Life Moves Checklist

Today TaxMama® hears from Michelle in the TaxQuips Forum who suggested this idea. “I’ve noticed recently that you’ve advised people to check with their tax pro before consummating major transactions stemming from big life moves. I discovered that April is National Financial Literacy Month. This would be an excellent platform to share more and/or updated Big Life Moves checklists.

Ask TaxMama

Dear Family,

What a wonderful idea! All of the major tax software developers, like TurboTax, H&R Block, Complete Tax, TaxAct and TaxCut have questionnaires or paths designed to help you focus on life changes. But that’s when you’re already preparing your tax return for the previous year. By then, it’s too late.

So…let’s put together a list of instances when you should seek advice before making major life moves. Here are mine, in random order. Please, DO feel free to add your own ideas to the list:


  • Marriage
  • Births in the family
  • Deaths
  • Divorce
  • Retirement
  • Unemployment
  • Major Illness
  • Disability
  • Drawing money from IRA or retirement accounts
  • Reaching age 59
  • Reaching age 70
  • Moving to another state
  • Starting a business – even part-time
  • Making a major purchase
  • Making major gifts
  • Starting to buy stocks or investments
  • Before signing any binding contracts
  • Working in another country
  • Dealing with dual citizenship issues
  • Getting a taxpayer ID number of any kind
  • Buying a home
  • Selling your home
  • Renting your home
  • Short-selling or quit-claiming home or property
  • Filing bankruptcy
  • Adopting  child(ren)
  • Selling assets of any kind.
  • Arranging to get credit cards or debts reduced.
  • Refinancing your home.
  • Lending money to family or friends.
  • Funding an IRA or Roth IRA
  • Doing anything you don’t really understand
  • LLCs




And remember, you can find answers to all kinds of questions about life moves and other tax issues, free. Where? Where else? At

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