Forms 1095 A/B/C to prove insurance coverage (required for all on return)
Forms W-2 and 1099-Misc for wages and self-employment income
Forms 1099-INT, 1099-DIV, & 1099-B for interest, dividends, and sales 0f stock
Forms 1099-G for unemployment, state refunds / other government payments
Gambling Income from Forms W-2G and proof of gambling losses
Forms 1099-R for retirement (401K/IRA) & Form 1099-SSA for Social Security
Other sources of income
Mortgage interest (Form 1098) and proof of property taxes for 2016 paid in 2017
Medical expenses in excess of 7.5% of total income (All taxpayers)
List of charitable contributions. This includes amounts in both money (cash/check) and goods donated. Remember that donations over certain limits require letters from the organization. See IRS on links page,and access Pub 526
Details of self-employment, rental or other income including income and expenses by category.
Form 1098-T from college or university, and a list of amounts paid in 2017 for tuition, books and other related expenses. You will also need a list of financial aid you received. You can get this information from the school bursar's office, and website.
Low income clients qualifying for the EITC will need to provide written proof that their children lived here in the U.S. with them for more than half the year. This proof must show the child's name & address, and must also show dates in 2017. This is the law, and no deviations will be allowed.
Checkbook or account info (routing and account numbers) for direct deposit
Valid IDs for ALL taxpayers and spouses (Including prior clients)
Anything else you are not sure of (Bring it just in case and ask us!)
**Finally, all new clients must bring original social security cards or ITIN letters for every person on their tax return.
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The Affordable Care Act of 2010 (Obamacare) is still the biggest tax law change in over 20 years.
Federal law states that every individual listed on a tax return must have insurance. There are some exceptions but most individuals must have coverage. You will receive Forms 1095 A/B/C from the State of Illinois, your employer or the marketplace. If you are required to have coverage and do not have the Forms 1095, then you will be subject to a significant penalty. (Sorry, not my rule!)
These changes have significantly increased the difficulty in preparing many tax returns. The future direction of the program is uncertain, but we are able to answer the following questions regarding the ACA as it currently stands:
What are my responsiblities regarding healthcare?
Every person must either:
Show that all persons on the tax return had health coverage during 2017
Claim an eligible exemption.
Make a Shared Responsibility Payment on Form 1040 (Pay the penalty)
What are the exemptions from requiring health coverage?
Coverage is not required if any of the following apply:
Missing coverage for less than 3 months in 2017
Non U.S. Citizen / Resident Alien
Not required to file a tax return
Income below Federal poverty levels
Considered unaffordable (more than 8.13% of income)
What tax forms must I file?
Every individual who had insurance will receive the Form 1095-A/B/C
Form 1040 - Check box if insured through employer
Form 8965 - (Marketplace Purchase) To claim exemptions (one form per household)
Form 8962 - (Marketplace Purchase) If you claim premium or advance premium tax credits for any person listed on your tax return.
(Forms require additional charges)
For more information visit the following web sites: