Tax Appointment

Tax Practitioner’s often receive questions about what to bring to a tax appointment.  We like when taxpayers bring their tax documents in early in the season.  Attached is an organizer to give you some ideas of what you will need:  Individual Organizer

Tax Pros love to see last years filed tax returns.  There are several elements on that prior return that are important one of which is that income sources tend to be consistent from year to year.  Secondly, the prior year tax figure is used to calculate whether an underpayment penalty applies.  Prior year state and local returns with an amount due and paid might be a tax deduction.  Whereas a state or local refund might be income in the year received.  Lastly, good practitioner’s give that prior year return a good once over to see if there were any missed deductions or credit.  We are required to inform you of a mistake and recommend amending the return both for the taxpayers benefit and the tax authority.

Common items to have ready are:

  • Wage and tax statement, Form W2
  • Retirement or IRA Distribution, Form 1099-R
  • Miscellaneous Income Statement, Form 1099-Misc
  • Social Security Benefit Statement, Form SSA-1099

Other income items to be aware are:

  • Interest Income, Form 1099-INT
    • A taxpayer will receive a 1099-INT for the cash they received for opening a new bank account
    • Or the FMV for goods, for example a free toaster
  • Dividend Distributions, Form 1099-Div
  • Proceeds From Broker, Form 1099-B
    • These statements tend to come out later than other tax documents. Many times brokerage houses will make corrections to their original 1099-B and 1099-DIV statements.  If your brokerage house regularly makes corrections to their original tax documents it might be better to wait longer to file or file an extension to avoid filing amended returns.
  • Partner’s Share of Income, Deductions, and Credits, Schedule K-1

Bring ID:

  • Valid State ID
    • Required this year to E-File individual tax returns. Helps protect tax payer identity.
  • Children Birth Certificates
  • Social Security Cards
  • Proof of Credible Health Insurance Coverage for everyone on the tax return
    • IRS Form 1095-A, 1095-B, or 1095-C
    • Medical Cards
    • Cost of employer sponsored health program, DD code box 12 of W2

Finally we want to know about you the taxpayer.  We want to know what your occupation is, where you going, and when you anticipate your next career change or promotion.  We need to know about household changes of marriage, children, additions or subtractions to the family, or divorce.   We want to know where you came from, where you are at, and where you plan to go.

Pertinent Information:

  • Retirement
  • School
  • Veteran
  • Member of the Safety Forces

This written advice is not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer for following the advice.  Other factors may need consideration that would change the opinion presented.