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Getting organized with tax preparation checklist

  • Published
  • By Capt. Caroline Raines
  • 375th Air Mobility Wing Judge Advocate Office
SCOTT AIR FORCE BASE, Ill. --  Whether you are filing online from the comfort of your home or getting ready for a tax preparation appointment, below is a list of what you are going to need to get started.

Collect Personal Information

Have the Social Security numbers and dates of birth for you, your spouse, and your dependents as well as a current address and a copy of your tax returns from last year. Income
  • W-2s for you and your spouse
     
  • Various 1099 forms for your investments
  • Other miscellaneous income from events such as jury duty, gambling winnings, a Medical Savings Account (MSA), scholarships, etc. should also be provided. Furthermore, unemployment benefits and alimony received must also be listed.
  • Business income, rental and farming income is beyond the scope of most free tax preparation clinics and may require additional documents.
Adjustments to your income

Some information can help reduce the amount of your taxable income by either (1) increasing your tax refund or (2) lowering the amount you owe. If you reduce your taxable income then you reduce the amount subject to tax and ultimately lower the amount of tax you pay.

One income adjustment that applies to many military families is moving expenses--if you were not reimbursed for them. Other miscellaneous income adjustments may include student loan interest paid, alimony paid, and IRA contributions to name just a few. If you have any income adjustments to make, have your statements and receipts ready to go when it's time to prepare.

Itemized Tax Deductions and Credits

Another way to lower your tax burden is through deductions and credits. Have documentation for childcare costs ready to go. This relates to the Advance Child Tax Credit payment, childcare costs (provider's name, address, tax id, and amount paid), education costs (forms 1098-T, education expenses), and adoption costs (SSN of the child, as well as their legal, medical, and transportation costs).

If you are a homeowner, make sure to have information regarding your home mortgage interest and the points you paid (Forms 1098). Furthermore, also have investment interest expenses or any casualty and theft losses (amount of damage/insurance reimbursements). Unreimbursed medical and dental expenses are also allowed in deductions.

There are also deductions available for charitable donations. You will need the cash amounts and value of donated property, miles driven, and out-of-pocket expenses.
Having the routing and account numbers for your direct deposit information is another time saver.

While just having the information ready and available does not file your taxes for you, it will make life considerably easier to have it all organized and ready to go.