Tax Preparation Checklist for 2020 Taxes
Information Needed to Do Your 2020 Tax Returns
1. Last year’s return (if a new client) with any changes for 2020 for taxpayer, spouse, and dependents with Social Security Numbers, birth dates, new children, driver’s license, and addresses.
2. W-2’s from all employers during 2020. 1099-NEC’s for all “self-employed” jobs. The 1095A, 1095B, and 1095C for health care reporting. K-1’s from S-Corps, partnerships, estates, trusts, and LLCs.
3. 1099-MISC for any other general income that was brought in.
4. Amounts of other income such as hobby income, gambling and prize winnings, tips, alimony, unemployment, disability, judgments from lawsuits, inheritances, loan repayments, etc. (some may be partially taxable).
5. 1099-INT’s (interest), 1099-B (broker and barter) and 1099-DIV’s (dividends) from banks, credit unions, stockbrokers, mutual fund companies, and companies where you own investments. Knowledge of foreign bank accounts.
6. 1099-R’s (retirement) if you have retirement income from pensions, IRA’s, etc.; social security year-end statement.
7. 1099-G’s from State reporting state income tax refund and unemployment received in 2020.
8. 1098’s from mortgage companies to show interest, taxes and points. If you have a mortgage financed by an individual, you’ll need the name, address, Social Security Number and an amortization table to show interest for the year
9. Amount of contributions to an IRA and other retirement plans and IRA Roth rollover amounts for 2020.
10. Amount of deductions including:
- Charitable contributions made by cash or check (need receipt if over $250)
- Donations of goods (not cash or check) with details if over $250
- Medical expenses not reimbursed by insurance (include insurance premiums)
- Ownership tax on car registration
- Real estate taxes
11. Expenses for childcare; name of childcare provider with address and Social Security or Employer Identification Number.
12. Self-Employed: List of all business expenses by category including business mileage for car and any new assets purchased.
13. Rental Property: List of all rental income, rental expenses by category, depreciation schedule, and improvements.
14. Amount of all federal and state estimated tax payments made for 2020 with dates.
15. Buy-sell statements relating to securities transactions and year-end broker statements which recap 2020 transactions. Please be sure to provide accurate purchase and sales dates to us.
16. Copies of qualified education expense recap forms (1098-T) received from the college you or your child attended in 2020.
17. Any correspondence received from the IRS or state taxing agencies.
18. Settlement papers from all real estate transactions.
19. Knowledge of foreign bank accounts
20. Amount received from the first Covid stimulus of up to $1200 per adult, $500 per child.
21. All other related tax documents.
Download as PDF >>