Happy New Year, and welcome to tax season.
Sometime during the next few weeks you will start getting tax-related forms that will help you file your personal 2016 income tax return. All these forms need to be given to your accountant so she can complete your tax return accurately. But, just which forms will you get and when should you expect them?
Most tax forms have a January 31st due date, which means they should be properly addressed and put in the mail to you by that date. If a form’s regular due date falls on a Saturday, Sunday or legal holiday, then issuers have until the next business day to get them in the mail.
If you haven’t received your tax forms by the due date (or shortly thereafter), look around in case it got misplaced with other mail, check your email (did you opt for electronic delivery this year?), or contact the issuer. If all that fails, contact the IRS, but not before February 16th.
Here’s a run-down on the most common forms to expect, along with their 2017 filing season due dates:
|1098 – home mortgage interest||January 31st|
|1098-E – student loan interest||January 31st|
|1098-T – tuition, reimbursements, scholarships, grants||January 31st|
|1099-B – sales, barter, redemption of securities||February 15th|
|1099-C – cancellation/forgiveness of debt||January 31st|
|1099-DIV – dividend, capital gains,and distributions||January 31st|
|1099-INT – interest income||January 31st|
|1099-G – government payments, tax refunds, unemployment compensation||January 31st|
|1099-MISC – rents, royalties, prizes and awards||February 15th|
|1099-MISC – self-employment income (from anyone who paid you more than $600)||January 31st|
|1099-R – distributions from retirement plans||January 31st|
|1099-SA – distributions from an HSA, MSA or or Medicare MSA||January 31st|
|1099-SA – Info about real estate sales||February 15th|
|SSA-1099 – Social Security payments||January 31st|
|W-2 – wages/salaries||January 31st|
|W-2G – gambling winnings||January 31st|
|K-1 (1120S) – Subchapter S shareholder form||March 15th|
Note that there are exceptions to some tax form issue dates. For example, if you donated a car to charity, a 1098-C should have been issued within 30 days. If you cashed in savings bonds, a 1099-INT may have been issued at that time. Last year I couldn’t find one of my 1099-DIV forms for a particular stock, until I looked back at the stub of my December dividend check and noticed it was attached to that. So, be vigilant as your end-of-1098 the-year dividends arrive.
If you are a member or partner in an LLC, LLP, or S-corporation, you won’t get your K-1 until March or April. They have to do their own taxes first, before they can issue K-1’s to members. You’ll likely not get your forms until after those dates.
Be aware that Congress changed the due dates for tax returns of corporations and partnerships last year. Partnership and S-corp taxes are due March 15th, while C-corp taxes are due April 15th.
Do not file your tax return until you have received all of your tax forms. By the way, the deadline for filing your 2016 personal tax return is April 18, 2017 and the IRS will begin processing returns on January 23rd, 2016.
Team Holly can help. Contact us today.