Individual Tax Returns

Let Ludwig & Associates, Ltd. help you navigate the complexities of the tax code, using tax planning as an element of the tax preparation process. Use our expertise and experience with the tax code to minimize current and future tax liabilities.

Information to bring to your tax preparer:

Copy of last two income tax returns
All W-2 Forms
All 1099 Forms
All 1098 Forms (mortgage interest)
Property Tax Statement
College Tuition Statement
Real Estate Closing Statement
Student Loan Interest Statement
IRA, Pension, Qualified Plan Statement
Quarterly Estimated Tax Payments
List and receipts of Charitable Contributions
Energy Saving Home Improvement Receipts
Other items that may be helpful in the preparing your individual tax return

Individual Tax Return Check-List

Income

Direct Income

Wages/Salary (W-2)
Gambling winnings (W-2G)
Interest income (1099-INT)
Dividend income (1099-DIV)
Mutual Fund Income (1099-B/1099-DIV)
Stock & Mutual Fund sales (1099-B)
Social Security Benefits (1099-SSA)
Long-term care benefits (1099-LTC)
Pension & Annuities (1099-R)
Lump Sum Distributions (1099-R)
IRA Distributions/Rollovers (1099-R)
Illinois State Refund (1099-G)
Unemployment Income (1099-G)
Commissions (1099-MISC)
Other Income (1099-MISC)
Business Income (1099-MISC)
Home Foreclosure (1099-A)
Debt Forgiveness (1099-C)
Rental Income
Alimony
Limited Partnership (K-1)
Estate/Trust Income (K-1)
S Corporation Income (K-1)
Tax free Municipal Bond Interest/Dividends (Reportable; no Federal Tax)
(Will be on 1099-INT or year-end statement)

Kiddie Income

All earned/unearned income more than $1000 (Includes mutual fund/stock sales)

House Sale/Purchase

Closing Statement-Property Sold
Closing Statement-Property Purchased
Stock/Mutual Fund Sale
Redemption of Tax Free Bonds

Treasury Notes/Bills

Date of purchase/inheritance
Cost basis
Stock splits, Dividends, Reinvestments, etc.
Sale settlement sheet
Year-end settlement (1099-B)
Stock option information from employer
Like-Kind exchanges

Adjustments to Income

Educator expenses
IRA contributions (Deductible/Non-Deductible)
Form 8606
Student Loan Interest (1098-E)
College tuition, fees, materials (1098-T)
Moving Expenses
Health Insurance/Long-Term Care Insurance
Keogh/SEP contributions
Early withdrawal penalties
Alimony paid (Social Security Number of ex-spouse)

Deductions

Medical

Medical Insurance
Doctor/Dental Bills
Eye exams, glasses, contacts, etc.
Medical mileage, lodging, parking
Hearing aids/batteries
Prescriptions
Qualified Long-Term Care services
Qualified retirement/nursing home fees
Form 1095 (Affordable Care Act)

Interest

Home mortgage (Form 1098)
Mortgage Insurance Premium (Form 1098)
Home Equity Loan (Form 1098)
Points
Home Mortgage Paid to Individual (Name, address, social security number)
Margin/Investment Interest

Taxes

Estimated Tax Payments (Cancelled Checks)
Sales tax on large purchases
Real Estate Tax paid
Parcel number

Contributions

Receipts/Credit Statement/Canceled Checks
Charitable Mileage
Non-Cash Contributions
Auto Contributions (1098-C)
Major non-cash contributions with appraisal/valuation
All contributions MUST have written acknowledgement or bank record

Miscellaneous Deductions

Union dues/professional dues
Subscriptions (Business, Investment)
Educational expenses (Upgrade Skills)
Uniforms/tools/safety equipment
2014 tax preparation fee
Job hunting expenses
Employee business expenses
Investment advisory fees
Safe deposit box
Gambling losses (If Winnings)
Certain estate expenses & taxes
Credits
American Opportunity/

Lifetime Learning Credits

Eligible tuition, fees and required course materials receipts (Form 1098T)

Child Care Credits

Name, address, social security number or employer ID and amount paid to each child care provider (Form W-10)
Amount paid for company-paid child care flex benefits (should be on W-2)

Energy Credits

Energy efficient home improvements (Bring sales receipt and proof of efficiency)
Energy efficient or hybrid auto (Bring sales receipt and certification)
Prior forms 5695 or tax returns 2006-2014

Illinois Returns

Year-end Bright Start Statement
Education expenses (K-12) (Name and address of school)
Internet purchases