Essential Tax Preparation Checklist: What You Need to Collect

💼Gather personal information, such as your social security number, spouse's information, and routing/account numbers for direct deposit.

💰Collect information about your income sources, including employment income (W2), self-employment income (1099-MISC, 1099-NEC, or Schedule C), and retirement income (1099-R, Social Security statement).

📊Keep track of any interest or dividend income received, as well as any stock or property sales (1099-B, 1099-S) and cryptocurrency transactions.

🧾Include tax deductions, such as mortgage interest and real estate/property tax (1098), charitable donations (cancelled checks/statements), and insurance plan enrollment (1095-A).

💡Remember to include education-related expenses (1098-T, 1098-E) and state/local tax information (invoices for vehicle sales tax, state sales tax). Also, provide documentation for retirement and savings account contributions (5498-SA, 5498).

Where can I find the complete tax preparation checklist?

—You can find the complete tax preparation checklist on my website. Just visit saynors.com, click on Tax Forms and Videos, and scroll down to find the document titled 'What Tax Documents Do I Need'. You can download or print it for reference.

Do I need to include documents for my dependents?

—Yes, if you have dependents and are claiming them on your taxes, you will need to provide any relevant information about them, such as their social security numbers.

What if I received child tax credit payments during the prior year?

—If you received any child tax credit payments during the prior year, please bring the IRS letter 6419 along with other required documents when preparing your taxes.

What if I had transactions involving cryptocurrency?

—If you had any transactions involving cryptocurrency, make sure to include the relevant statements and documents related to those transactions when preparing your taxes.

How can I keep track of my non-cash charitable donations?

—For non-cash charitable donations, it is important to keep records of the items donated. This can be done by keeping cancelled checks or statements from the charity organization.

00:00In this video, Katie Senors from Norris Wealth Management provides a comprehensive checklist of items needed to prepare taxes.

01:05Gather your personal information, including social security numbers, spouse's information, and routing/account numbers for direct deposit.

01:25Collect information about your income sources, such as employment income (W2), self-employment income (1099-MISC, 1099-NEC, or Schedule C), and retirement income (1099-R, Social Security statement).

02:03Keep track of any interest or dividend income received, as well as any stock or property sales (1099-B, 1099-S) and cryptocurrency transactions.

02:51Include tax deductions, such as mortgage interest and real estate/property tax (1098), charitable donations (cancelled checks/statements), and insurance plan enrollment (1095-A).

03:38Remember to include education-related expenses (1098-T, 1098-E) and state/local tax information (invoices for vehicle sales tax, state sales tax). Also, provide documentation for retirement and savings account contributions (5498-SA, 5498).

04:11For the complete tax preparation checklist, visit saynors.com, click on Tax Forms and Videos, and download or print the document titled 'What Tax Documents Do I Need'.

04:21Thank you for watching!