2020 Income Tax Preparation and Retirement Contributions

It’s that time of year again – time to hunker down and prepare for income tax filing. To make things easier, we want to make sure you have all the information you need. Below are some pieces of important and useful information for the tax filing season.

Forms 1099

All Forms 1099 – all Forms 1099 will be mailed in waves beginning on January 29 and ending March 19. Simpler 1099s will be mailed earlier followed by 1099s with more complex and difficult-to-obtain data coming later. LPL is an industry leader when it comes to the accuracy of their tax forms, however receiving a corrected 1099 is always possible. We recommend that you begin preparation of your tax return early, but delay filing until at least late March to accommodate for the possible arrival of a corrected 1099. If there were no taxable events in the account, you will likely not receive a form 1099. Taxable events include taxable interest, dividends, and capital gain/loss recognition in non-retirement accounts and taxable distributions in retirement accounts.

Forms 5498

Form 5498 is an informational tax form for the IRS. A copy of Form 5498 is sent to individuals by May 31 each year, but they are not needed for tax filing. Simply review your form 5498 for accuracy and then keep for your records.

IRA Contributions

Be sure to report all contributions to your Traditional, Roth, SEP, and SIMPLE IRAs that you made for the last tax year to your tax professional or tax software if self-filing. Your 12/31 account statement can be used to show your total contributions for the year. Also, include any contributions made after 12/31 but before 4/15 if coded as prior-year contributions. Please contact our office if you have any difficulty locating your total contribution amount for the year.

Important Dates

• March 1 - Please make all prior-year employer retirement plan contributions by this date to avoid processing delays
• March 15 – Corporate tax return deadline (without extension)
• April 1 – Please make all prior-year IRA contributions by this date to avoid processing delays
• April 15 – Individual tax return deadline (without extension)
• September 15 - Extended corporate tax return deadline
• October 15 – Extended individual tax return deadline