A Checklist to Stay Organized this Tax Season


We’re well into January, which means envelopes or emails marked “Important Tax Information Enclosed” are coming your way. To help you stay organized, we’re providing a checklist of some of the most common documents you should expect to receive. Your Luma Wealth investment account tax documentation will come from your account custodian (i.e., Charles Schwab or Fidelity) and is typically issued during the second week of February. From time to time, amended 1099s are sent in early March so you may wish to wait on submitting your final tax return until that time. Everyone’s situation is unique, however, not all the documents listed below will be relevant for you.

  • W-2:  Sent by employer to report on your wages, salaries and tips, by 1/31.
  • 1099-DIV:  Sent by bank or financial institutions to report dividend income and other distributions, by 1/31.
  • 1099-INT: Sent by banks, other financial institutions or government agencies to report payment of interest income, by 1/31.
  • 1099-MISC:  Sent by an individual or company to report non-employee income such as commissions, independent contractor earnings or other income such as rent, royalties or prizes, by 1/31.
  • 1099-R:  Sent by plan custodians to report on distributions from pensions, IRAs, profit-sharing or retirement plans, disability payments, and charitable gift annuities, by 1/31.
  • 1099-G:  Sent by federal, state or local governments to report on unemployment compensation, tax refunds and other government payments, by 1/31.
  • 1099-S: Sent by the settlement agent for real-estate proceeds greater than $250,000 ($500,000 if you are married), by 2/15.
  • 1099-B: Sent by brokerage firms to report gains and losses from the sale of stocks, bonds or other securities, by 2/15. The 2/15 deadline also applies to statements furnished as a part of a consolidated reporting statement (these statements include interest, dividends and capital gains).
  • SSA-1099: Sent by the Social Security Administration to those who receive benefits, by 1/31.
  • 1098: Sent by lender to report mortgage interest of more than $600, by 1/31.

What if an important form is missing?
If you think a form is missing and it’s past the form deadline, check your email (and junk email folders) in the event you requested the form electronically. Then contact the issuer (using the phone number for tax questions if there is one) to make sure they have your correct contact information. Remember, just because you haven’t received a 1099 or other important income tax document, doesn’t mean you don’t have to report the income.

Have questions?
Your Luma Wealth Advisor would be happy to help!


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