Tax Forms Legend (1099’s) … Travel Reminder

It is the season for taxes and tax planning so we wanted to review and remind everyone of the forms you will be receiving soon, BUT NOT YET !!

Tax Forms Legend

This time of the year brings tons of tax forms, and if you are like us, by mid April we are back up to shape on all the forms, but being removed for a year, there is a bit of rust.Uncle Sam $

Here are a few key forms with notes and helpful reminders:

  1. 1099 R and Q (Distributions from retirement accounts I.e. for IRA; Originates from our vendor, TDA)
  2. 1099 Consolidated; Four Forms on One Page (1099 div report Dividends; 1099 Int reporting Interest; 1099 b reporting sales/buys transactions in greater detail;  1099 misc,  catch-all other transactions; Originates from TDA)
  3. J.K. Financial, Inc. Realized Gains and Losses Report (Complete Basis information to fill in holes on 1099 b reporting from above on after tax/non-retirement accounts; Originates from J.K. Financial, Inc.) The IRS receives a notice for the total dollar amount of shares sold throughout the year. Taxpayers are responsible for including the basis, otherwise the IRS will assume it is all taxable.

Important note: The 1099 b transactions from our vendor TDA, are most likely incomplete. Basis information should be used from the J.K. Financial, Inc. Realized Gains & Loss Report.

Lastly, item 1 and 2 are available electronically through the Account View tab on our sites, with item 3 being located electronically through the Digital Vault tab on either of our sites.  If the snail brings these documents they will arrive via paper to your mailbox.

Hopefully the rust is a little less, just writing this article was a great refresher for us !

Have a Great Day!

John Kvale CFA, CFP

PS I am traveling later this week out of state, but tethered via electronics.
8222 Douglas Ave # 590
Dallas, TX 75225

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