Tag Archives: 1099 MIsc

Well Almost All 1099’s Posted Last Friday … 1099 R Waiver Last Year Reminder … Presidents Day Holiday Monday … Office Hours …

We were so confident that all 1099 ‘s dropped due to an internal email we received, that we sent our notice here on Monday …. Upon second reading and confirmation, a few stragglers did not post until yesterday the 11th ….

First Corrected ‘s will occur two weeks from the 11th or February 25th !

Just as a quick reminder, 1099 R’s are the form for IRA and other Qualified Distribution tax distribution reporting. Last year due to Covid, RMD’s and other mandatory distributions were NOT required…. so if we did not take an RMD, no reporting is coming our way!

Again, long tax year and many changes …just a confusion related reminder!

Presidents Day

Markets, Banks, Postal Services, most Government offices and our office will be closed on Monday…

Today, with kiddos getting out early, we will exit early for all the streets collective safety…

It’s cold and while many of our Northern friends are picking on us for a mid to low teen temperature reading, we do get the +100 degrees temp in the summer, making for hopeful less teen temps in the Winter…..

And all that know the area, you may not be surprised with the terrible 100 plus car pile up and casualties … Our prayers and best wishes sent!

Have a Great Friday, Stay Warm and Dry if the wish fits, look for some great information next week and …

Happy Presidents Day Weekend !

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.



Tax Forms Update – Fastest Availability In Vault, Correction Schedules, Friday

With 2019 Tax Filing being delayed, it seems like we just put taxes to bed in many cases and BOOM here we are again !

The good news, is we all have not had time to forget all the forms and filings that usually occur with a full year of rest (Hopefully – haha!)

On another good news note, we are happy to announce ALL of your tax forms will be available the second they are completed on line in each of our personal Vaults – YAA!

Tax Forms Update-

As of last night as this post was coming together, most 1099 R’s (Distribution reporting from Qualified/IRA/Retirement plans) were complete. This makes sense as they are straight forward, any funds withdrawn are reported and that is that…..

The 1099 Misc is a different story. Recall it houses a summary of EVERY taxable investment, interest, dividends, Gains and Losses, and your first born – kidding on the last one – seeing if you are with me!

But given the massive amount of information collected from tons of different parties it’s no surprise that there were only a handful of these available per last nights peek – Was actually surprised there were any!

The majority of them will be out in the next few business days!

But Wait – Don’t grab that electronic 1099 Misc from your Vault, toss it into your Tax Software and hit send, just yet- We ALMOST ALWAYS ask you to hold off until the first corrected statements occur….

For the year 2020 the First corrected 1099 Misc, is February 19, 2021

Certainly it is fine to get started on your taxes either by forwarding your information to your tax professional or entering this information into your software (here is the 1099 Misc Instructions from our Vendor), but again, don’t hit send or let your tax professional hit send until we get past the first corrected statements.

On February 19, if we only have a couple of corrected statements we will let you carry on … but occasionally we have had almost all clients receive corrected’s, in which we keep you in the stable until the second corrected round occurs.

We will keep you updated on all fronts !

It’s a Friday, Have a Good Day and Weekend ! (Short here because long up there!)

john A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.



Lucky Three it Was (Corrected 1099), Green Light for Early Filers… Tax Update… Child Tax Credit Delayed Filings and Refunds

Down from hundreds just a few years ago, on Friday, as mentioned in the break in announcement, there were only THREE Corrected 1099’s in the initial corrected run.

We have touched base with you lucky ones and as a side note the corrections were small.

Green Light for Early Filers

Green Race Flag

Ok to File !

For those early filers that have patiently waited for our Green Light to file…

Green Light! You may go forward and file!

Fraud Causes Possible Delays

Earned Income Tax Credits and Child Credits can frequently result in an extra Refund…

In recent years, fraudsters have taken notice and the IRS has initiated laws to prevent this abuse.

Due to the abundance of fraud and the laws fighting these fraudsters, the IRS has issued a statement that refunds and filings will be delayed.

No need to rush your filing if you have multiple child credits or earned income credits… Early to Mid March is the quickest it will be processed…

Coincidence from Q2 2020 Newsletter

Our editor has a long article that deals with the IRS, and Audits which we previewed here.

The following graph seemed confusing to us, so we left it out … of no coincidence now, given the above notification, the largest number of Audits, and successful audits, have dealt with the Earned Income Tax Credit…

EIC Audit 2017 and 2018 Filings

Needless to say if you have Child Tax Credits or EITC’s make darn sure you dot the i’e and cross the t’s … bad folks in front of you have created concern for the IRS!

Have a Great “Green Light” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.