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South Carolina Society of Enrolled Agents

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Tax Resource - South Carolina Enrolled Agents
Personal -- What you need

The following information is needed to complete your personal return:

At the begining of a new year is a good time to begin assembling the materials you will need in order to be ready for the filing season. Here are a few tips to help this annual task go more smoothly.
  • January 31. This is the due date for most forms to be in the mail to you. Keep the following forms in a safe place until your appointment time.
  • W-2 forms. Be sure to have one for each job you worked during the tax year. If you had more than one employer be sure you have all forms. If your form doesn’t arrive by the first week in February, call the employer to inquire as to the status. If you have attempted to reach your former employer without success, after February 15, we can submit your tax return using your last pay stub.
  • Forms 1099-INT and 1099-DIV. Banks, brokerage firms, mutual funds, and individual companies are among those who will issue forms to report income to you. All forms should be brought to the office .
  • Other 1099 Forms. Real estate sales are reported on form 1099-S; stock sales are shown on form 1099-B, and Social Security is on a form 1099-SSA. Pension and IRA distributions are reported on form 1099-R. In addition you may receive 1099 forms for unemployment compensation, state or local tax returns, and gambling and lottery winnings.
  • Forms K-1 for Estates/Trusts, Partnerships, S-Corporations. There is no requirement that these forms be sent to you by the end of January. However if you are a beneficiary of an estate or trust or a partner or shareholder in a business, these forms are important in the preparation of your tax return. If you don’t have these forms by the end of February, please call the responsible person for the entity and inquire as to when you can expect to receive the information.
  • Did you refinance your mortgage or buy a new house. Be sure to bring the settlement or escrow statements so that applicable deductions can be determined.
  • Stock Sales or Mutual Fund Sales. If you sold stock or mutual fund shares, you will need to identify the original cost. Thus, you’ll need to bring historical information with you. Often your stockbroker’s firm or the firm controlling the mutual fund will provide the information to you in their annual report on your investments.
  • Estimated Tax Payments. For those who have made estimated tax payments, look up the actual date paid and the amount for each quarter.
  • Change of Address . If there are any changes to your address or phone numbers be sure to provide that new information.
  • New Clients. If you are a new client, bring a copy of your prior years return.
  • Claiming Child Care. If you are claiming childcare, you must submit the name, address and tax reporting number as well as the child’s name and the amount paid for each provider. Childcare deductions are allowed for children under 13 years of age.
  • Itemized Deductions . Deductions are itemized when they are greater than the allowed standard deduction. Generally to itemize you must have a reasonably large home mortgage, large medical expenses or large charitable contributions. If you are in doubt, bring the necessary information and a determination will be made when preparing your taxes. To itemize the following information is required:
    • Medical Expenses. Including cost of doctor, dentist, hospital expenses, medical equipment, prescription drugs. Cost of medical insurance. Do not include medical expenses that were paid by an insurance company or other sources. Mileage to procure the above medical services.
    • Taxes. All state tax paid during the year. Personal Property Tax on cars, boats, boat motors, boat trailer etc. Real estate taxes on properties owned
    • Interest . Interest paid on home mortgage. Remember that mortgage interest can be deducted on a second home as well as your primary home.
    • Casualty and Theft Losses . Date of casualty or theft. Fair market value and bases (bases is generally the price paid for the item) for each item loss or stolen. Insurance payments received.
    • Contributions . Money or property given to a qualified charitable organization. Remember, if a contribution of $250 or greater is made in any one day to one organization, there must be a written substantiation from that organization. When total properties exceed $501 more detailed information is required such as fair market value of items and method of valuing the property. When properties exceed $5,000, an appraisal is generally required.
    • Job Expenses and Other Miscellaneous Deductions. Unreimbursed employee expenses such as, travel expenses, union or professional dues, continuing professional education, job hunting cost, business transportation cost, etc. Tax return fees, occupational licensing fees, subscriptions to professional magazines, expenses related to investments, depreciation on equipment used for you job, etc.

    Complete listing of South Carolina Enrolled Agents