Tag Archives: Presidents Day

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.



Presidents Day Schedule … Traveling … Sneak Peek at New Website

Monday is Presidents Day!

Banks, Capital Markets, Post Offices, Schools as well as our office will be closed.

I am traveling out of the office/state today and will be back Tuesday.

New Web Site in the Works

We are happy to announce we are working on a new website to go with our recent fancy New Total Vault addition……

Here is a sneak Peek:



Have a Great Friday and enjoy the extra long weekend!

Talk to you on Wednesday!

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 — 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 !


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

8222 Douglas Ave # 590
Dallas, TX 75225

Happy President’s Day Weekend…The week that was…. Weird Inflection Points

Monday of next week represents the honored holiday for President’s day and as such banks, government entities, capital markets, and most schools will be closed…..as well as our office.Lincoln

The week that was:

State of Union, Baseball Pitchers arrive at training camp, and Ketchup (Buffet takes out Heinz) take the headlines as we wind down a low trading volume week (we think the chinese new year week led to much of the solitude.)

Inflection Points are Weird:

Just a few moments ago as Donald and I discussed (electronically) the conflicting economic reports from today, Empire Manufacturing (blow out good) & Industrial Production (bad), Donald summarized it well “Things get weird at Inflection Points.”  This is what makes it challenging but always fun, this could be a turn for the better OR worse, but only time will tell.

I am still out-of-town and on east coast time, which for this early bird makes for an extra LOOOONG time before things get going in the morning. On an interesting note, I am always amazed at the amount of noise  we intake on a normal day at the office, as it does not exist when traveling out of the office due to time constraints. There is a certain amount of clarity that comes with the muffled noise….

Have a happy Friday and a great weekend…thanks for reading our work this week, see you next week!


8222 Douglas Ave # 590
Dallas, TX 75225

What is a K-1? An Important “Double Tax” Item Regarding K-1’s Being Incorrectly Reported

This weeks question from our field of dreams (clients and friends) is about the K-1 tax form.

A K-1 is a document that reports ownership related income. Since many entities are pass through (non-taxable) entities and are generally not taxable, the K-1 form gives the IRS a trail of where the money went, and how much of it went to the receiving person or entity, creating a taxable event for the K-1 recipient.

Do not include K-1’s that reside in an IRA or other tax sheltered investment on your tax return!

If a K-1 recipient holds the investment in an IRA or other tax sheltered type of investment, DO NOT FILE YOUR K-1 INFORMATION ON YOUR TAX RETURN, YOU ARE PAYING EXTRA TAXES!  Most K-1 creators rightly send them to all recipients regardless of the recipients tax status. If a tax filer shows unnecessary taxable income from the K-1 on his/her tax return, they may be paying extra taxes.

Why do K-1’s arrive so late during the filing season?

The IRS does not have a deadline for filing K-1’s,  such as the February 15th deadline for most other tax statements.  Also, K-1’s are often more complicated and may be only finalized after other types of returns are completed, thereby delaying their delivery.

We are not CPA’s, so be sure to check with your tax professional before making any changes based on this article.

If you are a K-1 recipient, be sure that K-1 investment is in a taxable account before reporting it on your return and you may avoid unnecessary double tax payments.

In closing, it’s a long weekend for many, as Banks and Markets are closed on Monday, in Honor of Presidents Day. As we often do, Monday will be a great day for us to sneak into the office and catch up on overdue items.

Have a Great Looong Weekend, and I look forward to bringing you comments from the Speaking Event tomorrow!

Thanks for reading!