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
Reply to
ps56k
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
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R. C. White, CPA
San Marcos, TX
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Reply to
R. C. White
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....
Reply to
ps56k
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
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Regards -
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Reply to
Andrew

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