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Financial Planning Tip February

February 2020

With tax season under way, we are sending a handy checklist for when to expect your tax forms from various senders. Before you sit down to do your taxes, or send the material to your accountant, double-check that you have the forms you are expecting. This is particularly important if you have chosen “online delivery” for any of your accounts, as you may not receive a paper tax form.  

By January 31 you should receive:

  • 1099-INT for every bank account that earns more than $10 in interest.

  • 1099-MISC for any contract work you performed if you earned more than $600

  • 1099-R for any retirement plan distributions you took

  • 1099-SSA for Social Security benefits received

  • 1098 for mortgage interest and tuition & fees you paid

  • W-2 for any jobs where you were an employee

By February 15 you should receive:

  • 1099-DIV for every brokerage account. This will include both dividend & capital gains information. Earlier versions may have incomplete information, so it's best to wait for a later revision.

By March 15 you should receive:

  • K-1s for any companies you own organized as a partnership or S-Corporation. If you hold this investment in an IRA (For example, a MLP or publicly traded partnership), it's likely the earnings are not taxable. Please double-check to be sure your tax preparer doesn't include them by mistake.

By May 31 you should receive:

  • Form 5498 reporting IRA contributions for the prior year. Your broker won't report how much you contributed to your IRA until after the tax-filing deadline. It's important to keep good records and provide this information to your tax preparer yourself.

Making sure you have all your materials in order will prevent your having to file an amended return, or worse, receiving a dreaded IRS notice.


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