Employers must provide employees with a W-2 by Jan. 31.
Businesses that hire independent contractors will have to give them their 1099-MISC by that date.
Retirees should also pay attention to their mailboxes in January. That’s when the Social Security Administration sends beneficiaries an SSA-1099, which will detail what they received during the previous year.
If you blink, you may miss your 1099-R, a document filers get when they’ve taken a distribution from a retirement plan or from an IRA. Expect your brokerage firm to send this out to you by the end of January.
February and March
You may have heard about the triple tax benefits of a health savings account: You can make tax-deductible or pretax contributions to it. Also, your money will grow free of taxes and you can use the cash tax-free for qualified medical expenses.
Further, if you had health insurance coverage last year, whether you bought it through a state or federal marketplace or you had it at work, you’ll get a Form 1095-A, -B or -C by early March.
Mid-February – Owners of taxable investment accounts should be on the lookout around for a slew of 1099s from their brokerage firms.
These forms report dividends and interest of more than $10, as well as capital gains and stock sales.
If you own a home, watch out for Form 1098, which you’ll need to deduct mortgage interest.
You can also deduct tuition and education costs and student loan interest.
Chase these forms down
Investors in partnerships, and recipients of a trust or estate, may have to sit tight all spring while waiting for their Schedule K-1, which reports income, losses and dividends.
These individuals may have to estimate their income and taxes, and then request an extension with the IRS.
Shareholders in S-Corps who need a K-1 to file their taxes can’t get this document until the corporation has completed its return.
You may need to do a little legwork to get other forms. For instance, you’ll need to ask your child care provider for additional documents if you’d like to claim the child and dependent care credit.
Always talk to your tax professional if you are confused or have questions. Call our office to make an appointment or speak to someone today 818.887.9401.