Click link below to download a PDF of our Tax Organizer
The 2020 tax filing season is the 2nd year after the sweeping federal tax reforms passed by congress. Once again, many of our clients will be utilizing the standard deduction at the federal level, while still being able to itemize certain deductions at the state level. Bring us all of your pertinent 2019 tax documents and we will apply due diligence to enter you tax information to obtain the best outcome possible!
Breaking news – Minnesota legislators have partially aligned with the federal tax reform changes and the Department of Revenue has notified us that special refunds may be issued automatically to those affected by the changes!
1) Medical Expenses: If you can benefit from itemizing, the amount over 10% is deductible.
2) Health Insurance: If you buy your insurance through the MNSURE exchange, bring us a copy of the Form 1095-A.
3) H.S.A. Plans: If you’ve contributed or received distributions from a Health Savings Account, we will need forms 5498 and 1099-SA.
4) 529 Plans: MN has implemented a tax credit of up to $500 per year
5) Common Tax Docs Checklist: (See link above)
6) MN Special Refunds: Due to recent legislation, some of you may see special refunds issued for 2017 or 2018. These refunds are not the result of preparer error.