Tax Prep Checklist
Before you start preparing your tax return, review the checklist below. Mark the sections relevant to you and ensure you have the necessary information on hand. Ideally, attach this checklist to a folder containing your tax documents and tick off the items as you include them in the folder.
MOST STUDENT-ATHLETES WILL NEED:
Personal information
This information tells the IRS exactly who’s filing, who is covered in your tax return, and where to deposit your tax refund.
Your Social Security number and date of birth
Copies of last year’s tax return for you and your spouse (helpful, but not required)
Bank account number and routing number, if depositing your refund directly into your account
Information about your income
1099-G forms for unemployment income, or state or local tax refunds
1099-NEC (or 1099-K if you’re paid through a third-party) forms for you for any independent contract work
Form 1099-R (for IRA/pension distributions)
1099-INT, -DIV, -B, or K-1s for investment or interest income
Business income—profit/loss statement
Additional income
Remember to report all income you receive, including:
Business income
Rental real estate, royalties, partnerships, S corporations, trusts, etc.
Payments for jury duty
Cancellation of debt
Prizes and awards
Adjustments to your income
The following items can help reduce the amount of your income that is taxed, which can increase your tax refund, or lower the amount you owe.
Records of IRA contributions made during the year
Records of Medical Savings Account (MSA) contributions
Self-employed health insurance payment records
Records of moving expenses
Keogh, SEP, SIMPLE, and other self-employed pension plan
IF YOU ITEMIZE YOUR DEDUCTIONS:
Deductions and Credits
The government offers a number of deductions and credits to help lower the tax burden on individuals, which means more money in your pocket. You’ll need the following documentation to make sure you get all the deductions and credits you deserve:
Forms 1098: mortgage interest, private mortgage insurance (PMI), and points you paid Investment interest expenses
Charitable donations: cash amounts, official charity receipts, canceled checks; value of donated property; miles driven, and out-of-pocket expenses
Medical and dental expense records
Casualty and theft losses: amount of damage, insurance reimbursements
Records/amounts of miscellaneous tax deductions: union dues; unreimbursed employee expenses (uniforms, supplies, seminars, continuing education, publications, travel, etc.)
Records business use of home expenses for self-employed, home size/office size, home expenses
Taxes you’ve paid
State and local income taxes paid
Real estate taxes paid
Personal property taxes
Vehicle license fees based on value of vehicle
Other information
Estimated tax payments made during the year (self-employed)
Prior-year refund applied to current year and/or any amount paid with an extension to file Foreign bank account information: location, name of bank, account number, peak value of account during the year.
The information above offers general financial information aimed at educating a wide audience. It does not offer specific advice on taxes, investments, legal matters, or other professional and business issues. Before making any decisions, it's important to consult with a professional familiar with your unique circumstances for guidance on tax, investment, legal, or any other professional and business concerns that impact you and/or your business.
