Tag Archives: Tax Forms

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.

jkfinancialinc

street-cents

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 This makes sense as they are straight forward, any funds withdrawn are reported and that is that…..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

Whole Enchilada of Tax Forms Due this week!

Welcome to the biggest tax form week of the year.

While more money moves (mostly towards the IRS) in April than any other month, this week is the Big Enchilada of Tax Forms …

Here is what tax forms to Expect this week – Employers, here’s what needs to get processedUncle Sam

This from the nice IRS Calendar portion of their site .. Yes we may be one of the few to say nice, but generally we find them fair and helpful!… IRS that is

  • Wednesday, January 31, 2018 Individuals: File your tax return if you did not pay your last installment of estimated tax by Jan 16th (see Form 1040-ES)
  • Wednesday, January 31, 2018 File Form 720 for the fourth quarter of 2017.
  • Wednesday, January 31, 2018 Furnish Forms 1098, 1099 and W-2G to recipients for certain payments during 2017. Furnish Form W-2 to employees who worked for you during 2017.
  • Wednesday, January 31, 2018 File 2017 Forms W-2, W-2AS, W-2CM, W-2GU, W-2VI, W-3 and W-3SS with the SSA whether you file using paper forms or electronically.
  • Wednesday, January 31, 2018 File Form 1099-MISC with IRS if you are reporting nonemployee compensation.
  • Wednesday, January 31, 2018 File Form W-3 with Copy A of all Forms W-2 issued for 2017.
  • Wednesday, January 31, 2018 File Form 730 and pay the tax on wagers accepted during Dec 2017.
  • Wednesday, January 31, 2018 File Form 2290 and pay the tax for vehicles first used in Dec 2017.
  • Wednesday, January 31, 2018 Deposit payroll tax for payments on Jan 24-26 if the semiweekly deposit rule applies.
  • Wednesday, January 31, 2018 Deposit any FUTA tax owed through Dec 2017.
  • Wednesday, January 31, 2018 File Forms 940, 941, 943, 944 and/or 945 if you did not deposit all taxes when due.

We have highlighted for your (and our) convenience, the most common forms !

Have a Great “Massive 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.
www.jkfinancialinc.com
www.street-cents.com

 

 

Tax and Tax Forms Update, Missing Basis Reminder ….Tax Fraud Update….

While the IRS mandated earlier reporting of W-2’s from employers (End of January versus February) there has been no change on investment related reporting forms.

Tax Form Update

Most but not all 1099’s are now available as of yesterday…. YEAAA … If you have contacted us already, we will be adding your tax form to your personal vault, emailing you a soft copy of your tax form or sending to your tax professional as requested…. glad to help. A paper statement will be snail mailed to everyone even if you only use electronic correspondence for everything.4911abd2-4b9c-408a-a953-d805a2ea9c1a-9907-0000085a4bc97ada_tmp

Reach out to Cathy at cathy@jkfinancialinc.com if you wish to have us send you a soft copy of your form!

Not all 1099’s are complete…. deep breath for those ready to go but without forms, they will be here soon!

Corrected forms have been less prevalent over the last few years, hopefully not jinxing ourselves this time! Even with less corrections, we do recommend holding off on filing your taxes at least until the first correction.

Missing Basis-Non Reported Cost

Most, but not all investments have basis included in your personal 1099. We will be mailing those without basis information an internal report that will make your reporting much easier AND lower your tax burden. We have your basis and it needs to be reported to save us tax dollars.

As a reminder, every investment we have has a basis, DO NOT ALLOW A ZERO TO BE INPUT AS A BASIS, THAT WILL COST US TAX DOLLARS!

Tax Fraud Update

In our small sample size, we are finding that those who have had fraud related issues in prior years, tend to have a higher chance of repeat offenses (Rats…sorry but it is true.) Keep your eyes and ears open for suspicious activity, especially if you have had tax fraud related issues before.

Given the above fact, if you have had fraud related issues with your taxes, go ahead and begin working on your taxes…. we may even want to file before the corrected 1099 comes out. The IRS is moving faster to prevent fraud, we will too !!

Ahhh….today is a Friday …. enjoy your weekend … What a beautiful week we have had here in Texas for February!!!!

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

Important Notification on K-1 (Clients) … K-1 No More!

With tax forms arriving in bulk last week and this week, we wanted to remind everyone (clients) about the pesky K-1.

If you are waiting for a K-1 as in years past….Good News !K-1

No Core holding K-1’s This Year

Last tax filing year (2012) marked the final year of a core position with a K-1. The investment was sold and we FINALLY ended our marriage with the annual K-1 tax form wait.

As you may recall it was always late, complicated, and ran through several areas of our tax return. Even with these tax troubles our reason for selling was not bound by this, (we TRY to not let the tax tail wag the dog) but it is gone, and will not be in your core 2013 tax return!

Have a good day !

John A. Kvale CFA, CFP

PS With so many posts last week …. we wanted to take it easier on your in-box this week !

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

Realized Gains and Loss Tax Report …. RMD Letters … Travel Reminder

Since we have had so many posts this week I will keep this one short and sweet for your reading pleasure !

Realized Gains and Loss Report Complete

All Realized Gains and Loss Reports have either been posted to your Personal Vault or are on their way to your mailbox. Reports were completed and mailed yesterday !Gains and Losses

Required Minimum Distribution (RMD) Notification

Per US Federal Tax rules, investment firms holding Qualified (IRA, SEP, 401k etc) funds at year end December 31 are forced to let you know what your RMD is for the current/following year by January 31 .

As such you will receive notification from ALL firms holding ALL accounts (no matter how many you have) noting your total mandated RMD for that specific account. This is the total RMD mandated for the current year and needs to be withdrawn by the end of the current year.

Whew…sorry that got wordy, my point was to let you know most likely you are receiving automated notices that you have 11 months to complete….. much better.

Travels and Office Schedule

One of my favorite Willie Nelson songs is “On the Road Again” …. and I am …just to let you know.

Also, Monday is Presidents day, with Capital Markets, Banks and Government entities closed, our office will be as well. We are never far from technology … yaya Nerds…

Have a good day!

John A. Kvale CFA, CFP

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

Tax Forms Coming Soon, But Not Yet … Another Weak Economic Number

It’s tax season, while many forms are coming in the mail, most are not arriving for another two weeks.  Non-Farm Payroll disappoints again.

Tax Forms

For those ready to get rolling on your taxes, forms will be ready after Presidents day on February 18, 2014. We will have an official post of “they are ready” but as always caution those eager to get at the front of the IRS line, not to file too early, as corrected tax forms are the usual in this day of complicated reporting.

Non-Farm Payroll Weak

Not to beat a dead horse, but another slightly weak (113k reported v expected 180k) Non-Farm Payroll number was reported this am. Recall this number measures hiring in the USA, and last months report (December measure) was very weak.

2-7-14 Econoday Non-Farm Payroll

We think this weakness has been caused by the Polar Vortex Winter and is just a pause, not a break, however we will continue to monitor it closely. This key report in January has put a damper on the markets since early 2014.

Next week brings another travel time for me late in the week, but that is next week, and this is a Friday, heading into a weekend.

Have a Good Friday and a Great Weekend!

John Kvale CFA, CFP

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

A Dozen Common Tax Mistakes You Do Not Want to Make!

As we near the end of the tax season, we wanted to point you (click here) to our blog page that highlights our most common found tax mistakes. An important item to note, many of these are forgotten items made by us, the tax payer, not our professionals. There is also a handy link to the tax forms and a good tax estimator page.

Finalization of the big event on April 28th at 2pm is upon us, we will be notifying you shortly of the complete details.

Have a Great Day!

JK

214-706-4300

www.jkfinancialinc.com

Corrected 1099 Part Two – No Skin On this One

We just received word that another run of corrected 1099’s has been shipped and as we draw closer to the official personal tax filing deadline, we are happy to announce no clients were caught in this one.

We are in contact with our back office for a pre-view look at the next run of corrected 1099’s. If this next run looks clear, we will give the green light to those waiting on the  sidelines. Thanks for your patience, but please continue to hold on filing until we give you the ok.

Have a Great Day and pardon the duplicate posts today, but we wanted to get this information out to you as soon as possible.

JK

214-706-4300

www.jkfinancialinc.com

All New 1099’s for Tax Year 2011 Are Posted Electronically, and Being Mailed Too

We know you have been waiting on the edge of your seats. So we are happy to announce, 1099’s for tax year 2011, have been posted electronically, and the paper versions are on their way to your mailbox.

Remember our recommendations for filing times, especially considering we would not be surprised to have multiple 1099 corrections this year, due to the new information.

Good News: 

After our various warnings concerning somebody’s watching us (Rockwell and Rockwell Part 2) our first review of the new 1099’s look fine.

While the form as expected, has more data on it, and will most likely be much longer than prior years, all seems good based on our initial reviews.

We may find a few hiccups as we continue to review, but at first glance, the new and improved, greater detailed 1099’s, seem closer to the mole hill, than the mountain we had concerns over.

Have a Great Day!

JK

214-706-4300

www.jkfinancialinc.com