Preparing for the 2017 tax return
The end of 2017 is approaching and even though the US Congress has not passed the tax reform, which will possibly take effect on taxes for the year 2018, it would be good for all taxpayers to the US Department of the Treasury who received income this year to start organizing the documents you will need to present, when you file your 2017 tax return.
The following list will help you organize the most important documents:
PERSONAL INFORMATION
For you and any other person mentioned in your tax return
• Social Security or ITIN number, and complete dates of birth of all persons included in your tax return.
• Amount of monetary contribution for the children and Social Security number of the father or mother.
• Form 8332 that shows that your former spouse waives his/her right to claim a child on his/her tax return.
• Child care records (including provider identification number), if applicable.
INCOME / INVESTMENTS
• Form(s) W-2.
• Unemployment income, or refund of state taxes (1099-G).
• All other 1099 forms (interest, dividends, share sales, pension income / IRA or Social Security income).
• Date of purchase and total investment in stocks or goods that you have sold.
• Expenses related to your investments.
• Forms or documentation for all other sources of income.
INFORMATION ABOUT YOUR HEALTH COVERAGE
• Form 1095-A, if you, your spouse, or your dependents were covered by a market health policy.
• Form 1095-B or Form 1095-C, if you, your spouse or dependents were covered by another type of health insurance plan.
INFORMATION ABOUT IRA RETIREMENT ACCOUNTS
• Registers of contributions that you have made from IRA accounts or other retirement plans.
IF YOU WERE HARMED BY A DISASTER, DECLARED AS SUCH BY THE FEDERAL GOVERNMENT
• City, county where you lived, worked, had property.
• Records to support loss of assets (valuation, cleaning costs, etc.).
• Records of reconstruction and / or repair costs.
• Claims, insurance reimbursements to be paid.
• Information on assistance from the Federal Emergency Management Agency (FEMA).
EXPENDITURE REPORTS RELATED TO EDUCATION
• Forms 1098-T and 1098-E, if you received them.
• Financial scholarships for education.
DEDUCTIONS DETAILED
• Mortgage interest records, real estate taxes and personal property taxes.
• Amount of taxes on state, local income paid the previous year.
• Tax records on the sale of large purchases (vehicle, boats, etc.).
• Records of amounts of money donated to religious institutions, schools and other charitable organizations.
• Records of non-monetary donations to charity, such as clothing, toys, etc.
• Number of miles driven for charity purposes.
• Amounts paid for health insurance, including doctors, dentists, and hospitals (including miles driven for medical purposes).
• Amounts paid for the preparation of your 2016 tax return.
• Expenses related to employment (fees, travel, publications, tools, cost and cleaning of uniforms).
• Job search expenses, moving, if applicable.
Use this list of documents to make sure you meet all the requirements and get all the credits and deductions you deserve. Remember to select a tax preparer that is registered with the National Association of Tax Preparers and with the Federal Tax Department.
