Tax Checklist
Time to start thinking about taxes. Planning early is a big step in avoiding the last minute rush. It also helps to speed the receipt of an expected refund check.
But what does planning early mean? There was a time that I only had a vague idea. I went through the same unpleasantness each year. I would file away tax documents in a folder. I would schedule an appointment or get tax software. I would get psyched to do my taxes. And then I would hope I had everything I needed.
Not that I ran into trouble with missing documents at a tax preparer. Or that it mattered much when using tax software at home. But I often felt a process like taxes is about organization and in a sense being over-prepared.
What do you need to file taxes?
A while ago I learned of the idea of a “tax checklist.” A tax checklist is exactly what it sounds like. It is a checklist of all the tax documents you need to file.
Not only is the tax checklist a good way to double-check, but it is also a useful planning tool. I affix a tax checklist to the very folder where I store my tax documents. Now I can simply check off tax documents as I get them! Tax time really becomes a breeze.
A truly comprehensive tax checklist would cover every contingency, and it would be as dry and unreadable as the current tax code. So keep in mind the following list is just a starter. I trust you’ll consult an actual tax professional if in doubt.
Below is a tax checklist that contains many of the common documents. The list is based on other checklists from MSN Money, Yahoo Finance, Turbotax, and H&R Block.
For convenience, I’ve also created a printable file (and a spreadsheet) so you can affix the tax checklist to your tax folder.
And consider printing out a few more for family and friends–they’ll definitely be grateful for the tips!
Tax checklist
Printable pdf
Social security number for you / spouse / children
W-2
Interest income 1099-INT
Dividend income 1099-DIV
Broker transaction proceeds 1099-B
Retirement plan distributions 1099-R
Unemployment payments
Social security payments received
Other income
State and local tax refunds
Alimony
Gambling and lottery winnings
Mortgage loan interest
Charitable giving
Medical expenses
Student loan interest
IRA and retirement contributions
Job search expenses
Moving expenses
State and local taxes
Real estate taxes / Rent paid
Home equity loan or line of credit
Auto loans and leases
Tax preparation fees or software
What items would you add to the list? What tax prep organization tips do you have?
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2 Responses to “Tax Checklist”
The Checklist is great. I always find that organizing the information on charitable donations to be the longest part of the process.
However, I was surprised to see you mention anticipation of a refund check. Isn’t game theory about finding tactical advantages? Where is the advantage in giving the government an interest free loan instead of them giving YOU one?
It is always my goal to owe the government several hundred dollars (enough to be worth the accrued interest but not enough to incur a penalty). It only takes the discipline to save the money and the knowledge to know how to set up your withholding to the correct amount.
By G. Pearson on Feb 3, 2010
I agree refunds are to be avoided. I have had many arguments with people about this who feel it is psychologically easier to get a check than to write one.
I find that it’s not always possible to get a refund, however, if your job pays out a big yearly bonus or you do a lot of freelance work.
But for those of you who do manage taxes responsibly, good job
By Presh Talwalkar on Mar 9, 2010