans, such as employer-provided health insurance, government-sponsored programs like Medicare or Medicaid, and other health insurance providers.

    Ready By: January 31st

    What does it look like?

  • Employer-Provided Health Insurance Offer and Coverage

    Typically those with 50 or more full-time employees, including full-time equivalent employees, report information about the health insurance coverage offered to their employees under the Affordable Care Act (ACA). This form includes details about the type of coverage offered, the lowest-cost premium available to the employee, and the months during which coverage was available. It also indicates whether the employee enrolled in the coverage.

    Ready By: January 31st

    What does it look like?

  • HSA, Archer MSA, or Medicare Advantage MSA Information

    A tax form used by trustees or custodians of Health Savings Accounts (HSAs), Archer Medical Savings Accounts (MSAs), or Medicare Advantage MSAs to report contributions made to these accounts during the tax year.

    Ready By: May 31st

    What does it look like?

  • Distributions from an HSA, Archer MSA, or Medicare Advantage MSA

    Report distributions made from a Health Savings Account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage MSA. Usually issued by the financial institution where the account is held and includes information on the total amount of distributions taken from the account during the tax year. It details whether the distributions were used for qualified medical expenses, which is important for tax reporting purposes.

    Ready By: January 31st

    What does it look like?

  • Out-Of-Pocket Medical Expenses

    You can only deduct medical expenses for you and any dependents on Schedule A if those expenses are greater than 7.5% of your adjusted gross income.

    Eligible Expenses:

    • Health Insurance Premiums

    • Long-Term Care Insurance Premiums

    • Doctors, Dentists, Chiropractors, Psychiatrists, and Other Medical Professionals

    • Hospital Expenses

    • Prescriptions

    • Eyeglasses, Contact Lenses,

    • Wheelchair

    • Travel Expenses for Medical Reasons

    • Acupuncture

    • Alcoholism Treatment

    • Ambulance Costs

    • Birth Control Pills

    • Child birth classes

    • Dentures

    • Drug Addiction Treatment

    • Dyslexia Reading Programs

    • Tutors

    • Guide Dogs

    • Insulin

    • Laboratory Fees

    • Nursing Home for Medical Treatment

    • Physical Therapy

Itemized Deductions

Home

  • Mortgage Interest Statement

    This form includes information on mortgage interest paid, points, mortgage insurance premiums, and certain real estate taxes paid.

    Ready By: January 31st

    What does it look like?

  • Points are also called loan origination fees, discount points, or loan discounts. They are usually found on the settlement statement from your loan documents.

  • Any mortgage insurance premiums that are not on a Form 1098. Sometimes called Private Mortgage Insurance or PMI.

  • All personal real estate taxes paid for your home, vacation home, land, or other types of property. Usually sent to you as a property tax bill. County tax are generally tax-deductible too.

  • A casualty or theft related to a federally declared disaster such as from a hurricane, tornado, fire, theft, or vandalism.

    Note: The uninsured portion of the loss must be greater than 10% of your income.

Contributions

  • Donations are deductible if you made them to a qualified organization such as a church, non-profit organization, or other charitable organizations. Donations you made directly to individuals in need aren't deductible.

  • A noncash donation is a contribution not made by cash or check. This includes items such as furniture or clothing donated to the Salvation Army or other qualified charitable organizations.

    If you contributed more than $500 worth, then receipts or statements are required.

  • If you incurred unreimbursed expenses for volunteer work from a qualified charitable organization, you can deduct the cost of gas and oil, or mileage for 14¢ per mile.

Other Taxes

  • Cars, RV's, and Boats

    A personal property tax is a tax based on the value of your personal property such as cars, R.V.s, and boats. For personal property taxes to be deductible, the following requirements must be satisfied:

    1. The tax is charged on personal property.

    2. The tax is only based on the value of the personal property.

    3. The tax is charged on a yearly basis regardless of when the tax is collected.

  • For individuals using their car for personal purposes, the tax-deductibility of registration fees depends on whether a portion of the fee is based on the car's value.

  • You'll usually only take this sales tax deduction if you live in a state that doesn't have state income tax, but it's available to everyone.

Education

  • Tuition Statement

    Issued by educational institutions to report amounts paid for qualified tuition and related expenses, as well as scholarships or grants received by the student.

    Ready By: January 31st

    What does it look like?

  • Student Loan Interest Statement

    Issued by lenders to report the amount of interest paid on student loans during the tax year.

    Ready By: January 31st

    What does it look like?

  • • Books / eBooks

    • Supplies

    • Equipment

    • Course Materials

    • Course Software

    • Laptop or Computer: If the computer is needed as a condition of enrollment or attendance at the educational institution, it would qualify.

  • Educator Expense Deduction

    Full-time (900 hours during a school year) kindergarten through 12th grade teachers, instructors, counselors, principals, or aides can deduct up to $300 for out-of-pocket expenses that they pay for professional development courses related to curriculum or students they teach, supplies, books, equipment, and supplementary materials used in their classroom.

Energy

  • Residential Energy Credit

    Efficient improvements on your home includes:

    • Solar Electric Panels

    • Solar Water Heating

    • Small Wind Energy

    • Geothermal Heat Pump

    • Battery Storage Technology

    • Fuel Cell Property

    • Central Air Conditioners

    • Natural Gas, Propane, or Oil Water Heaters

    • Natural Gas, Propane, or Oil Furnace or Hot Water Boilers

    • Improvement or Replacement of Panelboards, Sub Panelboards, Branch Circuits, or Feeders

    • Electric or Natural Gas Heat Pumps

    • Electric or Natural Gas Heat Pump Water Heaters

    • Qualified Biomass Stoves and Boilers

  • Federal Tax Credits for Plug-in Electric and Fuel Cell Electric Vehicles Purchased in 2023 or After

    See the eligible vehicles that qualify:

    https://fueleconomy.gov/feg/tax2023.shtml

  • Installation of alternative fuel vehicle refueling property at your main home.

    Qualified alternative fuel vehicle refueling property includes any property (other than a building or its structural components) used to:

    1. Store or dispense an alternative fuel used by a motor vehicle if the storage or dispensing is located where you fill the tank.

    2. Recharge an electric vehicle if the recharging property is located where the vehicle is recharged.

Dependents

  • A "qualifying child" for tax purposes in the United States must meet several criteria set by the Internal Revenue Service (IRS). These criteria include:

    1. Relationship: The child must be your son, daughter, stepchild, foster child, brother, sister, half-brother, half-sister, stepbrother, stepsister, or a descendant of any of them (like your grandchild, niece, or nephew).

    2. Age: The child must be:

      1. Under age 19 at the end of the tax year and younger than you (or your spouse if filing jointly),

      2. A full-time student under age 24 at the end of the tax year and younger than you (or your spouse if filing jointly),

      3. Permanently and totally disabled at any time during the year, regardless of age.

    3. Residency: The child must have lived with you in the United States for more than half of the tax year. There are exceptions for temporary absences, children of divorced or separated parents, and kidnapped children.

    4. Support: The child must not have provided more than half of their own support during the tax year.

    5. Joint Return: The child cannot file a joint return for the year unless the return is filed only to claim a refund of withheld income tax or estimated tax paid.

    6. Citizenship: The child must be a U.S. citizen, U.S. national, or a resident alien.

  • A "qualifying relative" for tax purposes in the United States is a person who meets specific criteria set by the Internal Revenue Service (IRS). Unlike a "qualifying child," a qualifying relative doesn't have to be related to you by blood or marriage. The criteria for a qualifying relative include:

    1. Not a Qualifying Child: The person cannot be your qualifying child or the qualifying child of another taxpayer.

    2. Member of Household or Relationship Test: The person must either live with you all year as a member of your household, or be related to you in certain ways defined by the IRS. This includes parents, children, siblings, and others, even if they do not live with you.

    3. Gross Income Test: The person's gross income for the year must be less than a certain amount, which is set by the IRS each year. This does not include tax-exempt income.

    4. Support Test: You must provide more than half of the person's total support for the year. Support includes costs for food, lodging, clothing, education, medical and dental care, recreation, transportation, and similar necessities.

  • If you paid someone or a provider to care for your dependent who was under age 13 (or a disabled dependent age 13 or older) so that you could work or look for work, you may be able to claim the Credit for Child and Dependent Care Expenses.

  • Qualifying adoption expenses are reasonable and necessary expenses directly related to the legal adoption of an eligible child. Eligible adoption expenses include:

    • Adoption fees

    • Attorney fees

    • Court Costs

    • Travel expenses (including meals and lodging)

    • Re-adoption expenses relating to the adoption of a foreign child

    • Any other reasonable and necessary expense related to the adoption