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 This makes sense as they are straight forward, any funds withdrawn are reported and that is that…..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
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Slow to Arrive Tax Forms, Little to No Corrected … Snap Back Reminder … Spring Break Next Week, Early Start … Friday
Tax forms Update!
Not sure if it is the mail or the processing but for some reason our tax forms have been very spotty in receiving. Using myself as an example yesterday I received another one and several of the forms have been received multiple weeks ago.
If you are missing a form please let us know as we have immediate access electronically and will be glad to email you a form as we don’t want to let the mail stop your tax processing.
On another note … so far we’ve only had one corrected 1099 and that lucky person knows who she is so we are likely good to go and begin processing your taxes!
Snapback Reminder
Not trying to beat us down on this, but once again we had a vicious Snapback mid-week for no apparent reason. While no one is exactly sure why these occur when we’re in a slow down., They do occur, and continue to occur. Just putting a bug in our collective ears to remind all as we go through this slow down Snapbacks are likely to continue to occur. Here is the recent post about the subject matter … below is the chart
Spring Break on the Horizon
With three official school ice closings so far this year, it’s puzzling that today an official ice make up day was not utilized. Seems like when yours truly was in the same situation we ALWAYS made them up. Oh well, for the safety of all those on the streets we will be loosely tethered and out of the office with next week being our collective spring breaks. Tethered with electronics of course as we get ready for the homestretch of tax season
Ahhhhh . but today is a Friday with the office electronically being monitored for the safety of all. Hope you have a great Friday and a super weekend and for the record spring break doesn’t feel too spring Breaky with it being expected to get down to 25° here in the south tonight!
Talk next week from afar thanks for your time!
John A. Kvale CFA, CFP
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Posted in Investing/Financial Planning, Market Comments, Tax Related
Tagged 1099, Snap Back, Spring Break, Tax Forms