Tax Day 18th April – Make Sure You are Ready - H&R Block

US Tax Day 18th April – Make Sure You are Ready

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US Tax Day 18th April – Make Sure You are Ready

US Tax filing checklist - H&R Block India

The US tax filing deadline is April 18, 2016 this year. This deadline has shifted from April 15 to April 18 due to the Washington D.C. Emancipation Day holiday being observed on April 15 instead of April 16, 2016. Hence the Tax Day now on the following Monday.

In India there are many US citizens who might need to file their US taxes for the global income that they earn. In a hurry to file taxes they might end up making some mistakes. In such a scenario a ready checklist is needed that helps you to file it right. Here we bring a ready list under different heads that you will need when you are filing your taxes. Following are the details of income, expense and other details needed to file US taxes.

The income documents that you will require for different income heads are as follows:

  1. Salary income – W-2, FORM 16 OR salary slips
  2. Employment income not reported on a tax slip
  3. Interest income – FORM 1099-INT, 1042S, bank statement
  4. Dividend income – FORM 1099-DIV, 1042S, bank statement
  5. State refund if itemized deduction claimed in previous year FORM 1099-G
  6. Alimony received – Details of the spouse from whom it was received
  7. Business, farm or fishing income & expense records including information related to capital asset for depreciation calculation
  8. Sale of securities, bonds or any investment property (real estate property) 1099-B, 1099-S, Consolidated statement, settlement statement of Purchase and Sale of property
  9. Rental income & expense records
  10. Pensions & annuities FORM 1099-R, FORM 5498
  11. Social security income 1099-SSA
  12. Lottery and gambling winnings & losses FORM W-2G
  13. Stock option information grant statement, exercise statement
  14. Any income from partnership, corporation, or trust FORM 1065, FORM 1120S, FORM 1041, SCHEDULE K-1
  15. Information for any other source of income

Details of deductions are as follows

  1. Alimony paid – information of spouse to whom it was paid
  2. Moving expense
  3. Student loan interest 1098-E tuition & fees
  4. Deduction 1098-T information related to IRA contribution
  5. Health Saving Account 1099-SA
  6. Information relatedto child and dependent care expense
  7. Medical expenses 1099-LTC, receipts of medical expenses
  8. Real estate tax payment receipts for payment of tax or tax bill
  9. Mortgage interest  payment form 1098 – mortgage
  10. Payment of personal property tax tax bill of payment of tax
  11. Charitable contribution  – receipts of the contribution
  12. Unreimbursed business  expenses (travel, meals, hotel, etc.)
  13. Investment interest expense
  14. Investment expense
  15. Tax preparation fees
  16. Safe deposit box fees
  17. Information related to casualty and theft
  18. Home office expenses

Details of other information:

  1. Information related to any estimated tax payment
  2. Full copy of prior year u.s. Tax return, including  carry-over sheet (if any)
  3. Details of foreign accounts, such as: bank account(s), mutual fund account(s), fixed deposit (if total value of all these accounts is more than $10,000)
  4. Information on ownership of share of any foreign corporation or partnership portfolio statements of any mutual fund investments in india
  5. India tax returns for past two years
H&R Block India strives to blend tax expertise with a strong focus on continually improving the client experience to provide all its clients with an unparalleled value proposition for filing their Income Tax Online.

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