Tag Archives: Correction Schedule

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 This makes sense as they are straight forward, any funds withdrawn are reported and that is that…..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.

jkfinancialinc

street-cents

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.
jkfinancialinc
street-cents

Corrected Tax Forms Update – Willie … On the Road Again – Friday

We are through the first set of corrected tax forms and only a ONE correction (I have already notified the lucky one directly) was made. This usually bodes well for the next round of corrections’ – each round is usually less. We ask those at the gates of filing to hold on just a bit longer… just to be safe!

Go ahead and send/deliver your tax documents to your tax professional or, green light to begin entering the data.

PLEASE HOLD OFF ON ACTUAL FILING — YET !

Travels Continued

Willie Nelson, popular especially in his (and my) home state of Texas …

“On the road again….”On the Road Again Willie

And I am …. but headed back home later today!

Have a great Friday and Super weekend!

Oh… planning on a review of do-it-yourself tax software next week…so if you are unsure, hold on — (Psst .. Turbo Tax is a safe bet !)

John

John A. Kvale CFA, CFP
http://www.street-cents.com
http://www.jkfinancialinc.com
8222 Douglas Ave # 590
Dallas, TX 75225

Tax Forms — Travels — President’s Day

Tax Forms on the way!

Tax forms (1099’s) posted electronically this week and were mailed out in paper form to all as well. Just email Cathy if you want us to send you an email of all the information directly…we will be glad to.

We also sent or added to your vault a Realized Gains and Losses report for basis information that was not reported to the IRS. Tax Guy hit in head

Mandatory basis tracking occurred several years ago and as such in many cases all basis information may be reported on your 1099. We will be sending our form as a catch all for basis, just in case.

Recall frequently there are corrections! We ask you NOT file your taxes just yet, until we get through a few correction cycles !

Travels

Today the travels continue as I am out of the office, but electronically connected.

Presidents Day — Office

Next Monday marks the honoring of President’s day. As such, banks, post offices, capital markets and our office will be closed.

Next week some great information from the events attended …. Ahhh, but that is next week .

Have a Great Weekend!

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225

Green Light … Second 1099 Corrections are done and we are Clear … Friday

Corrected

Great News!

The second round of corrected 1099’s have come and gone and we had none. With three more corrected rounds in the next weeks, it is possible we may have some in the future, however we feel that is highly unlikely, based on prior years experiences.

Go forth and file/complete your taxes!

Holiday Next Week

Next Friday is good Friday. Capital Markets as well as our offices will be closed … giving us a bit of extra time to work on the Newsletter and prepare for the tax rush, as well as spending time with family and friends.

Ahhhh … but that is next week, today is a Friday, heading into a weekend. Do not forget to spend time with those special in your life, if not possible this weekend, make plans to do so next week!

Have a Great Day and a Wonderful Weekend!

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225

 

RETIREMENT Tax Forms Available…still waiting on Consolidated 1099’s

Retirement tax forms (1099’s R & Q’s) have been completed, are available electronically, and will be mailed to you shortly. These forms are only for RETIREMENT distributions and other related retirement accounts.

The 1099 Consolidated (non taxable big enchilada) report will be out later in mid February as the new tax reporting requirements along with updated record keeping requirements push the limits for a middle month delivery due date. We will notify you when these post and alert you to their mailings as well.1099R

New to this year is the following corrected 1099 schedule. Here are the dates for the first three corrections:

  1. February 23, 2013
  2. March 11, 2013
  3. March 24th, 2013

Historically, the volume of corrections falls dramatically as we pass each date. We will keep you posted as we receive our correction reports.

Have a Great Day!

JK

214-706-4300
http://www.jkfinancialinc.com
8222 Douglas Ave # 590
Dallas, TX 75225