Where are my Tax Forms?
Where are my Tax Forms?
If you are an American fortunate enough to be getting a tax refund from uncle Sam this year, you might be anxious to get your taxes done quickly. In order to begin filing your taxes, you are going to need some tax forms such as a W-2, 1098, 1099, or a Schedule K-1.
W-2s: Jan. 31
The good news is that most people work for an employer and are issued a W-2 that show the income, and taxes paid, etc. This is good news for those people since W-2 forms are the first to arrive. Employers must submit W-2 forms by Jan. 31, and employees must get their copies by that date as well. The W-2 is especially important because it has records of your withholding for federal and state income taxes. In addition, you can find withholding for most other purposes, including employer retirement-plan contributions, health-insurance costs, and optional items like flexible spending arrangements. If February comes without your having gotten a W-2, it’s smart to go to your employer as soon as possible to make sure that you get the information you need.
Most 1098 and 1099 forms: Jan. 31
In addition to your income from your employer, you also might have interest income such as from a saving account or a CD. You will need to pay taxes on the interest that you earned and that is recorded on a 1099 or 1098, which should arrive to you by January 31st. Common forms include 1099-INT to report interest income, 1099-DIV for dividend income, 1099-R for retirement-plan distributions, and 1098 for mortgage interest and related costs from mortgage lenders. In addition, 1099-MISC forms must be in taxpayers’ hands by Jan. 31 if they include non-employee compensation. There is an exception for 1099s though.
Providers have a little extra time to provide certain types of 1099 forms. If you’ve sold securities during the year, then you’ll get a 1099-B form from your broker or fund company, and it must be provided by Feb. 15. Form 1099-S for real-estate sales have the same requirement, and 1099-MISC forms are due Feb. 15 for some situations as well, including reports of payments in lieu of dividends, or interest or proceeds paid to an attorney.
Most Schedule K-1s: Mar 15
If you own shares of a business entity that is organized as a partnership, such as a master limited partnership (MLP), then you’ll receive a Schedule K-1 that has the information necessary for you to do your tax return. Electing large partnerships must provide their partners with a copy of Schedule K-1 by March 15.
Technically, the date by which K-1s are due to investors is typically the fourth month after the end of the tax year, which is usually April 15 for calendar-year partnerships. Yet with many MLPs and other common partnership investments using the large partnership election, most investors should expect to get their documents in March.
That said, providers are notorious for sending K-1s late. If you know you’ll have investments reporting K-1s, be sure to wait to get the information before you file your tax return. If you file early, then you’ll have to do an amended return.
If you have any questions about filing your taxes or have questions about your tax forms, please click here to contact one of our tax professionals who can help you.