Where, Oh Where Are My Tax Forms?
It’s early February, and by now you’ve likely received a (seemingly) random assortment of tax documents to share with your preparer. How do you know what forms you’re missing, how to obtain them, and when they’ll be available? This annual tax dance can lead to frustrations and potentially extra costs if you file prematurely. We’re here to help you solve the problem of two left feet.
Nearly all custodians provide you with options to retrieve your tax forms online, which often become available for different accounts at different times. If you have a preference between physical and electronic delivery of your tax documents, now is a great time to update your preferences for next year.
Estimated Timeframe for Tax Form Availability
1. Schwab Link
3. TIAA Link
The receipt of an unexpected tax form can be startling, either because you are worried about the tax bill or because you’ve already filed and may need to amend. If in 2024, you did any of the following, you may receive a tax form that you’re not expecting:1. If you received distributions from a pass-through entity (i.e., LLC, S-Corporation, Partnership) or received distributions from an irrevocable trust, you’ll receive a K1.
2. If you completed a rollover from an employer plan to an IRA in 2024, you’ll receive a 1099-R and 5498 form.
Hot Tip: Check the distribution code to confirm the non-taxability of this transaction. The key is on the back of the 1099-R form.
3. If you took a Required Minimum Distribution (RMD) last year, you’ll receive a 1099-R. This may have been a first for you if you turned age 73, inherited a retirement account, or retired last year.
While you may be tempted to get your taxes filed early, be sure you wait until you’ve received all your tax reports for last year. At Woodward Financial Advisors, we’re always here to help guide you through any financial hurdles that arise. If questions about what tax forms may be coming or the details of tax forms you’ve received, please reach out to either us or your preparer for assistance. We want to ensure you have all the right pieces for a smooth and successful tax season.