FORM 1040 INCOME AND DEDUCTION LIST

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					                                               FORM 1040 INCOME AND DEDUCTION LIST
DEPENDENTS
                                                  •   Estimated State income tax paid –               •   Cell phone / computer required by employer     •   Depreciation schedule for prior year
•   Names, SS#, and Date of birth                     Jan/Apr/Jun/Sept
                                                                                                      •   IRA trustee fees                               •   Rent income
•   Income for children                           •   Real estate taxes
                                                                                                      •   Safety deposit box fees                        •   Purchase closing or settlement statement
•   College tuition and fees, not books and
                                                      • Personal residence
                                                      • Second/Vacation home                          •   Investment advisory fees                       •   Refinance closing or settlement statements
    room and board
                                                      • Other property
                                                                                                      •   Tax preparation and planning fees paid         •   Sale closing or settlement statements
INCOME                                            •
                                                                                                      •                                                  •
                                                      Real estate sold -closing or settlement
•   Form W-2s
                                                      statement – real estate taxes only – not            Job search and related travel costs                Tax preparation prior year

•
                                                      excise taxes                                    •   Research expenses of college professor         •   Like kind exchange 8824
    Form 1099 Misc – Non-employee
    compensation – Rent income
                                                  •   Real estate purchased -closing or settlement    •   Office in the home for an employee that is     •   Advertising for new tenants;
                                                      statement
•   Form 1099R – Retirement income
                                                  •   Sales tax-receipts for boat and vehicle
                                                                                                          required by the employer to work out of the
                                                                                                          home                                           •   Auto transportation expenses (mileage) to
•   Form 199R - lump sum distributions–born           purchases and for material to build or              • Business portion of:                             and from property for check up visits,
                                                                                                                                                             repairs, etc;
    before 1936                                       remodel your home.                                  • Real estate taxes

•                                                 •   RTA tax on vehicle, boat, RV, and
                                                                                                          • Mortgage Interest                            •   Cleaning and maintenance of the property;
    Form 1099R - roll over retirement funds                                                               • Gas, electric, water, garbage
•   Form 1099R - Annuity 1035 exchange
                                                      motorcycle licenses                                 • Repairs                                      •   Commissions paid to rent out the property;
                                                  •                                                       • Home insurance                               •
•
                                                      SDI/L&I taxes deducted from paycheck                                                                   Property insurance and mortgage
    Social Security Forms                                                                                 • Home improvements                                insurance;
•   State income tax refund                       INTEREST EXPENSE
                                                                                                      •   Education expense required for work that do    •   Legal and other professional fees related to
•   Form 1065 k-1                                 •   Mortgage interest                                   not prepare you for a new profession, unless       the property;
                                                      • Personal residence – 1st mortgage
                                                                                                                                                         •
                                                                                                          you are a teacher
•   Form 1120S k-1                                    • Personal residence – 2nd mortgage             •
                                                                                                                                                             Management paid to oversee the property;
                                                                                                                                                         •
                                                                                                          Travel and living away from home for work
•   Form 1041 k-1
                                                      • Personal residence – 3rd mortgage
                                                      • Personal residence – 4th mortgage
                                                                                                          less reimbursements by employer                    Mortgage interest and credit card interest
                                                                                                                                                             paid on costs for repairs and etc.;
•                                                     • Second residence – 1st mortgage               •
                                                                                                                                                         •
    Unemployment income                                                                                   Employee auto expense or miles for travel
                                                      • Second residence – 2nd mortgage                                                                      Credit card and other loan interest on
•
                                                                                                          on behalf of employer (outside sales) less
    Form 1099 Int - Interest income                                                                                                                          repairs or improvements to property;
                                                      • Line of credit                                    reimbursement by employer NOT included
•   Form 1099 Div - Dividend income                   • Private contract                                  in W-2 income
                                                                                                                                                         •   Repairs to property (major capital
    • Tax exempt interest / dividends                 • Timeshare interest                            •   Employee meals and expenses/ cell/                 improvements must be depreciated);
    • Foreign tax credit
                                                  •   Mortgage Points – Loan Origination and              parking, etc
                                                                                                                                                         •   Supplies to clean and maintain the
•   Form 1099B – Sales of securities                  Loan Discount Fees                              •   Legal fees paid to protect income (usually a       property;
                                                      • Purchase closing or settlement
•   Alimony maintenance income– need
                                                                                                          lawsuit against the employer)
                                                                                                                                                         •   Real estate taxes;
                                                                                                      •
                                                          statement
    divorce decree copy                               • Sale closing or settlement statement –            Gambling losses                                •   Utilities that you pay on the property;
•   Gambling winnings                                     point paid by seller for buyer
                                                      • Refinance closing or settlement
                                                                                                      •   Estate taxes from 1099R or estate IRD          •   Refi costs
•   Jury duty                                             statement
                                                                                                          income
                                                                                                                                                         •
•                                                     • Refinance remaining balance from prior        •   IRA investment losses if whole IRA has
                                                                                                                                                             Homeowners association dues;
    Election income
                                                          year                                            been withdrawn and closed for non-             •   Bank charges;
•   Alaska permanent fund income
                                                  •   Investment Interest
                                                                                                          deductible IRAs and Roth IRAs.
                                                                                                                                                         •   Travel, lodging and meals to go to and
                                                      • Margin interest from brokerage               SCHEDULE C or F                                         from the rental location;
ABOVE THE LINE EXPENSES
•   Educator expenses
                                                          statement
                                                      • Third residence – 1st mortgage                •   Expense list                                   •   Depreciation on cost of home (excluding
                                                                                                                                                             land) and capital improvements; and
•   Student loan int.
                                                      • Third residence – 2nd mortgage
                                                      • Raw land purchase contract
                                                                                                      •   Inventory
                                                                                                                                                         •   All other directly related expenses.
•   Health savings ac                                                                                 •   Sale of equipment

•
                                                  CHARITY
                                                                                                      •   Depreciation schedule for prior year
                                                  •
    CD withdrawal penalty                                                                                                                                OTHER ITEMS
•
                                                      Cash and check
                                                                                                      •   Office in the home - Purchase closing or
                                                                                                                                                         •
                                                  •
    Alimony maintenance payments– need                                                                                                                       Child care 2441 – Pre-tax
    divorce decree copy                               Mileage                                             settlement statement
                                                  •                                                   •                                                  •
•
                                                                                                                                                             Nanny Schedule H
    IRA retirement plans                              Non-cash                                            Cash payments
                                                      • Vehicles
                                                                                                      •                                                  •
•
                                                                                                                                                             College costs – tuition and fees, not room
                                                                                                          Credit card payments
    SEP IRA or Solo 401K                              • Clothes HHG                                                                                          and board 8863

MEDICAL EXPENSES
                                                      • Investments                                   •   Tax preparation for the prior year
                                                                                                                                                         •   IRA contributions
                                                      • Receipts required
•   Medical and dental insurance                      • Auto donation > $500 gross proceed            •   New equipment
                                                                                                                                                         •   Education IRA and 529 plans

•   Long-term care insurance
                                                         from sale by charity after 12-31-04          •   Equipment loan interest paid
                                                                                                                                                         •   401K review
                                                         requires a special receipt from the
•   All Doctors
                                                         charity.                                     •   QuickBooks Quicken reports
                                                                                                                                                         •   Required Minimum Distributions - you or

•   Dentist
                                                      • Non cash > $5000 requires an appraisal
                                                         after 06/03/04
                                                                                                      •   Accrual vs. cash                                   parents

                                                                                                      •                                                  •
•                                                                                                         Farm Schedule F                                    Moving expenses 3903
    Drugs                                         CASUALTY LOSSES
                                                                                                      •                                                  •
•
                                                                                                                                                             Adoption expenses 8839
                                                  •
                                                                                                          SEP IRA or Solo 401K
    Counseling                                        Theft
                                                                                                      •                                                  •
•
                                                                                                                                                             Net Operating Loss - Form 1045
                                                  •
                                                                                                          Employee tips if a restaurant 4137
    X-ray                                             Fire
                                                                                                      •                                                  •
•
                                                                                                                                                             Annualized Estimated Penalty calculation
                                                  •
                                                                                                          Like kind exchange 8824 – trade in of
    Hospital                                          Collision                                                                                              Form 2210AI
                                                                                                          equipment
•   Glasses                                       •   Uninsured or underinsured amount > 10%                                                             •   Diesel auto / gas off-road Form 4136
•
                                                                                                     SCHEDULE D
    Weight loss and drug rehabilitation               of income
                                                                                                      •                                                  •   Child’s investment income where age is <
•
                                                                                                          Sale of property – sale and purchase closing
    Travel and lodging                            MISCELLANEOUS                                                                                              14, Form 8615
                                                                                                          or settlement statements
•   Parking                                       •   Professional liability insurance paid by        •   Brokerage statements
                                                                                                                                                         •   Hybrid vehicle deduction

•   Ask about adult children and parents
                                                      taxpayer (teachers, doctors, dentists, etc.
                                                      who are employees)                              •   Cost basis stocks, mutual funds, bonds
•   Adult care home for medical or mental care    •   Professional dues and licenses paid by          •   Installment sale 6252
•   Mileage – round trip to medical visits            taxpayer
                                                                                                      •   Copy of installment sale contract
•   You should elect this to be pre-tax at work   •   Professional subscriptions paid by taxpayer     •   Margin interest from brokerage statements

TAXES
                                                  •   Uniforms and cleaning of uniforms               •   Sale of personal residence

•   State income tax paid on last year’s tax
                                                  •   Safety clothing or shoes
                                                  •
                                                                                                     SCHEDULE E
                                                                                                      •
    return                                            Tools paid by taxpayer required for work
                                                                                                          Royalty income

Hans Kasper, MS-CPA, PS * Ph 425-485-7853 * hkasper@hkmscpa.com * www.hkmscpa.com 1040 INCOME DEDUCTION LIST.doc

				
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