When to file tax return?

[Brat]

OK, let me toss out a possible answer to the question of investment income reporting. The funds have until Jan 31 to report. Fidelity (and other investment companies) must compile the data for each individual brokerage investor.

 

[rk911]

OK, let me toss out a possible answer to the question of investment income reporting. The funds have until Jan 31 to report. Fidelity (and other investment companies) must compile the data for each individual brokerage investor.

that's what i always tnought but one of our brokerages doesn't provide our 1099 until mid february. i've called them on it but they claim they're followng IRS regs.

 

[Brat]

There are two steps in the process: the fund has x-date to report their results, the brokerages have another 15 days to transmit it to investors. IRS regs may reflect the real world reporting logistics.

 

[scrabbler1]

OK, let me toss out a possible answer to the question of investment income reporting. The funds have until Jan 31 to report. Fidelity (and other investment companies) must compile the data for each individual brokerage investor.

The investment companies can file for extensions. One time, a few years ago, one of my friend's investment companies didn't get their 1099 to him until the beginning of March.

 

[Helena]

I just had a shock. When I calculated my RMD, I added in the management fee. When I got my 1099R, it was not included!
I shudder at paying a 50% penalty on the difference, but miraculously, TT came up with the answer.
It involves a form 5329, and you ask for forgiveness and promise to add it to next year's RMD WHEW!

Makes me glad my traditional IRAs are in simple bank CDs.

No fees and the interest can be calculated well ahead of time.

.

 

[RetireBy90]

In regard to penalties for 2018 taxes, just read on yahoo that the IRS has said they won’t asses any penalties for 2018 due to the complexity of figuring withholding due to all the changes. The report also claimed tax software would incorporate this.

You should verify, just mentioning what I read.

 

[Bir48die]

Can never file until at least mid March. All the K-1's trickle in at various times

 

[ncbill]

Extension again for me I'm sure.

 

[kgtest]

I owe, so April 12th they will be triple-checked, and I will put an extra stamp on it and drop it off outside the post office in the mailbox April 13th.
Uncle Sam can wait for his check to make it through his second-cousin's parcel service USPS before it comes out of my hard earned money!
#snailMail

I'll execute the Vanguard transfer to checking from my Money Market sometime that Wednesday so it clears by Friday.

 

[Ian S]

Here in Arizona, they are recommending waiting to file the state return as our stupid politicians haven't yet decided how to change our rules to comply with last year's Federal changes. If you file early, it's a crap shoot as to whether or not you'll have to file an amended return when the rules are finalized. Thing to do I guess would be to file Federal and wait to file the state.

 

[street]

We file once received all the documents. I just found out today that I have a 1099 that won't be mailed out no later then Feb 15th. So I will have to wait for that one item and still waiting for out income tax stuff to show up yet.

 

[LOL!]

That wouldn't be fair. Some people would have to file relatively soon based on the luck of the draw of their SSN while others would get more time?

Sure it would be fair because
(1) The first deadline would still be April 15th since no one would get all their 1099s and other info together earlier anyways, and
(2) Anybody would still be able to file for an extension.

 

[PatrickA5]

Filed ours yesterday. Already accepted by IRS and State. The latest TurboTax updated the 8606 forms, so everything (on our return) was good to go. We're getting a refund on Federal and owe the State. I won't actually pay the state until later.

 

[grasshopper]

You probably have 'brokerage accounts', which had their deadline to report moved back to Feb 15 about 10 or so years ago.

If you stick to earned income, retirment accounts, stocks / bonds / bank accounts / mutual funds that are held outside of a brokerage account. then the 1099's all need to be reported by Jan 31.

This was one of the reasons that I never gave up my Vanguard legacy mutual fund (aka non-brokerage) account despite their nagging me to do so.

-gauss

I had Vanguard post my 1099 B consolidated this morning.

From Vanguard site,

When it will be ready

Mid-January for most mutual fund accounts.*

Late January for brokerage accounts with only Vanguard mutual funds and/or ETFs and simple securities that don't typically reclassify income.*

 

[harllee]

It appears there is an error on the Turbo Tax federal form (see thread above on this) so those using Turbotax may want to wait to file until Turbotax gets the error corrected.

 

[OAG]

I used FREETAXUSA and filed very early (return submitted to FTUSA on 1/2/19 for filing when IRS would accept it). Return accepted by IRS, small Refund received a couple of days ago), and return data is listed on IRS Site.

State of OH Return submitted, accepted, and they took the payment yesterday from my checking account.

So all done.

I keep detailed yearly information for tax filing in Excel and accounting application(s).

 

[RunningBum]

It appears there is an error on the Turbo Tax federal form (see thread above on this) so those using Turbotax may want to wait to file until Turbotax gets the error corrected.

The "thread above" is not too helpful because thread order moves around as new posts come. I assume you mean this one: www.early-retirement.org/forums/f28/turbotax-line-4a-error-95972.html ?

 

[badatmath]

Here in Arizona, they are recommending waiting to file the state return as our stupid politicians haven't yet decided how to change our rules to comply with last year's Federal changes. .

I googled this but I still kind of don't get it. States choose what to do? I didn't realize it was a free for all. Kind of sad they wait a year to think about it.

 

[RunningBum]

I googled this but I still kind of don't get it. States choose what to do? I didn't realize it was a free for all. Kind of sad they wait a year to think about it.

I thought I heard something this week about Virginia looking into itemizing deductions for state even if you didn't for federal, since some will be looking at a tax increase if they don't itemize with the larger federal standard deduction. I don't think they were talking about for the 2018 tax year though, but I didn't hear it closely. If you lose, say, $5000 in deductions at 5%, that's $250.

 

[USGrant1962]

I thought I heard something this week about Virginia looking into itemizing deductions for state even if you didn't for federal, since some will be looking at a tax increase if they don't itemize with the larger federal standard deduction. I don't think they were talking about for the 2018 tax year though, but I didn't hear it closely. If you lose, say, $5000 in deductions at 5%, that's $250.

The issue is that many States conform to the federal tax code. The TCJA reduced rates across the board, but also limited certain tax deductions. If States continued to use the Federal tax base (AGI, deductions, taxable income, etc.) and didn't similarly reduce their rates, they imposed a tax increase on their citizens due to inaction on the part of their legislatures.

This analysis is from before TCJA was actually passed, but is still relevant: https://taxfoundation.org/federal-tax-reform-the-impact-on-states/

 

[Mango1956]

I just filed using TurboTax. Had to wait for a form until today. All done.

 

[badatmath]

Thanks for the link USgrant.

 

[Sunset]

I'm in no rush to file early, as I hate when we get sent an amended brokerage form, where they were off by $10 or some small amount.
Meant I had to do an amended return.

So now I wait a while before filing.

 

[audreyh1]

We’re always stuck waiting for foreign tax credit detailed info to get the tax credit. Last year it wasn’t all available until the end of March.

 

[rk911]

That's still p*ssing me off, VG telling me there would be no effect but now telling me I get my tax info a couple weeks later.

our VG brokerage 1099 became available yesterday.