Broker Check
Tax Season: What to Expect

Tax Season: What to Expect

February 07, 2022
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Tax returns must be filed on April 15 of every year unless an extension is filed or if April 15 falls on a weekend or holiday.

 

A quick reference for what to expect with your tax forms:

W-2 (Employment income) and 1099 (Independent Contractors) – Postmarked by January 31st 

If you worked last year, you should have already received your W-2, which should have been postmarked by January 31. If you haven’t received your W-2, please contact your employer to see if you can access it online. 

 

1099-SSA (Social Security) – Postmarked by January 31st

If you received any Social Security benefits last year, your 1099-SSA was also postmarked by January 31. If you haven’t received your 1099-SSA, please contact the Social Security Administration or log into your MySocialSecurity account to download it.

 

1099-R (Retirement accounts) – Postmarked by January 31st

1099-Rs are issued for retirement accounts - IRAs, Roth IRAs, 401(k)s, pensions – from which distributions were taken. (If you have an IRA or a Roth IRA but did not take any withdrawals, a 1099-R tax form will not be issued.) However, if you made contributions to a Traditional IRA or a Roth IRA, you will receive a Form 5498 confirming your contributions, but not until May 15th after tax season ends (since you can contribute up until the tax deadline.) If you made contributions, you will need to make note of your contributions manually and include the number in your tax return. If you are eligible to make a contribution and would like to do so, please contact us immediately.

 

1099-INT and 1099-DIV – Typically by February 15th but could be as late as March 15th

Remember that like many businesses, investment companies must file their own tax returns by the March 15th corporate tax deadline, after which they can issue tax forms to investors.

 

1099-INT and 1099-DIVs will be mailed by February 15th if all tax information has been reported. Typically, investment companies will issue tax forms as soon as they are available, but only mail them at scheduled intervals, usually every 2 weeks.

 

Schedule K-1 – By March 15th

Investors with non-traditional investments (non-traded REITS for example) should receive these by March 15th, but sometimes later if the investment company needs additional time to file their tax return or report client taxable activity.

 

Revised or Corrected 1099-DIVs can be issued at any time, without notice. This happens when an investment is required to update a number on the tax form after a tax form has already been issued. They are required to provide you with the correct tax information at all times. You will be sent updated documents in a timely manner, but we encourage you to register for online access through AdviceWorks (accessible through the main page of our website or here) for immediate notification and access to your most current tax forms and account correspondence.

 

For brokerage accounts held through Cetera Advisors, here’s a quick video on how to access your tax forms through AdviceWorks:

 

If you would like access to AdviceWorks, please contact our office and we’ll be happy to send you an invitation to enroll.

 

If you have not yet received your expected tax forms, please contact us immediately so we can get them to you or your tax professional.

 

As always, please remember to wait until you’ve received all tax forms and file your tax return using only final versions of these forms (draft versions, if sent, will be clearly labeled as such).

 

Please let us know if you have any questions. 

To quote one of our favorite accountants, we’re here “to relieve the stress of your taxing situation!”