Important Information for Tax Season 2019

January 17, 2019|Melissa Joy, CFP®, CDFA®

This year tax season will have familiar elements as well as the implementation of new tax law. As you prepare for tax season, here is some information we’ve gathered to keep you informed.

Our team here at Pearl Planning is committed to assisting you and your tax professional in gathering the information you’ll need for your tax return. Don’t hesitate to reach out or ask your CPA or tax preparer to contact us with questions or for assistance.

When you’ve completed your tax return, if you’re a client, we’d love you to send a copy via your document vault so we can incorporate your tax information in your financial planning.

Article Contents

Raymond James 2018 Form 1099 mailing schedule

January 31 – Mailing of Form 1099-Q and Retirement Tax Packages
February 15 – Mailing of original Form 1099s
February 28 – Begin mailing delayed and amended Form 1099s
March 15 – Final mailing of any remaining delayed original Form 1099s

Mark your calendar now for important 2019 dates

April 15 – deadline to file tax return unless you receive an extension, make an IRA, Roth IRA, or HSA contribution for 2018, and 1^st quarter tax estimates are due
June 15 – pay 2^nd quarter tax estimates
September 15 – pay 3^rd quarter tax estimates
October 15 – deadline for those who filed for a 6-month extension for your tax returns
December 31 – deadline for required minimum distributions if over age 70.5 as well as last day to make 2018 contributions for 401(k)s and other company or employer plans plans

Additional important information

Delayed Form 1099s

In an effort to capture delayed data on original Form 1099s, the IRS allows us to extend the mailing date until March 15, 2019, for clients who hold particular investments or who have had specific taxable events occur. Examples of delayed information include:

Income reallocation related to mutual funds, real estate investment, unit investment, grantor and royalty trusts; as well as holding company depositary receipts
Processing of Original Issue Discount and Mortgage Backed bonds
Expected cost basis adjustments including, but not limited to, accounts holding certain types of fixed income securities and options.

Amended Form 1099s

Even after delaying your Form 1099, please be aware that adjustments to your Form 1099 are still possible. Raymond James is required by the IRS to produce an amended Form 1099 if notice of such an adjustment is received after the original Form 1099 has been produced. There is no cutoff or deadline for amended Form 1099 statements. The following are some examples of reasons for amended Form 1099s:

Income reallocation
Adjustments to cost basis (due to the Economic Stabilization Act of 2008)
Changes made by mutual fund companies related to foreign withholding
Tax-exempt payments subject to alternative minimum tax
Any portion of distributions derived from U.S. Treasury obligations

What can you do?

You should consider talking to your tax professional about whether it makes sense to file an extension with the IRS to give you additional time to file your tax return, particularly if you held any of the aforementioned securities during 2018.

If you receive an amended Form 1099 after you have already filed your tax return, you should consult with your tax professional about the requirements to re-file based on your individual tax circumstances.

I hope you find this additional information helpful. Please call me if you have any questions or concerns about the upcoming tax season.

Melissa Joy, CFP®, CDFA®

Melissa Joy, CFP®, CDFA® is President and Wealth Advisor at Pearl Planning. Reach out for a call today at 734.274.6744.

8031 Main St. Suite 302 Dexter, MI 48130

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Taxes

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