All you need to know about when to expect what when it comes to tax forms!
Sometime during the next few weeks you will start getting tax-related forms that will help you file your personal 2015 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 2016 due dates:
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-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 (tacked onto a Transportation and Veterans bill, of all things!). Partnership and S-corp taxes are due March 15th, while C-corp taxes are due April 15th.
By the way, the deadline for filing your 2015 personal tax return this year is April 18, 2015.
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