INCOME TAX CHECKLIST
DEDUCTIONS: Contributions -Cash contributions, Non-Cash contributions of clothes, furniture, etc.
Medical and Dental Expense including insurance, glasses, other devices due to illness or disability
Mortgage Interest (Form 1098 or Statement from Mortgage Company)
Property Tax paid from Escrow or from Statement from Tax Collector.
State income tax including withholding on gambling income?
Suspended prior-year Rental losses –If loss Exceeds [ $150,000 – Your Adj Gross Income) X 50% ] ~ ~ For example ($ 150,000 - $125,000)=$25000 Loss of more than $12,500 could be suspended.
IRA Contributions unless it is to a non-deductible IRA
Job related expenses if more than 2% of Income: Mileage, Air Fare, Motel, Parking, meals (50%), --telephone bills, Job-related education and publications, travel to seminars, Tools, Union Dues Tax return preparation, safe deposit boxes, IRA custodial fees (if paid from non-IRA acct), Investment advice. Health insurance for self-employed person not covered by any employer-sponsored plan
MISCELLANEOUS Unemployment Income – Form 1099-G from TX Workforce Commission or check stubs Social Security from BOX 5 of Form SSA 1099 (this is Gross amount minus amt repaid to the SSA) Jury duty pay, Gambling winnings (For W-2G) Form 1099 for prizes/awards, Scholarships certain use) IRA withdrawals, State tax refunds of tax paid in prior year
OTHER ITEMS TO BE CONSIDERED: If you paid any quarterly estimated tax or had last year’s refund applied toward current year tax, you need to deduct it from your current year’s tax If you paid sales tax on a big purchase like a car or boat, you can add this tax to the standard allowance. Did you buy an energy saving car or certain other qualified energy-saving items ? Get married, divorced, have new dependent (SSNs?), drop prior dependent, move to new address? Are you 65 years old? --Was your 65th birthday this year (or in any prior year)
NEW THIS YEAR – Even if you don’t itemize your deductions, you can get an increased standard deduction for real estate tax.
Friday, February 20, 2009
INCOME TAX CHECKLIST