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As Someone Who Is Working, What Issues Should I Consider When Reviewing My Tax Return?

As Someone Who Is Working, What Issues Should I Consider When Reviewing My Tax Return?

| November 21, 2019
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Reviewing a tax return can be an informative exercise to ensure you understand all sources of income and tax liabilities for the prior year. 

In this checklist, we focus on items to review your tax return if they are working, including:

  • The filing status. If you are married should you automatically file jointly with their spouse or might there be situations where the client might consider filing married-separate? 
  • If you have dependent children, there may be certain credits available. 
  • If you are divorced or widowed, there are filing steps for them to take depending upon timing and circumstances. 
  • If you had investment income for the prior year, there are reporting issues that you will want to be sure is addressed in connection with this income.
  • If you were covered by a qualified plan during the prior tax year, there may be some reporting issues to consider. Did youconvert a traditional IRA to a Roth? Did you contribute to an HSA or a 401(k) plan?
  • Finally verify if you owned rental real estate or if there are state-specific issues to be considered. 

This article represents opinions of the authors and not those of their firm and are subject to change from time to time, and do not constitute a recommendation to purchase and sale any security nor to engage in any particular investment or legal strategy. The information contained here has been obtained from sources believed to be reliable but cannot be guaranteed for accuracy.

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