Taxes: Now That It’s All Perfectly Clear


Taxes: Complex tax reporting rules can make your 1099 Form less than perfectly clear

Ready to do your taxes?

Yes, 1099 forms are finally available! They have been mailed to clients and copies are also available for download online at Charles Schwab & Co.

Need extra copies sent to your tax preparer? Just give us a call and we’ll be happy to take care of it. We receive duplicate copies of your tax reports, and can also provide recaps of your potentially deductible investment fees.

 Why are the 1099 forms so delayed?  Blame the byzantine tax rules. “The trend has been to issue the 1099s on investments later and later,” said Leonard Wright, a CPA interviewed by Investment News.  These forms were once available earlier in the year, but new reporting requirements on dividends and cost basis have now made this impossible. Schwab can’t issue 1099s to you until they receive detailed breakdowns of dividend classifications from each and every investment source.

And don’t forget…. You have until April 15 to fund your Traditional and Roth IRAs for last year (2014). We’ve already been in contact with numerous clients about funding their accounts, and will touch base with many more before the deadline.

Many of you will need to complete your tax preparation first, so we can make sure your 2014 income qualifies you to fund a Roth IRA (if your income goes above a certain amount, you become ineligible for a Roth).

So if you’re hoping to fund a Roth for 2014, and have income close to the limits, don’t delay in completing your taxes. We’ll need to confirm your income before finalizing your contributions.

Happy tax season!




About Mari Adam

Mari Adam, Certified Financial Planner™ has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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