U.S Income Tax Checklist

U.S. CHECKLIST

2023 US Checklist

*Download 2023 FBAR Spreadsheet Here*

Personal information

The IRS needs to know exactly who is filing and who is covered in your tax return. To do this, they require Social Security numbers and dates of birth.

Social Security Numbers

Yours

________________________________________________

Spouse

________________________________________________

Dependents

________________________________________________

Information about your income

The following documents will help to identify all of your various sources of income for the year.

Income from Jobs

Forms W-2 for all employers for whom you and your spouse worked during the year

Stimulus Payments received

Please indicate your stimulus payments received in 2023

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 during the tax year
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 the 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:

Stock price on grant date

_________________________________________________

Stock price on purchase date

_________________________________________________

If the stock sale occurred before the 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 previous year, if any
City income tax return from previous year, 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 during the tax year:

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 2022. (You'll need Form 982.)

If the property was sold at a profit before 2023 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

Jury duty pay records
Form(s) W-2G for gambling and lottery winnings
Receipts for all gambling purchases
Form 1099-MISC for prizes and awards you received
Form 1099-MSA for distributions from medical savings accounts
Scholarship records (if you used the money for anything other than tuition, books and supplies)
Director's fees receipts if you received money for serving on a corporate board of directors

Adjustments to your income

The following can help reduce the amount of your income that is taxed, which can increase your tax refund or lower your tax due.

Homebuyer Credits

Form 5405
Purchasers must attach a properly executed settlement statement to their return (for homes purchased after Nov. 6, 2009)
The revised law passed on Nov. 6, 2009, gives the IRS broader authority, called “math error authority,” to deny homebuyer credit claims, without having to first audit a taxpayer’s return. This authority applies, retroactively, to credits claimed on original and amended 2008 returns, as well as to claims yet to be filed.

IRA Contributions

Year-end account summary or bank statements

Green Energy Credits

Form 5695 for residential energy credits
Receipts for adding insulation, energy efficient exterior windows, energy-efficient heating and air conditioning systems, solar hot water heaters, geothermal heat pumps, and wind turbines

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 and credits

The government offers a number of deductions and credits to help lower the tax burden on individuals, which means more money in your pocket. You'll need the following documentation to make sure you get all the deductions and credits you deserve.

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

Interest You Paid

Home mortgage interest:

Form 1098, or
Your mortgage statement showing how much interest you paid during the tax year

Points:

Form 1098 if you purchased a home during the tax year
Your previous tax return if you refinanced in a prior year and are deducting points over the life of the loan

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

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

Invoices, receipts for medical or dental expenses, hospital care, medical aids, medicines and drugs, nursing care, nursing home expenses, transportation costs for obtaining medical care

Taxes you've paid

Properly documenting the taxes you've already paid can keep you from overpaying.

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 the current tax year

A household employee is anyone you paid to provide domestic services in your home, like a nanny, babysitter, au pair, landscaper, etc. You are responsible for paying employment taxes for that person if you did not hire them through an agency, or if they are not self-employed and making estimated tax payments on their own.

If you are required to pay taxes on a household employees wages, you'll need:

Completed Form W-9 from your employee showing his or her Social Security number or other Taxpayer Identification Number (TIN)

________________________________________________

Other tax payments

If you paid quarterly estimated tax payments (usually paid by self-employed workers), you'll need:

Records showing the date paid and amount

If you applied a tax overpayment from 2022 to 2023, you'll need:

Your 2022 income tax return

If you filed or plan on filing extensions for your 2023 tax return, you'll need:

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

Please fill out Banking spreadsheet

CEN-TA Cross Border Services - Tax, Visas, Immigration
http://www.centa.com/staticpages/index.php/UsIncomeTaxChecklist

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