TTax - printable checklist for expected W2's & 1099's

a.. Is there a printable checklist for expected Income docs - W2, 1099, etc b.. using last year's imported data to give me a list of expected W2 &
1099 forms ? c.. ie - Expected, Received, Completed, etc d.. Just to make sure that I have all the expected 1099's from the various banks, mutual funds, brokerages, etc... e.. -- ---------------------------------- "If everything seems to be going well, you have obviously overlooked something." - Steven Wright
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Hi, Phil.
I'm not aware of any checklist, printable or otherwise. That would be a good idea to suggest to Intuit.
When we Import from the prior year TurboTax, it does pre-populate the input forms for W-2, 1099, etc. This works pretty well as a memory jogger to look for missing items. But since there are so many different ways to enter interest and dividend income, for example, it still is easy to overlook some.
We can Import the info from a bank or broker, or manually create a new 1099 (with or without account numbers or other identifying details), or Import from Quicken, or simply enter totals or sub-totals or individual amounts via a worksheet, or several other ways. There's no way that TurboTax can be sure that we've entered everything and entered it just once. The ultimate responsibility is still on the taxpayer.
RC
--
R. C. White, CPA
San Marcos, TX
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hi - yeah... guess I'll just write up a list from last year's imported info, and then check it against what I have received....

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ps56k wrote:

I believe Intuit's TT website has a checklist; I've pasted the one below from a word doc that I have that I think came from them this year. Plenty of them on the web, just need to do a search.
I keep track (over MANY years) which 1099DIVS, INTS, MISCS, OIDS, etc. I have, along with entries that indicate I need to receive other items like -Bs, -Ts , tax receipts for county tax etc. and keep this up to date year by year.
TT also, of course, 'remembers' what you filed last year assuming you import your old data.
So - here's the checklist - I'd attach in instead, but I think that's against the "rules" of NGs:
Personal Information Social Security Numbers Yours
________________________________________________
Spouse
________________________________________________
Dependents
________________________________________________
Advance Child Tax Credit Payment Copy of the IRS notice announcing the amount of your payment
Amount of the payment you received
________________________________________________
Child Care Costs Cancelled checks or invoices
Child care provider's name
________________________________________________
Provider's address
________________________________________________
Provider's tax ID or Social Security number
________________________________________________
Education Costs Receipts for tuition (or cancelled checks) for post-high school education
Tuition statement - Form 1098-T
Adoption Costs Social Security number or ID number of adopted child
________________________________________________
Receipts or cancelled checks for:
Legal fees
Transportation
Other costs
Income tax information Income from Jobs Forms W-2 for all employers for whom you and your spouse worked during the year
Investment Income Interest income - Form 1099-INT
Dividend income - Form 1099-DIV
Proceeds from the sale of stocks, bonds, etc. - Form 1099-B
Confirmation slips or brokers' statements for all stocks, etc., that you sold in 2008
Schedule(s) K-1 (Form 1065) from investments in partnerships
Schedule(s) K-1 (Form 1120S) from investments in S Corporations
Income from foreign investments: Amount of foreign taxes paid (you can find this on the brokers' statements)
________________________________________________
Stock option exercises and sales:
________________________________________________
Stock option agreement (showing type of options you received)
Stock option statement showing exercise prices of options
Form 1099-B for proceeds from stock sales
Sale of employee stock purchase plan shares:
Form 1099-B for proceeds from stock sales
Stock price on grant date
_________________________________________________
Stock price on purchase date
_________________________________________________
If the stock sale occurred before qualifying period began, Form W-2 showing "compensation income" from a disqualifying disposition
Income from State and Local Income Tax Refunds Form 1099-G from state or local governments
State income tax return from 2007, if any
City income tax return from 2007, if any
Alimony Received Bank statements or record of deposits
Business or Farming Income Books/accounting records for your business OR:
Invoices or billings
Bank statements
Cancelled checks for expenses
Payroll records
In addition, you will need:
Invoices for major purchases of machinery, equipment, furniture
Logs or other records listing vehicle mileage
Inventory records, if your business maintains an inventory of goods or materials
If You Use Your Home for Business Square footage of your home office area
________________________________________________
Total square footage of your home
________________________________________________
Total rent paid, if home is rented
________________________________________________
Mortgage interest reported on Form 1098
________________________________________________
Property tax payments from assessor's bill, cancelled checks, or impound records
________________________________________________
Homeowner insurance premium payments
________________________________________________
Invoices for repairs and maintenance on your house
Utility bills
IRA/Pension Distributions Form 1099-R for payments from IRAs or retirement plans
Account summary form for the year for your IRA accounts , or
Deposit receipts and contribution records
If you received a distribution from an IRA account, the most-recently filed Form 8606 (if you made contributions in prior years to IRAs that weren't deductible on your income tax return)
Rental Property Income Profit and loss statements from your property manager, or
Checkbook or cancelled checks for expenses
Form 1099-MISC or other records for rental income paid to you
Mortgage interest reported on Form 1098
Property tax payments from assessor's bill, cancelled checks or impound records
Record of suspended rental losses from prior years (usually shown on last year's income tax return)
Unemployment Income Form 1099-G from your state unemployment agency, or
Unemployment check stubs and deposit records
Social Security Benefits Form SSA-1099
Income From Sales of Property If the property was sold in 2008:
Sales proceeds: Bill of sale, escrow statement, closing statement or other records
Cost of the property you sold: Invoices, receipts or cancelled checks
Improvements made to the property: Invoices or construction contracts and cancelled checks
Form 1099-C if your lender cancelled or forgave a portion of your debt. Normally considered taxable income, debt forgiveness on your principal residence is exempt from federal taxes through 2012. (You'll need Form 982.)
If the property was sold at a profit before 2008 on the installment basis:
Previous year's return - Form 6252: Installment Sales
Amount of principal collected on the installment note owed to you and the date you received each payment
________________________________________________
Amount of interest collected on the note
________________________________________________
Name, address and Social Security number of the buyer
________________________________________________
________________________________________________
________________________________________________
Miscellaneous Income o Jury duty pay records
o Form(s) W-2G for gambling and lottery winnings
o Receipts for all gambling purchases
o Form 1099-MISC for prizes and awards you received
o Form 1099-MSA for distributions from medical savings accounts
o Scholarship records (if you used the money for anything other than tuition, books and supplies)
o Director's fees receipts if you received money for serving on a corporate board of directors
Adjustments IRA Contributions Year-end account summary or bank statements
Student Loan Interest Form 1098-E showing interest paid, or
Loan statements
Medical Savings Account Contributions Account statements or
Cancelled checks
Moving Expenses Invoices from moving companies, or
Cancelled checks, and
Paycheck stub for moving expense reimbursements
Self-employed Health Insurance Insurance premium bills, or
Cancelled checks
Keogh, SEP, SIMPLE and Other Self-employed Pension Plans Year-end account summary, or
Cancelled checks
Alimony Paid
Cancelled checks
Educator Expenses Cancelled checks for expenses paid for classroom supplies, etc.
Itemized tax deductions Interest You Paid Home mortgage interest:
Form 1098, or
Your mortgage statement or bill for January 2008
Points:
Form 1098 if you purchased a home in 2008
Your 2007 tax return if you refinanced in prior year and are deducting points on that loan over its life
Investment interest expense:
Brokers' statements showing margin interest paid
Loan statements for loans taken out to purchase investments
Charitable Donations Cash donations:
Charity bills, receipts or cancelled checks
Records of the mileage incurred for charitable purposes (such as Scouts)
Donations of property:
Receipts from a charitable agency
Estimated value of property given
________________________________________________
Appraisal fees for expensive donations
________________________________________________
Other charitable donations:
Prior years' tax returns if you have unused charitable contributions (carryovers) from earlier years
Year-end paycheck stub if donations were paid through your wage
Casualty and Theft Losses Description of property damaged or stolen
Receipts or cancelled checks showing cost of property
Insurance policy and insurance reports showing reimbursement
Appraisal fees if applicable
Previous year's return if your loss was in a federally-declared disaster area and you plan to deduct your 2008 loss on an amended 2007 return
Other Miscellaneous Tax Deductions Reimbursement check stubs or reports from your employer
Union dues - paycheck stub for automatic withdrawals
Gifts to clients, etc. - receipts showing date, cost and description
Supplies - receipts or bills
Property purchased for use in your work - invoices, receipts
Uniform and special clothing costs - bills or paycheck stubs showing deductions
Job Expenses Seminar fees - receipts or invoices
Professional publications and books - receipts or invoices
Receipts for small tools and supplies you purchased
Job travel information:
Invoices, receipts or ticket stubs for transportation
Mileage records per vehicle used
Hotel bills
Restaurant tickets showing name and address of establishment
Parking fee receipts
Medical and Dental Expenses Taxes State and Local Income Taxes Last year's state income tax return
Forms W-2
Cancelled checks for state estimates paid
Real Estate Taxes Tax collector bills or cancelled checks
Form 1098 or closing statement if you bought, sold or refinanced property in the current year
Personal Property Taxes Tax bills or cancelled checks
Automobile licensing bills, if fees are charged annually based on value
Information on household employees wages paid during 2007 Completed Form W-9 from your employee showing his or her Social Security number or other Taxpayer Identification Number (TIN)
________________________________________________
Tax payments If you paid quarterly estimated tax payments
Records showing the date paid and amount
If you applied a tax overpayment from 2007 to 2008
Your 2007 income tax return
If you filed or plan on filing extensions for your 2008 tax return
Cancelled checks for payments you made with the extension
Direct deposit information If you want your tax refund deposited directly into your bank account, you'll need:
Routing number from the lower left side of one of your checks (usually the first nine digits)
_______________________________________________
Bank account number from the bottom of the check or on a bank statement
________________________________________________
Foreign bank account information Name of financial institution
______________________________________________
Location of financial institution
________________________________________________
Account number
________________________________________________
Maximum value of account
________________________________________________
Hybrid or clean diesel auto purchases Bill of sale for a hybrid automobile purchased in 2008
--
-------------------------------------------------------------
Regards -
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