Tag Archives: Corrected 1099

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.

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

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.

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

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!

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.

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

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!


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.


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

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.

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

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.

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

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.