Tag Archives: 1099

ESTIMATED Dates of Tax Documents … Friday

Posted on January 21, 2022 by | Leave a comment

While it only seems like yesterday that we finished last years (2020) tax returns, that light at the end of the tunnel is an oncoming 2021 due date….

As such, here are some of the delivery dates of tax forms.

Timing of Available Tax Documentation

  • Delivery of 1099s: Currently, we expect the first wave of 1099s to begin posting online on January 21, 2022 with Advisor and client notifications going out shortly after. Estimated dates for the waves are below:
 Target Delivery Date*Details
Wave 1Close of business January 21, 2022No holdings subject to reallocation (ex. RICs, REITs)
Wave 2Close of business February 4, 2022Low risk for reallocation; income reallocations finalized through January 29th
Wave 3Close of business February 11, 2022Clients with finalized income reallocations received from January 30th through February 3rd
Wave 4Close of business February 11, 2022Remaining clients
  • Correction Cycles - Begins March 3, 2022 and occurring every 2 weeks through April 14, 2022

There were a few questions this week on these, hence the heavy on a …….. FRIDAY!

Have a Great Day and a Great Weekend… stay warm if you are in our neighborhood, IF YOU CAN… talk next week!

John A. Kvale CFA, CFP

  • Founder of J.K. Financial, Inc.
  • A Dallas Texas based fee only
  • Financial Planning Total Wealth
  • Management firm.
  • jkfinancialinc
  • street-cents

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Corrected Tax Form 1099 Misc Update … Newsletter Preview … Friday

Posted on March 5, 2021 by | Leave a comment

As a reminder we will gladly send you a copy of your Tax forms or send directly to your Tax Professional should you desire… Very little information is completely shown and of course your Social Security number is covered for security purposes…

We had ONE – yes ONE corrected 1099 Misc in the first round… this is good news and the lucky one already knows who they are….. if you are really itching to file (maybe have a refund waiting) this is your SOFT Green light to file – unlikely to have more corrected’s hoping no jinx here…..

Newsletter Update

The Newsletter is dominated by a handy Social Security Article that is for all – young and old… tease tease…

All kidding aside, most of the Newsletter is happily completed already and very informative… we have a bit of space left that will most likely be filled with a few interesting Graphs that we have come across… possible valuation analysis….

Anyway, the Newsletter is looking good and we think you will like it too!

Friday –

Next week is the last week before Spring Break and Jen is hitting the slopes early next week as we stagger our out of town schedules…

With a tough schedule leading into Spring Break, my plan is to try for a bit more R & R – and stay lightly tethered only… but that is the week after next….

Ahhhhh … it is a Friday, heading into a weekend where I need some rest…. Enjoy yours!

Talk to you next week after a recharged weekend!

Have a Great Friday and Weekend!

John A. Kvale CFA , CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.

jkfinancialinc

street-cents

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Consolidated Misc 1099’s Are Posted, Only One Week to First Corrected ‘s … Auto and Tech Collaboration Pre-View

Posted on February 8, 2021 by | Leave a comment

As mentioned here, the all encompassing 1099 Misc Tax form posted to our Vaults last Friday afternoon … Expect good ole fashion paper versions to eventually make their way to our collective mailboxes…

We say eventually as the postal service is struggling with consistent delivery as mentioned here, and our continued experience as well. We actually received a Holiday Card last week that was post marked early December … not sure what happened, but it seems to continue.

Recall the 1099 Misc is a summary of all taxable investments, reported from all asset classes. Due to the multiple party reporting, there are frequently “Corrected” 1099 Misc forms as any one asset having a restatement mandates a completely new form.

Good News, next week will be our first Corrected Run and we should have a good idea of total correction quantities based on the first correction…. In years past we have had from almost everyone getting a correction, in which we ask everyone to hold off on filing until the next corrected run, to in most recent years only a handful of corrections, which gives us a soft green light to those ready to file sooner!

Auto Tech Collaboration Pre-View

Not sure if you have caught wind of this yet, but there has been a sudden partnering of Tech Companies with Auto manufacturers in somewhat hurried fashion …. We have taken note … the partnerships are occurring with heavy duty name brands and likewise Tech titans….

Look for more on this soon…. maybe later this week if we do not get another good Part II Capital Market Valuation chart…

Hope your team won last night…..

Have a Great “1099’s are here” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.

jkfinancialinc

street-cents

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Corrected Tax Forms Update, First Round Due Today, Then Every Two Weeks – Friday

Posted on February 21, 2020 by | Leave a comment

Break In – We had three (you lucky ones have already been notified) corrected’s as of this writing, and Corrected’s appear to have been dropped first thing this AM… those waiting the Green Light, we will update first thing Monday- but so far so good!

 

Later today, maybe even tonight, the first round of Corrected Tax forms, (1099 Misc) will occur… Our biggest correction year, about eight ago, led to over half receiving corrected Tax forms.

Steadily over the past years, this Corrected percentage has fallen (Hopefully not jinxing us!)

Those of you that have contacted us, and are idling at the finish/starting line, we appreciate your patience, but hold off just yet, as the number/% of actual Corrected Tax Documents will give us confidence in moving forward!2019 1099 Consolidated snapshot

New to the Corrected Schedule is an every two week Friday Corrected’s Drop! Nice… Prior years were randomly scattered and left us clamoring for the day… especially as we neared the April filing date.

Behind the scenes we can electronically check everyone at once throughout the day….in year’s past, while due today, they may not post until very late in the day or even tonight, leading to a delayed victory lap until tomorrow!

Fingers crossed for a small number corrected’s!

Here is a link to the 2019 Consolidated 1099 Handbook explaining the 1099 in great detail, for those so inclined…. using the diary feature here of our post for future reference.

Those of us lucky ones, we will reach out to you immediately!

Today is a Friday, and as we log another Rainy Cold Week for the record books… Spring, We Welcome You!

Have a Great Weekend and Talk to you Next Week!

John A. Kvale CFA, CFP

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

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Tax Forms Update, Reminder EVERYONE Receives a Paper Copy, ETF Preview … Friday

Posted on February 7, 2020 by | Leave a comment

While the unofficial due date, as mentioned last week here, is next Wednesday February 12th, forms are dropping day by day.

As a reminder, EVERYONE will receive a paper copy of these forms, electronic versions will be posted as soon as they are mailed out.

The Whole Enchilada form, AKA Consolidated 1099 which includes the following:

Form 1099-B, Form-DIV, Form 1099-INT, Form 1099-MISC, and Form 1099-OID

This will be the form that is the last to arrive, due to so many moving parts. Donald the Brian spent over a month in the fall last year confirming basis information to help thwart needed corrected forms… but they may still occur as each investment entity may also have a correction, spurring a completely new Whole Enchilada Consolidated 1099.

If there were less than $10 worth of activity, the IRS does not care and as such a 1099 will not be sent. Alert..this could happen easier than you think, even if the account had sizable value, but little interest or dividends and no sales!

Reach out with any questions!

ETF

Working on a deep dive, likely multi-part Article for the Newsletter about ETF’s … the more stats we find, the more interesting the Article is getting… Ya Mrs. Cain, you were right.. we would need to know how to do that extensive research paper…sure it easier with the web… Look for abbreviated posts here in the not too distant future!

Weekend Almost Here

Today is a Friday…. some unusually cold weather this week… maybe nearing the last way down here in the south…

This from a relatives front porch who is actually south of Dallas… we had none here!

20200206_143214712_iOS

Know you guys up north see this constantly, but not so much in our neck of the woods anymore…novelty remains here for sure!

Have a Great Friday and Super Weekend!

John A. Kvale CFA, CFP

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

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Tax Forms (1099) ABC’s, Expected Receipt Date and Possible Corrected Form Explanation …. Friday

Posted on January 31, 2020 by | 2 comments

Several conversations this week involved discussions of the Tax Forms that we are expecting to receive…

Thanks for a Great Timely Post Subject!

The key to tax forms is focusing on the last letter or letters… they are basically all 1099 – but the last letter or letters drives the type of form and reporting!

Tax Form ABC

Here are the forms coming our way, with a quick explanation…

R- Stands for Retirement (fun word association)

1099-R’s are rarely corrected, as the reporting is super easy … whatever was taken out of the account is reported for tax purposes!

1099-R
Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, etc.		 Distributions from qualified retirement plans—for example, individual 401(k), profit-sharing, or money-purchase plan—or any IRAs or IRA recharacterizations, conversions, or removals of excess January 17, 2020
By close of business

Next up the consolidated form…

Think of this one as the Whole Enchilada….(bunches of 1099 s on this one form!)

These are the main forms within the Whole Enchilada….

Form 1099-B, Form-DIV, Form 1099-INT, Form 1099-MISC (Dividends, Interest, Miscellaneous other stuff)

This form may have multiple corrections….

Consolidated Form 1099 All reportable income and transactions for the year

If a client received at least $10 in either dividends or interest during the tax year or had an equity sale in a taxable account, they will receive an Internal Revenue Service (IRS) Form 1099

If applicable to the account, Consolidated Form 1099s may include: Form 1099-B, Form-DIV, Form 1099-INT, Form 1099-MISC, and Form 1099-OID

 February 12, 2020
By close of business
May be available earlier, depending on the activity and holdings in your client’s account

Many ask, why the corrections…

“Why can they not get it correct the first time?”

Let’s exaggerate to make our point… hang with me; If you have an account with 50 investment holdings, there are 50 chances to have a correction as EACH ONE of these investments will have their own tax reporting…. said another way, if any one of these 50 holdings has an issue/correction, there will be a Whole Enchilada corrected form…

Hmmmm… now that we think about it….surprised we do not have more corrected forms!

During the fall, Donald “The Brain” went to great extensive efforts to get all basis information correct… that does not mean that there will be no Corrected forms, but we expect much fewer, if any!

Happy Friday…

Tennis Player is six hours away with the better half … still in Texas… fulfilling the goal once again…maybe by accident… but that is ok!

Have a Great “ABC Tax form” Day!

John A. Kvale CFA, CFP

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

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Tax Form Updates – Tax Return Update … So far so good … Rainy Friday

Posted on February 22, 2019 by | Leave a comment

Today a round of Corrected 1099’s are due to show up electronically (not out as of this writing yet) and will automatically be mailed to those of us lucky ones…. Again, you have been notified last week if you were on the corrected list…

Any totally new folks receiving a corrected that were not notified last week?  We will reach out to you … we do not expect any more TOTALLY  new corrected folks ….

Initial Tax Return ThoughtsUncle Sam

We are very happy to announce that the first few tax returns (1040’s) have come through, and they look good (refunds or not paying as much as in years past!)

We hope we are not jinxing ourselves by announcing this so early but wanted to share in the excitement!

There will be some disappointments we are certain, but so far so good!

Friday….

Send the Sun if you can …. Rainy here!

Have a Great “Good Tax News” Friday!

John A. Kvale CFA, CFP

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

 

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1099 Update – Corrected Update – Reminder, a Paper Copy is being mailed UNLESS you specifically turned it off – Holiday Weekend !

Posted on February 15, 2019 by | Leave a comment

Those that follow us know we had a fun conference last week and pretty much burned the candle at both ends… We look forward to bringing you more soon!

Being the last of the four in my gang to NOT get the winter sore throat or flu… and after bragging about not getting sick AT ALL the last four years, those three fingers pointing back at myself came home to roost… GIANT head ache Saturday followed by sandpaper in my throat Monday morning… on the down hill side now….

Corrected 1099 Update1099 sho

Yesterday we sent a blast email out to all of the lucky ones who will be receiving a corrected 1099 printed and mailed one week from today …

If you did not receive the email, so far you are in the clear….

EVERYONE will receive a paper copy of their 1099 – even if you receive electronic copies of everything else – unless you specifically turned your tax copies off – no one we know of has done this and this is the one item we do not recommend you turn off unless you REALLY want to!

Holiday Weekend

Today is Friday, heading into a Presidents Day Weekend – you know the drill … banks, capital markets and those buildings holding our little ones hostage during the day will be closed on Monday – mandating our offices are closed as well… all good, again!

Have a Great “Presidents Day Weekend” Friday!

John A. Kvale CFA, CFP

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

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It’s that time of year again, Tax Season – Tax forms update and important information concerning those using a tax professional as well as Tax software – Friday

Posted on January 25, 2019 by | Leave a comment

We are beginning to get 1099 tax forms, however all of them are not complete for everyone.

With a corrected schedule that lasts over the next few weeks to months, please do not file your return until we give you a greenlight and get past the first corrected 1099’s!

Please reach out to Jen at jen@jkfinancialinc.com  if you want to know if your tax form is available as we will be glad to electronically send it to you or upload it to your vault as soon as we have sight of it – please follow the next instructions.

Tax Professional and Tax Software taxes control-1027103_1280

For those using a tax professional we highly recommend that you get your information to them as soon as possible as this tax season will most certainly be much more complicated due to all the new tax laws. It would be much better to have already been in line with your tax professional and have a few missing documents than to  bring all of the information late this year.

We feel certain your tax professionals will appreciate it.

For those using tax software, we are fine with you beginning to put your information into the software, however, we would hold off on filing your tax return as we expect multiple software updates, due once again to the tax law changes!

This tax season will likely have a few curveballs as many documents that we may have used in the past, may not be needed due to the tax law changes, however don’t throw anything away, and  be sure and either give it to your tax provider or enter it into your software – let both of them tell you it’s not necessary.

It’s Friday, enjoy your weekend, and thanks so much for reading our posts!

Have a Great “Beginning of Tax Season” Day!

John A. Kvale CFA, CFP

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

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Corrected 1099 Update … Tax Forms Help … SLOA Notice (Clients) — An Ark Friday

Posted on February 23, 2018 by | Leave a comment

Uncle SamWhile only in the first inning of tax season, it is here … and we are moving right along. As such, much of our commentary to the finish line will be tax related as we like to keep you up to date on all things tax savings and anything else related.

Corrected 1099 Update

The first round of Corrected 1099’s has occurred and we have reached out to those affected. Generally the “first is the worst” and rarely do we get a greater number of corrected’s in the rounds to come.

Given our light load of Corrected’s so far, if you really need to file, we will give you a soft Green light to file but would rather you wait until the second is complete — a notification we will give as soon as it occurs !

Hold if you can, but if you cannot, go forth!

Tax Forms Help

Be sure to reach out to us for any forms we are in contact with. We generally have SUPER FAST access and quick turn-around on needed statements.  If our tax professional is in need … we will get it fast so as not to be the holdup.

If you are not sure on what forms you are supposed to have, lost a form, or just do not have the time get them together … reach out – we have you covered, and can send a complete bundle to you! Do not hesitate to ask, that is what we are here for.

If you need us to email someone the information, just send us the request as we do not let go of your coveted information without directives!

Oh .. and of course all of your tax forms are currently in your Own Personal Vault too…

SLOA Notice – Standing Letter of Authority

Recently a notice has been mailed out for all of our collective protection. This notification tells us of any linking of accounts or standing letters to deposit or withdraw funds from an account such as a checking or other related money account.

This is strictly a protective measure and is a notification only. No action is needed. Again for our collective safety.

Noah’s Ark

Entering President’s Day Weekend we were approaching drought territory. Not anymore …. Now we are gathering two of everything … kidding. But is has been raining A LOT.

Enjoy your weekend ! It will be raining here!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

 

 

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