1040 Individual Income Tax Return Checklist: For calendar year filers, the deadline to file 2023 taxes is April 15, 2024. It’s important to mark this date on your calendar and ensure all necessary documents and information are gathered well in advance. Meeting this deadline is crucial to avoid potential penalties and interest charges.
Planning ahead and staying organized will help make the tax filing process smoother, ensuring you have ample time to review and submit your 2023 Individual Income Tax Return by the specified deadline.
Tax Preparation Checklist to File Your Taxes
Filing your 1040 Individual Income Tax Return requires meticulous organization and attention to detail. To streamline the tax preparation process, we’ve created a comprehensive checklist to ensure you have all the necessary documents and information ready. Let’s dive in!
Personal Information
| No. | Information |
|---|---|
| 1. | Full legal name |
| 2. | Social Security number (SSN) |
| 3. | Date of birth |
| 4. | Filing status |
| 5. | Last year’s tax return (hard copy or PDF) |
Income Documents
| No. | Document |
|---|---|
| 6. | Form W-2s for Wage and Tax statements |
| 7. | Form 1095s – Health Coverage |
| 8. | Form 1098s – Interest and Mortgage Information. Its includes mortgage interest (1098) and student loan interest (1098-E) |
| 9. | Form 1099s – includes dividend income (1099-DIV), interest income (1099-INT & 1099-OID), merchant card and third party network payments (1099-K), miscellaneous income (1099-MISC), retirement plan distribution (1099-R), sale of home or real estate (1099-S), capital gain transactions (1099-B), distributions from an HSA, Archer MSA, or Medicare Advantage MSA (1099-SA) and unemployment compensation (1099-G) |
| 10. | Form 2439 – Notice to shareholder of undistributed long-term capital gains |
| 11. | Schedule K-1s – Partnership, S Corporation, and estate or trust income |
Also Check: What are the 401(K) Contribution Limits for 2024 in the USA?
Deductions and Credits
| No. | Document |
|---|---|
| 12. | Form 1098 for mortgage interest paid |
| 13. | Property tax statements |
| 14. | Receipts for charitable contributions |
| 15. | Medical expense receipts |
| 16. | Education-related expenses and Form 1098-T |
| 17. | Business expenses documentation (if self-employed) |
| 18. | Student loan interest statements |
| 19. | Childcare expenses and provider information |
| 20. | Health insurance coverage information |
| 21. | Vehicle (Personal Property) Taxes Paid |
| 22. | Real Estate Taxes |
| 23. | Mortgage Interest Paid |
| 24. | Charitable Contributions |
| 25. | Business or Employee Expenses |
| 26. | Gambling Expenses |
| 27. | Investment Transactions |
| 28. | Retirement Contributions |
| 29. | Foreign Earned Income and Foreign Taxes Paid |
| 30. | Moving Expenses |
You can also check details list of Credits and Deductions for Individuals available on IRS Website.
Read More:Â IRS Tax Refunds: Know When and How to Claim Your Credit or Refund
Additional Information
| No. | Information |
|---|---|
| 31. | Bank account information for direct deposit |
| 32. | Prior year’s Self-Select PIN or Prior year’s AGI (Adjusted Gross Income) |
| 33. | Driver’s license |
This comprehensive 1040 Individual Income Tax Return Checklist is a valuable tool to guide you through the tax preparation process.
However, every individual’s tax situation is unique, so consider consulting with a tax professional for personalized advice. With the right documents in hand, you can master your taxes and file your 1040 Individual Income Tax Return confidently.
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