Wednesday, December 20, 2017

Prior year items to be checked for preparing 1040 return

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Prior year items to be checked for preparing 1040 return:


Points to be verified from Prior year tax return for preparing current year 1040

1.      General Information

·         Filing Status
·         Address
·         Dependent Details
·         Occupation
·         State Information

2.      Carryovers

·         Sch. D Capital loss Carryover
·         Sch. E Passive loss Carryover
·         Sch. F Passive loss Carryover
·         Foreign Tax Carryover
·         Net Operating Carryover
·         Charitable Contributions Carryover
·         AMT Carryover
·         Investment Interest Carryover

3.      Assets and Depreciation

4.      Adjusted Gross Income

5.      Prior year Federal and State Tax Liabilities ( Prior year Form 1040 details under Tax Return Comparison)

6.      Estimated Tax – Prior year Federal and State overpayment applied to the current year tax return.


7.      State Tax Refunds