Annual Review Checklist

This is an Annual Review Checklist – for personal 1040 preparation

This service is part of your annual NetWorth agreement with us:


Do we have a copy of your last years return including birthdates and full SS#'s of all dependents and taxpayers ?

1 Marital status change?
2 Changes in your dependents?
3 Any children under 19 (or 24 if a full time student) who received more than $950 in investment income?
4 Are all your dependents either US residents or citizens?
5 Did you provide over half of the support for someone you aren’t claiming as a dependent?
6 Are you being claimed (or are eligible to be claimed) as a dependent on anyone else’s return?
7 Were you or your spouse in the military or National Guard?
8 Did we assist you to purchase or sell your principal residence?
9 Have you been notified by the IRS of changes to a prior year’s return, or received any other tax correspondence?
10 Were there any changes to a prior year’s income, deductions, or credits?
11 Did you make gifts of more than $13,000 to any one person?
12 Did you file Form 8839, Adoption Credit, in a previous year?
13 Did your purchase any special fuels for non-highway use?
14 Did you hold any crypto currency last year?
15 If you have a refund, do you want direct deposit, bank product, or applied to next year’s taxes?
16 If you are due a refund, how do you want to receive it?

  • Direct deposit (please provide a voided blank check)
  • Check sent to you in the mail
  • Apply to next year’s estimates

17 If you owe taxes, how do you want to pay them?

  • Paper check sent with my return
  • Direct debit from my bank account (please provide a voided blank check)
  • Credit card

18 Did you have an interest in or signature authority over a financial account in a foreign country?
19 Were you the grantor of or transferor to a foreign trust?
20 Did you receive income from a foreign source or pay taxes to a foreign government?
21 Did you barter your services for goods or services from someone else?
22 Did you receive any tax-exempt income, such as interest or dividends from municipal bonds or a mutual fund account?
23 Did you make a loan to someone at an interest rate below market rate?
24 Did you receive, or expect to receive, a Schedule K-1 (or substitute K-1) from a trust, estate, partnership, or S corp?
25 Did you cash in any U.S. savings bonds?
26 Did you own an interest in a Real Estate Mortgage Investment Conduit (REMIC)?
27 Did you itemize your deductions in a previous year and receive a state or local refund, or a refund of any other
deduction you itemized last year? (If yes, attach Form 1099-G)
28 Did you receive disability income?
29 Do you have gambling winnings? (If yes, be sure to include in gambling expenses)
30 Did you receive any unemployment benefits? (statement needed)
31 Did you receive payments from a Long-Term Care insurance contract?
32 Did you receive employer-provided adoption benefits for a previous year?
33 Did you receive any distributions from a retirement plan? (If Yes, attach all 1099-Rs)
34 Did you “rollover” a retirement plan distribution into another plan?
35 Did you receive Social Security benefits?

36 Did you convert a traditional IRA to a Roth IRA?
37 Did you exchange any securities or investments for something other than cash? or Do you have any short sales, commodity sales, or straddles?
38 Did you receive Form 2439? or Did you buy or sell any bonds?
39 Did you receive stock from a stock bonus plan with your employer?
40 Did you sell any other personal assets at a gain?
41 Did you sell any real estate (other than your home) during the year?
42 Did you sell any assets using the installment method?
43 Did you receive proceeds from a prior year installment sale?
44 Did you purchase a rental property?
45 Did you exchange any property for other property?
46 Did you receive any income not reported in this Organizer?

Business and Rental Property Income

47 If you own rental property, do you qualify as a Real Estate Professional?
48 Did you start or acquire a new business?
49 Did you sell any part of an existing business, or sell business assets?
50 Did you cease operating any business or rental property?
51 Did you remove any of your business assets for personal use?

Business and Rental Property Deductions

52 Did you use part of your home for business purposes?
53 Did you make any contributions to a Keogh or a self-employed SEP?
54 Do you pay for any health or long term care insurance through your business?
55 If you or your spouse are self-employed, are either of you covered under an employer’s health plan?
56 Did you purchase any furniture or equipment for your business?

Other Deductions

57 Did you make any contributions, or plan to make contributions, to a traditional or Roth IRA?
58 Did you make any contributions to HSA (Health Savings Account) ?
59 Did you use your car on the job (other than to and from work)?
60 Did you work out of town for part of the year?
61 Did you incur any travel and entertainment expenses for business purposes?
62 Did you incur any qualified educator expenses in?
62 Did you pay expenses for the care of your child or other dependent so you could work?
63 Did you lose property or have damage to a property due to a casualty, theft, or condemnation?
64 Did any security become worthless?
65 Did any debts become uncollectible?
66 Did you purchase a ‘clean fuel’ or electric hybrid vehicle?
67 Did you contribute less than an entire interest in any property to charity?
68 Did you refinance a mortgage or take out a home equity loan?
69 Did you incur moving expenses during the year due to a change of employment?
70 Did you pay any educational tuition or fees for you or a dependent?
71 Did you pay any student loan interest?
72 Did you make any federal or state estimated payments?
73 Did you make any energy efficient improvements to your main home?
74 Did you purchase a new motor vehicle? If yes, what was the sales tax portion?


One thought on “Annual Review Checklist

Comments are closed.