Forms schedule

I commonly hear clients tell me this time of year "I'm going to get my stuff to you early this year, as soon as possible."  For most people that don't work in the accounting/tax profession (but maybe even for some that do!), taxes are a pain.  People want to get their forms, get their return done, and move on to get ready for spring.  In an effort to anticipate when you will receive certain tax forms, here is a brief synopsis of the filing deadlines for various information returns:

You should receive the following common forms by February 2, 2015:

  • W-2
  • 1099-INT (interest)
  • 1099-DIV (dividends)
  • 1099-MISC (rent, royalties, nonemployee compensation, other misc income)
  • 1099-R (retirement plan distributions)
  • 1099-C (cancellation of debt)
  • 1098 (interest expense)

You should receive the following forms by February 17, 2015:

  • 1099-B (proceeds from broker transactions i.e. investment accounts)
  • 1099-S (proceeds from real estate transactions)

A quick note about amended forms - with the increased regulation of investment companies to report wash sales on Form 1099-B, you will not receive your 1099-B until the middle of February.  This gives the investment company time to see if any sales that occurred in 2014 were subject to a wash sale as a result of a transaction in the first 30 days of 2015.  As a result, it is not uncommon for the investment company to send a 1099-B in the middle of February, and then send an "amended" form later on.  If you have several transactions in your investment account, it might be a good idea to wait until March to file in case you receive an amended form.  

Almost all of the big investment companies will publish a schedule of when their customers can expect to receive forms, like this notice I got from Fidelity a few days ago.  Check with your investment company to see if they have a similar publication.  

One final note, if you are expecting a 1099 from your bank or investment company and do not receive one, don't panic.  Companies are only required to issue a 1099 if your income exceeds certain thresholds.  For example, if your savings account did not earn more than $10 for the year, the bank is not required to send you a 1099.  You can check this quickly by looking at your December statement.