Tax Preparation Checklist

Help save time by reviewing these items before you meet with your tax or financial advisor

1. Collect all Relevant Tax Documents

  • Gather 1099-DIVs, 1099-INTs and 1099-OIDs for all investment accounts.
  • Check information on all 1099s against your year-end investment statements.

2. Validate the Accuracy of Your Documents

  • Check your year-end statements against confirmations and quarterly statements.
  • Review contributions to workplace and individual retirement savings accounts against contribution limits.
  • If you received a distribution from a tax-deferred retirement account, be sure that it is reported correctly on a Form 1099-R.
  • Review cash gifts to make sure that they did not exceed the $12,000 annual limits on gifts to individuals.
  • Review capital losses that can be used to offset capital gains. Check exposure to Alternative Minimum Tax (AMT) using new, higher limits.

3. Additional Considerations:

  • If you withdrew funds from a tax-deferred retirement account with the intention of returning them or rolling them into another account, keep in mind that you generally have only 60 days to do so.
  • If you are receiving "substantially equal payments" under section 72(t) from a tax-deferred retirement savings account, ask your tax advisor about the one-time opportunity to change your payment formula.
  • If you received a lump-sum distribution from a qualified retirement account, ask your tax advisor whether you are eligible for special tax treatment for some or all of your distribution.
  • If you purchased stock in an employee stock-purchase plan, ask your tax advisor about tax strategies for selling your shares.