As we head into the 2019 tax filing season there are a few important items that we would like to bring to your attention. Understanding what we have outlined in this letter will simplify the filing of your 2019 tax return. (Click here for PDF and printable version) Everyone on the Kathmere team is here to assist you with any of these items.
- All custodians (i.e. Charles Schwab, Fidelity, LPL Financial, etc.) will mail initial 1099s by the end of February. If you have requested to receive paper copies of these documents, you should receive them shortly thereafter. You may also download the documents via their respective website.
- Charles Schwab: Go to “Statements,” select an account and specify a date range, then use the Document Type filter to select “Tax Forms.”
- Fidelity: Click “Statements” tab, there will be a link for tax forms. The number of forms you can expect to receive is listed, as well as the estimated timeframe for each.
- LPL Financial: Click “Statements” tab, there will be a section for tax forms.
- For clients preparing their own returns, your 1099 information can be downloaded directly into TurboTax, which includes instructions for downloading.
- You may receive a corrected 1099 after receiving your initial form in February or early March. This is not due to an error on your custodian’s part; there are numerous reasons these can be created. We suggest preparing your return, but not filing until late March or early April. Waiting to file will allow you to quickly change any new information within the corrected 1099 issued by your custodian.
Realized Gain/Loss Reports
- The 1099 from your custodians will include all proceeds from stock sales and basis information on file. Our team can also generate a realized gain/loss report that you may find easier to use or to help identify basis that may be missing on your 1099. Please reach out to our team if you or your tax preparer would like to receive this additional report.
Tax Filing Deadlines & IRAs
- Your Federal individual income tax return is due April 15, 2020. If you cannot file your return by that date you may request a six-month extension from the IRS. However, this is only an extension of time to file your completed return - not an extension of time to pay your taxes. If you have amounts due with your 2019 tax return, they must be paid by April 15 with your extension to avoid penalties and interest.
- Contributions to traditional, Roth IRAs, and SIMPLE IRAs can be made through April 15, 2020 for the 2019 tax year. Contributions to SEP plans may be made up to April 15, or October 15 if you extend your tax return. We ask that you speak with us by March 31 to ensure contributions can be addressed in a timely manner.
- Other tax form due dates are as follows:
- Form 1065 for a partnership or LLC is due March 16, 2020
- Form 1120S for S Corporations is due March 16, 2020
- Form 1041 for Trusts & Estates is due April 15, 2020
- Form 1120 for C Corporations is due April 15, 2020
- FinCEN 114—FBAR is due April 15, 2020
Everyone at Kathmere Capital is here to make this process as smooth as possible for you. Please do not hesitate to contact our team for any reason regarding these or any other topics.
Kathmere Capital Management (Kathmere) is an investment adviser registered under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply any level of skill or training. The opinions expressed herein are those of Kathmere and may not actually come to pass. This information is current as of the date of this material and is subject to change at any time, based on market and other conditions. Although taken from reliable sources, Kathmere cannot guarantee the accuracy of the information received from third parties. This commentary is provided for general information purposes only and should not be construed as investment, tax or legal advice, and does not constitute an attorney/client relationship. Consultation with the appropriate professional should be done before any financial commitments regarding the issues related to the situation are made. Past performance of any market results is no assurance of future performance.