Organizing tax document to prepare the Tax Return

Tax Deductions and Credits Items

Above the line deductions:
 IRA contributions
 Health Savings Account contribution
 Self-employed retirement plan contributions
 Self-employed health insurance premium
 Educator’s expenses
 Student Loan Interest / tuition and fees
 Moving expenses

Below the line deductions:
 Medical expenses (subject to 7.5% of AGI)
 State income taxes / Sales tax / SDI
 Real Estate taxes / DMV License Fees
 Mortgage interest and points
 Donations to charities (cash and non-cash)
 Casualty and theft losses (subject to 10% of AGI)
 Tax preparation fees (subject to 2% AGI)
 Employee business expenses (subject to 2% of AGI)
 Job-hunting expenses (subject to 2% of AGI)
 Professional and union dues (subject to 2% of AGI)
 IRA fees / Safe deposit box fees (subject to 2% of AGI)
 Investment expenses (books, seminars, travel, meals, subject to 2% of AGI)

Credits:
 Education Tax Credits
 Child and Dependent Care Credit
 Foreign Tax Credit
 Residential Energy Credit
 Qualified Plug-in Electric and Electric Vehicle Credit
 AMT Tax Credit
 Adoption Credit
 Child Tax Credit
 Earned Income Credit
 Health Coverage Credit
 Mortgage Interest Credit

Income and other Items

Income Items:
 W-2’s – Wage and Tax Statements from your employers
 1099-INT /1099-DIV – Interest and dividend income and Capital Gain Distributions
 1099-MISC – Self-employment income and others
 1099-G - State tax refund and Unemployment Compensation
 1099-R – Pension and IRA Distributions
 1099-B – Proceeds from Sales of capital assets (stock and mutual funds)
 1099-S – Gross Proceeds from sales or exchange of Real Estate
 1099-C – Cancellation of Debt
 SSA-1099 - Social Security Benefit
 K-1’s – Income and Deductions from Partnerships and S-Corps
 Foreign earned income information
 Rental Income and Deductions
 Business Income and Deductions (Unincorporated business)
 Cost Basis information for stock and mutual funds sold during the year

Other Items:
 Prior year federal and state income tax returns
 Estimated tax payments for current year
 Current year tax extensions filed
 Correspondents from IRS or State, if any
 Foreign bank account info if combined balance over $10,000 during the year
 Escrow statements for refinance and purchase of real estate
 Escrow statements for sales of real estate (including your home), if any
 Purchase Contract for vehicles purchased during the year
 Interest and Dividend income for your children, if any
 Social Security Number for any new dependents
 Capital Loss and Passive Activity Loss Carry Over from prior year
 Net Operating Loss Carry Over from prior year
 Income estimates for next year